Brooke Credit Corporation Announces Selected Results for August 2005
September 19 2005 - 4:46PM
PR Newswire (US)
OVERLAND PARK, Kan., Sept. 19 /PRNewswire-FirstCall/ -- Michael
Lowry, President of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced selected
August 2005 results. Lowry announced that loan portfolio balances
for Brooke Credit Corporation on August 31, 2005, totaled
approximately $251,000,000 as compared to loan portfolio balances
of approximately $240,000,000 on July 31, 2005, and approximately
$232,000,000 on June 30, 2005. Lowry also announced that, during
August, Brooke Credit Corporation received net interest and
servicing income of approximately $992,000 and incurred operating
interest expense of approximately $235,000. To help put these
August results into perspective, Lowry noted that, during the
preceding 12 months, the monthly average of net interest and
servicing income totaled approximately $634,000 and the monthly
average of operating interest expense totaled approximately
$104,000. Lowry also announced that, during August, Brooke Credit
Corporation incurred a loss on loan sale activities of
approximately $901,000. The Company experienced a loss on loan
sales activities because it reacquired some previously sold loans
for its inventory and as the result of the monthly write-down of
retained interest asset to fair market value on previously sold
loans. To help observers put the August loss on loan sale
activities into perspective, Lowry noted that, during the preceding
12 months, the monthly average of gain on loan sale revenues
totaled approximately $278,000. All results included within this
press release exclude portfolio balances and revenues derived from
lending activities with parent and sister companies. About our
company ... Brooke Credit Corporation is a subsidiary of Brooke
Corporation (NASDAQ:BXXX) that originates loans to insurance
agencies, financial services practices, funeral homes and other
local businesses, including Brooke franchises. Brooke Credit's loan
portfolio balances totaled approximately $251,000,000 on August 31,
2005. Loans have been mostly sold as individual loans to
participating lenders or as pooled loans to investors through
asset-backed securitizations. The Brooke organization was founded
on the belief that local business owners distribute insurance and
financial services more efficiently than others if supported by a
franchise system. Email Distribution ... If you would like to
receive electronic press release information then please visit the
"Investor Relations" section of Brooke Corporation's website at
http://www.brookecorp.com/ and subscribe to our "Email Alerts"
on-line. This press release may contain forward-looking statements.
Investors are cautioned that all forward-looking statements involve
risks and uncertainties, and several factors could cause actual
results to differ materially from those in the forward-looking
statements. The following factors, among others, could cause actual
results to differ from those indicated in the forward-looking
statements: the uncertainty that the Company will achieve its
short-term and long-term profitability and growth goals,
uncertainties associated with market acceptance of and demand for
the Company's products and services, the impact of competitive
products and pricing, the dependence on third party suppliers and
their pricing, its ability to meet product demand, the availability
of funding sources, the exposure to market risks, uncertainties
associated with the development of technology, changes in the law
and in economic, political and regulatory environments, changes in
management, the dependence on intellectual property rights, the
effectiveness of internal controls, and risks and factors described
from time to time in reports and registration statements filed by
Brooke Corporation with the Securities and Exchange Commission.
Investors are directed to Brooke Corporation's most recent annual,
quarterly and current reports, which are available from Brooke
Corporation without charge or at http://www.sec.gov/ , for a more
complete description of Brooke's business. DATASOURCE: Brooke
Corporation CONTACT: Anita Larson of Brooke Corporation, , or
+1-913-661-0123 Web site: http://www.brookecorp.com/
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