Brooke Credit Corporation Announces Selected Results for October 2006
November 17 2006 - 10:26AM
PR Newswire (US)
OVERLAND PARK, Kan., Nov. 17 /PRNewswire-FirstCall/ -- Michael
Lowry, president and chief executive officer of Brooke Credit
Corporation, the finance subsidiary of Brooke Corporation
(NASDAQ:BXXX), announced selected October 2006 results. Lowry
announced loan portfolio balances for Brooke Credit Corporation on
Oct. 31, 2006, totaled approximately $433.0 million, compared to
loan portfolio balances of approximately $412.5 million on Sept.
30, 2006. Loan portfolio balances increased as the result of
October loan originations of approximately $24.9 million, and
decreased from October principal payments of approximately $4.4
million. October originations included $17.1 million in Brooke
franchise insurance agency loans, $5.3 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 $128.6 million in
loan balances held in the company's inventory for future sale, and
$304.4 million in loan balances sold to investors with retained
servicing rights. Lowry also announced that, during October, Brooke
Credit Corporation received net interest and servicing income of
approximately $1.8 million, and incurred operating interest expense
of approximately $325,000. Additionally, Lowry announced that,
during October, Brooke Credit Corporation incurred a loss on loan
sale activities of approximately $238,000. 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 $433.0 million on Oct. 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 alerts, visit the Brooke Corporation Media Room at
http://brookecorp.mediaroom.com/ and subscribe to our e-mail alerts
online through the Get the News link. 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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