Shearson Financial Network - Hypotheken mit Potential - 500 Beiträge pro Seite

[vituperazio]

SFNN (SFNN.OB) ist immer noch ein grosser HypothekenBanker, der immer groesser wird, und auch gerade wieder eine neue Bank dazugekauft hat.
Shearson Home Loans (OTCBB: SFNN) (SFNN), a fast-growing mortgage provider, today announced that it has executed an agreement to acquire for a combination of stock and cash Irvine, CA-based Allstate Funding, a mortgage banking enterprise licensed as a mortgage bank in 33 states, and writing approximately $440 million in mortgages in 2005. Closing of the acquisition, valued at approximately $5 million, is a milestone for both organizations whose combined mortgage loan production tops $1 billion annually.

Chairman & CEO Michael A. Barron said, "We have been working for some months on this business combination, and believe strongly that the synergies create a powerful marketing and funding force in the mortgage industry. The combined companies will now have loan volume in excess of $1 billion annually and a strong regional banking presence in the West. We have over 450 employees, and are able to expand our banking products into many more geographic markets. We anticipate that together we will be generating significant revenue and profits by the end of 2006."

Greg Shanberg, President of Allstate, stated, "Together we will greatly expand our mortgage banking profit center by adding additional warehouse banking capacity -- which in turn will give us more than enough room to double our revenue over the next six months. We expect to be banking $80 million per month later this year, which should yield between 1% - 2% of that volume in additional revenue per month."

Ich sage nur , AUFPASSEN, das wird heiss.

[axcol]

bin dabei

[HerMitDerMillion]

