Brooke Credit Corporation Announces Selected Results for May 2007
June 20 2007 - 12:32PM
PR Newswire (US)
OVERLAND PARK, Kan., June 20 /PRNewswire-FirstCall/ -- Michael
Lowry, president and chief executive officer of Brooke Credit
Corporation, the finance subsidiary of Brooke Corporation
(NASDAQ:BXXX), announced selected May 2007 results. Lowry announced
loan portfolio balances for Brooke Credit Corporation on May 31,
2007, totaled approximately $545.9 million, compared to loan
portfolio balances of approximately $517.4 million on April 30,
2007. Loan portfolio balances increased as the result of May loan
originations of approximately $35.5 million, and decreased from May
principal payments of approximately $7 million. May originations
included $14.2 million in Brooke franchise insurance agency loans,
$15.1 million in non-franchise insurance agency loans and $6.2
million in non-franchise death care loans. The company's total loan
portfolio is composed of approximately $81.7 million in loan
balances held in the company's inventory for future sale, and
approximately $464.2 million in loan balances sold to investors
with retained interest and servicing rights. Lowry also announced
that, during May, Brooke Credit Corporation received net interest
and servicing income of approximately $1.8 million, and incurred
operating interest expense of approximately $126,000. Additionally,
Lowry announced that, during May, Brooke Credit Corporation
incurred a gain on loan sale activities of approximately $2
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 $545.9 million on May 31, 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 Credit Corporation
CONTACT: Anita Larson of Brooke Corporation, +1-913-661-0123, Web
site: http://www.brookecorp.com/
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