Brooke Credit Corporation Announces Selected Results for October 2005
November 16 2005 - 9:00AM
PR Newswire (US)
OVERLAND PARK, Kan., Nov. 16 /PRNewswire-FirstCall/ -- Michael
Lowry, President of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced selected
October 2005 results. Lowry announced that loan portfolio balances
for Brooke Credit Corporation on October 31, 2005, totaled
approximately $264,000,000 as compared to loan portfolio balances
of approximately $260,000,000 on September 30, 2005, and
approximately $251,000,000 on August 31, 2005. The loan portfolio
is comprised of outstanding loans either held in inventory or sold
with retained servicing rights. Lowry also announced that, during
October, Brooke Credit Corporation received net interest and
servicing income of approximately $1,096,000 and incurred operating
interest expense of approximately $234,000. To help put these
October results into perspective, Lowry noted that, during the
preceding 12 months, the monthly average of net interest and
servicing income totaled approximately $758,000 and the monthly
average of operating interest expense totaled approximately
$134,000. Lowry also announced that, during October, Brooke Credit
Corporation incurred a loss on loan sale activities of
approximately $109,000. The Company typically experiences a loss on
loan sales activities when the monthly write-down of retained
interest asset to fair market value on previously sold loans
exceeds the gains from new loan sales activities within a given
month. When gains from new loan sales exceed such write-down in a
month, as typically occurs in months in which loans are sold
through a securitization, a gain on sales occurs for the month. To
help observers put the October 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
$267,000. 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 $264,000,000 on October
30, 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 contains forward-looking statements.
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. A more
complete description of Brooke's business is provided in Brooke
Corporation's most recent annual, quarterly and current reports,
which are available from Brooke Corporation without charge or at
http://www.sec.gov/ . DATASOURCE: Brooke Corporation CONTACT: Anita
Larson of Brooke Corporation, +1-913-661-0123, Web site:
http://www.brookecorp.com/
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