Last Update: 1:20 PM ET Aug 30, 2006

(EDGAR Online via COMTEX) -- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this document. This discussion contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below, as well as those discussed below under Factors Affecting Future Operating Results. The Company disclaims any obligation to update information contained in any forward- looking statement.
Overview
Shearson Financial Network Inc. SFN was incorporated in Las Vegas, Nevada in July 2000, and is the parent to two primary operating divisions, Shearson Home Loans and Real Property Technologies (RPT). Shearson Home Loans (SHL) is a direct-to-consumer mortgage broker and banker with revenues derived primarily from origination commissions and resale of whole loans earned on the closing of first and second mortgages on single-family residences. SHL currently employs over 500 people which are residential mortgage and/or real estate brokerage professionals. The Company is a consolidator of mortgage brokerages and integrates the brokerage companies into the Shearson Home Loans network and then banks the mortgages through its mortgage banking unit. The Company plans to continue its growth strategy through the acquisition and affiliation of mortgage brokerage firms who do not currently bank their own production. By providing more efficient services to these smaller firms, SHL can accrete loan volume without having to "organically" grow the business. Banking of the accreted loan volume generates windfall revenue to the Company. Thus the rate of growth of SHL's revenue stream is dramatically accelerated. The Company has the infrastructure, systems, and operational management necessary to properly integrate these and many more acquisitions in order to establish a countywide network. The Company's business plan is focused on the integration of over 200 mortgage brokerage offices into the SHEARSON mortgage network.
RPT is a leading real estate information company with headquarters in New York. RPT reported revenues of approximately $24 million for fiscal year 2005 with pre tax profits of nearly four million dollars ($4,000,000) and has in excess of 200 employees. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The database has numerous marketing advantages for our mortgage operations.
Results of Operations
Three Months Ended June 30, 2006 Compared to Three Months Ended June 30, 2005
The acquisitions of Real Property Technologies Inc., Continental Home Loans, Inc. and the asset purchase of certain assets of eHome Credit occurred in June of 2006 and therefore the company is reporting one month of financial activity for each of these companies for both the three month and six month reporting period. The pro-forma consolidated statements see footnote (14) reflects the full revenue and expenses as if incurred for the full reporting period.
Net revenues from origination and/or sale of loans increased 122% or $2.2 million, to $4.1 million for the quarter ended June 30, 2006 from $1.8 million for the quarter ended June 30, 2005. The increase in revenues is directly related to the Company's acquisitions of Real Properties Technologies, Inc., Continental Home Loans and eHome Credit Corp., ("Acquired Companies") of which revenues totaled approximately $3.6 million.
Gross profit increased $2.3 million or 296% to $3.1 million for the quarter ended June 30, 2006 from $793,785 for the quarter ended June 30, 2005. All of the increase is related to the Company's acquisitions of Real Properties Technologies, Inc., Continental Home Loans and eHome Credit Corp.
Table of Contents
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
Salary, wages and payroll taxes increased $1.5 million or 226%, from $656,459 for the quarter ended June 30, 2005, to $2.1 million for the quarter ended June 30, 2006. Approximately $1.9 million related to the acquired Companies, offset by a decrease of $500,000 related to a reduction in work force. Selling , general administrative ("SGA") fees decreased 29% or $326,000 to $814,000 from $1.1 million for the quarter ended June 30, 2005. The acquired companies increased SGA by $626,466. Professional fees increased 308% or $615,000 to $415,000 from $ (200,000) for the quarter ended June 30, 2005. The increase in professional fees is related to the costs of the acquisitions.
Total operating expenses increased $1.8 million or 99% to $3.6 million for the quarter ended June 30, 2006 from $1.8 million, for the quarter ended June 30, 2005. The increase of $2.6 million is related to the acquired companies and is offset by a decrease in expenses of $827,000.
For the quarter ended June 30, 2006, two notes totaling $5,150,000 between Club Vista Holdings, Inc and the Company were forgiven. The Company incurred costs associated with the debt discount amortization related to the beneficial conversion features on three of its notes in the amount of $1,244,616 for the six months ended June 30, 2005, as compared to $0 for the three months ended June 30, 2006.
We had a net income of $4.7 million for the quarter ended June 30, 2006 compared to net loss of $2.3 million for the same quarter of 2005. The increase in income is related to $5.1 million forgiveness of notes payable, offset by the $1.2 million charged to debt discount expense for the June 30, 2005 quarter.
Six Months Ended June 30, 2006 Compared to Six Months Ended June 30, 2005
Net revenues from origination and/or sale of loans increased 15% or $547,000, to $4.3 million for the six months ended June 30, 2006 from $3.7 million for the six months ended June 30, 2005. The increase in revenues is directly related to the Company's acquisitions of Real Properties Technologies, Inc., Continental Home Loans and eHome Credit Corp., ("Acquired Companies") of which revenues totaled approximately $3.6 million.
Gross profit increased $1.5 million or 87% to $3.3 million for the six months ended June 30, 2006 from $1.7 million for the six months ended June 30, 2005. The increase is related to the Company's acquisitions of Real Properties Technologies, Inc., Continental Home Loans and eHome Credit Corp., which attributed to $2.3 million, offset by a decrease in gross profit
Salary, wages and payroll taxes increased $2.0 million or 166%, from $1.2 million for the six months ended June 30, 2005, to $3.3 million for the six months ended June 30, 2006. Approximately $1.9 million related to the acquired Companies. Selling , general administrative ("SGA") fees decreased 62% or $1.5 million to $954,000 from $2.5 million for the six months ended June 30, 2005. The acquired companies increased SGA by $626,466. Professional fees increased 155% or $1.0 million to $1.8 million from $697,000 for the six months ended June 30, 2005. The increase in professional fees is related to the costs of the acquisitions.
Total operating expenses increased $1.5 million or 32% to $6.4 million for the six months ended June 30, 2006 from $4.8 million, for the six months ended June 30, 2005. The increase of $2.6 million is related to the acquired companies and is offset by a decrease in expenses.
For the six months ended June 30, 2006, two notes totaling $5,150,000 between Club Vista Holdings, Inc and the Company were forgiven. The Company incurred costs associated with the debt discount amortization related to the beneficial conversion features on three of its notes in the amount of $2,489,232 for the six months ended June 30, 2005, as compared to $0 for the three months ended June 30, 2006.
We had a net income of $1,977,262 for the quarter ended June 30, 2006 compared to net loss of $5,627,196 for the six months ended June 30, 2005. The increase in income is related to $5.1 million forgiveness of notes payable, offset by the $2.5 million charged to debt discount expense for the June 30, 2005 quarter.
Table of Contents
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
Liquidity and Capital Resources
