Brooke Credit Corporation Announces Selected Results for April 2006
May 17 2006 - 10:27AM
PR Newswire (US)
OVERLAND PARK, Kan., May 17 /PRNewswire-FirstCall/ -- Michael
Lowry, president of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced selected
April 2006 results. Lowry announced loan portfolio balances for
Brooke Credit Corporation on April 30, 2006, totaled approximately
$328.6 million, compared to loan portfolio balances of
approximately $317.6 million on March 31, 2006. Loan portfolio
balances increased as the result of April loan originations of
approximately $23.3 million, and decreased from April principal
payments of approximately $12.3 million. April originations
included $18.5 million in Brooke franchise insurance agency loans,
$3.3 million in non-franchise insurance agency loans and $1.5
million in non-franchise death care loans. The company's total loan
portfolio is composed of $90.6 million in loan balances held in the
company's inventory for future sale, and $238.0 million in loan
balances sold to investors with retained servicing rights. Lowry
also announced that, during April, Brooke Credit Corporation
received net interest and servicing income of approximately $1.3
million, and incurred operating interest expense of approximately
$163,000. Additionally, Lowry announced that, during April, Brooke
Credit Corporation incurred a loss on loan sale activities of
approximately $184,000. 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 $328.6 million on April 30, 2006.
Loans have been mostly sold as individual loans to participating
lenders or as pooled loans to investors through asset-backed
securitizations. E-mail distribution. . . To receive electronic
press release alerts, visit the "Investor Relations" section of the
Brooke Corporation Web site at http://www.brookecorp.com/ and
subscribe to our "E-mail 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,
+1-913-661-0123, Web site: http://www.brookecorp.com/
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