Brooke Credit Corporation Announces Selected Results for April 2007
May 31 2007 - 5:35PM
PR Newswire (US)
OVERLAND PARK, Kan., May 31 /PRNewswire-FirstCall/ -- Michael
Lowry, president and chief executive officer of Brooke Credit
Corporation, the finance subsidiary of Brooke Corporation
(NASDAQ:BXXX), announced selected April 2007 results. Lowry
announced loan portfolio balances for Brooke Credit Corporation on
April 30, 2007, totaled approximately $517.4 million, compared to
loan portfolio balances of approximately $512.7 million on March
31, 2007. Loan portfolio balances increased as the result of April
loan originations of approximately $9.9 million, and decreased from
April principal payments of approximately $5.2 million. April
originations included $4 million in Brooke franchise insurance
agency loans, $3.4 million 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 approximately $78.8 million in
loan balances held in the company's inventory for future sale, and
approximately $438.6 million in loan balances sold to investors
with retained interest and servicing rights. Lowry also announced
that, during April, Brooke Credit Corporation received net interest
and servicing income of approximately $1.8 million, and incurred
operating interest expense of approximately $121,000. Additionally,
Lowry announced that, during April, Brooke Credit Corporation
incurred a gain on loan sale activities of approximately $197,000.
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
$517.4 million on April 30, 2007. Loans have been mostly sold as
individual loans to participating lenders or as pooled loans to
investors through asset-backed securitizations. Contact ... Anita
Larson, Brooke Corporation, or (913) 661-0123 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 Credit Corporation CONTACT:
Anita Larson of Brooke Corporation, +1-913-661-0123, Web site:
http://www.brookecorp.com/
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