Liquidity is the ability of a company to generate funds to support asset growth, satisfy disbursement needs, maintain reserve requirements and otherwise operate on an ongoing basis. If our loan volume were to increase too rapidly, we believe the increase could have a severe impact on our liquidity. Our warehouse credit facilities limit the amount that may be advanced on each loan funded. Therefore, cash must be used to fund the additional dollars needed to close escrow. Thus, it is crucial that we closely monitor our loan volume.
Our ability to finance and purchase mortgage loans depends on our ability to secure warehouse lines of credit with acceptable terms. Currently, we fund loans through warehouse lines of credit through our subsidiary, Shearson Home Loans Shearson Home Loans, formerly Consumer Direct Lending, entered into a Mortgage Loan and Purchase Agreement with Warehouse One for $10,000,000. The facility is collateralized by the related mortgage loans receivable. Interest is due monthly at the bank reference rate plus an established percentage, varying from prime plus 1 to 1.5%. Each loan carries a fee of approximately $100 to $175 per loan. There are restrictive covenants relating to tangible net worth of not less than $250,000 and a debt to equity ratio no greater than 20:1, the Company is in compliance with the covenants as the equity of Shearson Home Loans is approximately $3.9 million. The lending limit on the line of credit through Warehouse One is $10 million.
Through the acquisitions of Continental Home Loans and eHome Credit Corp. there are lines of credit with National Cities Bank ("NCB") which is $20,000,000 and $15,000,000. As of June 30, 2006, the outstanding balance with National Cities Bank was $4,923,253 and $12,660,760, respectively.
At June 30, 2006 the interest rate charged on the warehouse line of credit through National Cities Bank was Libor plus two percentage points.
Historically we have funded operations through a combination of borrowings and issuance of stock. We currently intend to retain our earnings for the foreseeable future to help increase our liquidity. Management continues to explore investment alternatives to aid in its liquidity, but there can be no reliance made on such.
Management currently believes that cash flows from operations should be sufficient to meet the Company's current liquidity and capital needs at least through fiscal 2006 however, if they are not, management will seek equity funding from the public capital markets , so long as there are no material adverse changes to the terms or availability of our warehouse lines of credit, we believe we can meet our liquidity and capital needs at current production levels at least through fiscal 2006. However we are currently exploring possible liquidity sources either through additional borrowings or potential capital partners to enable us to increase our loan production and expansion. Future offerings are probable in order to fund the acquisition growth by the Company. The Company anticipates raising equity capital in the amount of $2 million during 2006 in order to fund the integration of this growth. If such financing is not available on satisfactory terms, we may be unable to expand or continue our business as desired and operating results may be adversely affected. Any equity financing could result in dilution to existing stockholders.
Cash Flows
During the first six months of fiscal 2006 and 2005 we had net cash (used for) provided by operating activities of $58.4 million and $5.4 million, respectively. The primary sources of net used for was an increase in receivables from held for sale of $16.0 million, accounts receivable of $5.6 million, increase in loans held for investment of $200,000, increase in other current assets $2.4 million, increase in goodwill of $39.6 million, offset by net income of $1,977,262, an increase in accounts payable of $78,346, an increase in stock subscription payable of $5,560,000 and a increase in interest payable of $4,737, stock based expenses of $2,486,145 and forgiveness of debt of $5,150,000, for the six month period ending June 30, 2006. The primary sources of net cash provided by was a decrease in mortgage loans held for sale of $7.2 million, decrease in accounts receivable for $168,087, decrease in other current assets of $3,216, increase of accounts payable $376,867, increase in stock subscription payable of $82,150, stock based expenses of $268,568, depreciation of $377,468, debt discount of $2,489,232, offset by the net loss of $5,612,898 for the six month period ending June 30, 2005.
Net cash used for investing activities during the first six months of fiscal 2006 and 2005 was $394,093 and $13,219, respectively, which was attributable to the purchase of property and equipment.
Table of Contents
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
Net cash provided by financing activities for the six months ended June 30, 2006 was $60.6 million. This consisted primarily of net advances under the warehouse lines of credit of $17.5 million, proceeds of notes payable related party of $40,550, proceeds of notes payable of $902,010, payments of notes payable of $175,000, and issuance of preferred stock of $40 million and issuance of common stock of 162.. Net cash used for financing activities for the six months ended June 30, 2005 was $5.2 million. This consisted primarily of net payments under the warehouse lines of credit of $5.5 million, proceeds of notes payable related party of $250,000, proceeds of notes payable of $94,767, as well as dividends paid of $69,481.
At 2005, the Company has net operating loss carryforwards ("NOLs") of approximately $22,608,821 expiring in various years through 2017. The Company believes it can use the NOL's to offset some portion of the tax due to governmental agencies.
Regulatory Trends
The regulatory environments in which we operate have an impact on the activities in which we may engage, how the activities may be carried out and the profitability of those activities. Therefore, changes to laws, regulations or regulatory policies can affect whether and to what extent we are able to operate profitably. For example, proposed state and federal legislation targeted at predatory lending could have the unintended consequence of raising the cost or otherwise reducing the availability of mortgage credit for those potential borrowers with less than prime-quality credit histories, thereby resulting in a reduction of otherwise legitimate sub-prime lending opportunities.
Forward-Looking Statements
Statements contained in this Form 10-QSB that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements or events, or timing of events, to differ materially from any future results, performance or achievements or events, or timing of events, expressed or implied by such forward-looking statements. We cannot assure that we will be able to anticipate or respond timely to the changes that could adversely affect our operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of our securities.
In the event we need to raise additional financing, there can be no assurance that any such financing will be available on acceptable terms. If such financing is not available on satisfactory terms, we may be unable to expand or continue our business as desired and operating results may be adversely affected. Debt financing will increase expenses and must be repaid regardless of operating results. Equity financing could result in dilution to existing stockholders.
Some of the more prominent known risks and uncertainties of our business are set forth below. However, this section does not discuss all possible risks and uncertainties to which we are is subject, nor can it be assumed that there are not other risks and uncertainties which may be more significant.
· Our losses from period to period;
· Our failure to continue to be an approved FHA mortgagee;
· Our dependence on the warehouse lines of credit which has been reduced ;
· Our need for additional funding sources so that our ability to originate and fund loans is not impaired and
· Our ability to compete with banks and other mortgage lenders that are significantly larger.
Table of Contents
Aug 30, 2006
(c) 1995-2006 Cybernet Data Systems, Inc. All Rights Reserved

