Brooke Credit Corporation Announces Selected Results for February 2007
March 21 2007 - 10:44AM
PR Newswire (US)
OVERLAND PARK, Kan., March 21 /PRNewswire-FirstCall/ -- Michael
Lowry, president and chief executive officer of Brooke Credit
Corporation, the finance subsidiary of Brooke Corporation
(NASDAQ:BXXX), announced selected February 2007 results. Lowry
announced loan portfolio balances for Brooke Credit Corporation on
Feb., 28 2007, totaled approximately $497 million, compared to loan
portfolio balances of approximately $492.9 million on Jan. 31,
2007. Loan portfolio balances increased as the result of February
loan originations of approximately $14.2 million, and decreased
from February principal payments of approximately $10.1 million.
February originations included $6.1 million in Brooke franchise
insurance agency loans, $5.1 million in non-franchise insurance
agency loans and $3 million in non-franchise death care loans. The
company's total loan portfolio is composed of approximately $183.9
million in loan balances held in the company's inventory for future
sale, and approximately $313.1 million in loan balances sold to
investors with retained interest and servicing rights. Lowry also
announced that, during February, Brooke Credit Corporation received
net interest and servicing income of approximately $2.3 million,
and incurred operating interest expense of approximately $537,000.
Additionally, Lowry announced that, during February, Brooke Credit
Corporation incurred a loss on loan sale activities of
approximately $10,000. 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 $497 million on Feb. 28, 2007. 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/ http://brookecorp.mediaroom.com/
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