Brooke Credit Corporation Announces Selected Results for May 2006
June 19 2006 - 10:29AM
PR Newswire (US)
OVERLAND PARK, Kan., June 19 /PRNewswire-FirstCall/ -- Michael
Lowry, president of Brooke Credit Corporation, the finance
subsidiary of Brooke Corporation (NASDAQ:BXXX), announced selected
May 2006 results. Lowry announced loan portfolio balances for
Brooke Credit Corporation on May 31, 2006, totaled approximately
$341.7 million, compared to loan portfolio balances of
approximately $328.6 million on April 30, 2006. Loan portfolio
balances increased as the result of May loan originations of
approximately $24.1 million, and decreased from May principal
payments of approximately $11.0 million. May originations included
$12.8 million in Brooke franchise insurance agency loans, $5.0
million in non-franchise insurance agency loans and $6.3 million in
non-franchise death care loans. The company's total loan portfolio
is composed of $103.9 million in loan balances held in the
company's inventory for future sale, and $237.8 million in loan
balances sold to investors with retained servicing rights. Lowry
also announced that, during May, Brooke Credit Corporation received
net interest and servicing income of approximately $1.5 million,
and incurred operating interest expense of approximately $242,000.
Additionally, Lowry announced that, during May, Brooke Credit
Corporation incurred a gain on loan sale activities of
approximately $290,000. 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 $341.7 million on May 31, 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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