Quelle:
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[HerMitDerMillion]

SK USA: 0.02 USD entspricht 0,0156 EUR

Kurs in D: 0.014 EUR

Differenz: 11%


Handelbar in Berlin (WKN: A0J320)

[SharpRatio]

Ich finde SFNN gar nicht so schlecht. Möglicherwiese hat SFNN zugesetzt, dass der US-Wohnungsmarkt überhitzt war. SFNN kommt schon wieder.

[HerMitDerMillion]

In USA bei 0.009 USD
entspricht 0.007 EUR !

[vituperazio]

Antwort auf Beitrag Nr.: 23.718.042 von SharpRatio am 01.09.06 13:06:15

Mensch, Du weißt was.
Raus damit, denn auch die Barons wolles es wissen.

ich glaube vorerst platzt das a bißerl.

[HerMitDerMillion]

Was war denn da los?

SK USA: 0,0114 USD
Volumen: 1094708

Gibt es news?

[2Ulrich]

NEWS:

Shearson Net Worth Tops $40 Million

LAS VEGAS, NV, Oct 18, 2006 (MARKET WIRE via COMTEX News Network) --
Shearson Financial Network (OTCBB: SFNN) and its subsidiaries Shearson Home Loans, a fast growing mortgage banker/broker, and RPT, a property information company, announced today its operating net worth has grown in excess of $40 million according to interim company prepared financial statements released to its major warehouse lenders, RFC and IMPAC. The statements also show an increase in assets to $87 million for the eight months ending 8/30/06. Typically, the Company will be able to borrow from its warehouse lenders 10 times the tangible net worth amount on its statements. The statements were released as part of ongoing compliance requirements from the Company's warehouse banks. The increase in the net worth and asset base has been due to increased branch recruitment over the last six months and recent acquisitions.

Chairman & CEO Michael A. Barron said, "Shearson continues to execute on its program of growth through acquisition and integration. We are pleased our financial condition is reaching these new highs during 2006."

About Shearson Home Loans

Shearson Home Loans is a fast-growing provider of residential mortgages. It employs over 500 people in the residential mortgage division. Shearson operates 54,000 sq. ft. of branch office space with 37 locations in 47 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com.

Contacts: Michael Barron Shearson Home Loans 702-868-7900

SOURCE: Shearson Home Loans


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