Brooke Credit Corporation Announces Selected Results for March 2006
April 12 2006 - 10:39AM
PR Newswire (US)
OVERLAND PARK, Kan., April 12 /PRNewswire-FirstCall/ -- Michael
Lowry, president of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced selected
March 2006 results. Lowry announced loan portfolio balances for
Brooke Credit Corporation on March 31, 2006, totaled approximately
$317.6 million, compared to loan portfolio balances of
approximately $296.3 million on Feb. 28, 2006. Loan portfolio
balances increased as the result of March loan originations of
approximately $25.2 million, and decreased from March principal
payments of approximately $3.9 million. March originations included
$10.0 million in Brooke franchise insurance agency loans, $12.7
million in non-franchise insurance agency loans and $2.5 million in
non-franchise death care loans. The company's total loan portfolio
is composed of $71.7 million in loan balances held in the company's
inventory for future sale, and $245.9 million in loan balances sold
to investors with retained servicing rights. Lowry also announced
that, during March, Brooke Credit Corporation received net interest
and servicing income of approximately $1.2 million, and incurred
operating interest expense of approximately $151,000. Additionally,
Lowry announced that, during March, Brooke Credit Corporation
incurred a gain on loan sale activities of approximately $166,000.
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 and related businesses.
Brooke Credit's loan portfolio balances totaled approximately
$317.6 million on March 31, 2006. Loans have been mostly sold as
individual loans to participating lenders or as pooled loans to
investors through asset-backed securitizations. Email Distribution
... To receive electronic press release information, please visit
the "Investor Relations" section of Brooke Corporation's Web site
at http://www.brookecorp.com/ and subscribe to our "Email Alerts"
online. 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, , or, +1-913-661-0123 Web site:
http://www.brookecorp.com/
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