Brooke Credit Corporation Announces Selected Results for December 2006
January 16 2007 - 9:34AM
PR Newswire (US)
OVERLAND PARK, Kan., Jan. 16 /PRNewswire-FirstCall/ -- Michael
Lowry, president and chief executive officer of Brooke Credit
Corporation, the finance subsidiary of Brooke Corporation
(NASDAQ:BXXX), announced selected December 2006 results. Lowry
announced loan portfolio balances for Brooke Credit Corporation on
Dec. 31, 2006, totaled approximately $483.3 million, compared to
loan portfolio balances of approximately $462.8 million on Nov. 30,
2006. Loan portfolio balances increased as the result of December
loan originations of approximately $32.2 million, and decreased
from December principal payments of approximately $11.7 million.
December originations included $9.3 million in Brooke franchise
insurance agency loans, $17.5 million in non-franchise insurance
agency loans and $5.4 million in non-franchise death care loans.
The company's total loan portfolio is composed of $164.4 million in
loan balances held in the company's inventory for future sale, and
$318.9 million in loan balances sold to investors with retained
servicing rights. Lowry also announced that, during December,
Brooke Credit Corporation received net interest and servicing
income of approximately $2.3 million, and incurred operating
interest expense of approximately $499,000. Additionally, Lowry
announced that, during December, Brooke Credit Corporation incurred
a gain on loan sale activities of approximately $1.4 million. 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
$483.3 million on Dec. 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, , or +1-913-661-0123 Web site:
http://www.brookecorp.com/
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