Brooke Credit Corporation Announces Selected Results for June 2007
August 02 2007 - 10:04AM
PR Newswire (US)
OVERLAND PARK, Kan., Aug. 2 /PRNewswire-FirstCall/ -- Michael
Lowry, president and chief executive officer of Brooke Credit
Corporation (OTC:BRCR) (BULLETIN BOARD: BRCR) announced selected
June 2007 results. Lowry announced loan portfolio balances for
Brooke Credit Corporation on June 30, 2007, totaled approximately
$593.4 million, compared to loan portfolio balances of
approximately $545.9 million on May 31, 2007. Loan portfolio
balances increased as the result of June loan originations of
approximately $56.1 million, and decreased from June principal
payments of approximately $8.6 million. June originations included
$22.5 million in Brooke franchise insurance agency loans, $32.8
million in non-franchise insurance agency loans and $800,000 in
non-franchise death care loans. The company's total loan portfolio
is composed of approximately $84.2 million in loan balances held in
the company's inventory for future sale, and approximately $509.2
million in loan balances sold to investors with retained interest
and servicing rights. Lowry also announced that, during June,
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 June, Brooke Credit Corporation incurred a
gain on loan sale activities of approximately $2.1 million. Brooke
Corporation (NASDAQ:BXXX) is Brooke Credit's largest shareholder,
owning approximately 62 percent of Brooke Credit. All results
included within this press release exclude portfolio balances and
revenues derived from lending activities with Brooke Corporation
and its subsidiaries. About our company ... Brooke Credit
Corporation is listed on the OTC Bulletin Board under the symbol
BRCR.OB. Brooke Credit is a specialty finance company that
originates loans to insurance agencies and related businesses.
Brooke Credit's loan portfolio balances totaled approximately
$593.4 million on June 30, 2007. Loans have been mostly sold as
individual loans to participating lenders or as pooled loans to
investors through asset-backed securitizations. 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 the Company with the Securities and Exchange
Commission. A more complete description of the Company's business
is provided in the Company's reports and registration statements,
which are available from the Company without charge or at
http://www.sec.gov/. DATASOURCE: Brooke Credit Corporation CONTACT:
Anita Larson of Brooke Credit Corporation, +1-913-661-0123, Web
site: http://www.brookecorp.com/
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