Brooke Corporation Announces First Quarter Results
April 26 2006 - 5:05PM
PR Newswire (US)
OVERLAND PARK, Kan., April 26 /PRNewswire-FirstCall/ -- Brooke
Corporation (NASDAQ:BXXX) today reported its first quarter 2006
financial results. Net income for the three months ended March 31,
2006, totaled $3,532,000 or 27 cents per diluted share, on revenues
of $41,186,000, as compared to net earnings of $3,449,000, or 34
cents per diluted share, on revenues of $35,648,000 for the same
period in the prior year. For this three-month period, total net
income increased 2 percent and total revenues increased 16 percent.
Total net income increased during the first quarter; however, net
income per share decreased primarily as a result of dilution
associated with the company's secondary offering of 2,875,000
additional shares in the third quarter of 2005. Separate
discussions of subsidiary revenues and selected data follow. Brooke
Franchise Brooke Franchise Corporation had first quarter revenues
of $35,286,000, as compared to 2005 first quarter revenues of
$28,441,000. The total number of franchise locations increased to
over 580 at March 31, 2006, from approximately 400 at March 31,
2005. Brooke Franchise Corporation added 49 new locations in the
first quarter of 2006. During the first quarter of 2005, Brooke
Franchise Corporation added a total of 38 locations. Brooke Credit
Brooke Credit had first quarter revenues of $4,000,000, as compared
to first quarter revenues in 2005 of $5,104,000. Revenues decreased
because, unlike the first quarter of 2005, the company did not
record any gains from a loan securitization during the first
quarter of 2006. At March 31, 2006, loan portfolio balances for
Brooke Credit Corporation totaled approximately $317,631,000. This
represented an increase of 58 percent from the March 31, 2005
balance of $200,923,000. Brooke Brokerage Brooke Brokerage
Corporation had first quarter revenues of $2,727,000, as compared
to first quarter 2005 revenues of $2,346,000. Earnings Conference
Call Brooke Corporation will host a conference call for analysts
and investors at 4 p.m. CDT (5 p.m. EDT) today. Chairman and Chief
Executive Officer, Robert Orr, along with President and Chief
Operating Officer, Anita Larson, and Chief Financial Officer,
Leland Orr will discuss the quarter end results and address analyst
and investor questions. The public and media are invited to listen
to the call, which will be broadcast live via the Internet. The
call is being webcast by Thomson/CCBN and can be accessed at Brooke
Corporation's Web site, http://www.brookecorp.com/ . A replay of
the call will be available on the Web site for the next 12 months.
About Our Company Brooke Corporation is listed on the Nasdaq
National Market under the symbol "BXXX". Brooke Corporation is a
holding company with three operating subsidiaries. Brooke Franchise
Corporation is a subsidiary that distributes insurance and
financial services through a network of more than 580 franchise
locations. Brooke Credit Corporation is a subsidiary that
originates loans to insurance agencies and other businesses that
sell insurance or financial services, including Brooke franchisees.
Brooke Brokerage Corporation is a subsidiary that brokers
hard-to-place insurance and brokers loans for general insurance
agencies specializing in hard-to-place insurance sales. For more
information, visit http://www.brookecorp.com/ . Email Distribution
... If you would like 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" 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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