last quarter results are very promising.....
Press Release Source: Shearson Home Loans
Shearson Financial Network Posts Profit for First Half of 2006
Tuesday August 22, 11:03 am ET
LAS VEGAS, NV--(MARKET WIRE)--Aug 22, 2006 -- Shearson Financial Network, Inc (OTC BB:SFNN.OB - News) announced today that it posted a profit for the first six months of 2006 of $1,977,262 on revenues of $4,273,860. The performance figures represent an increase of over 140% growth in revenue over last year and over 300% growth in profitability over the same period.
"We are pleased that our mortgage group has continued to grow during this period when many mortgage companies are finding it difficult to make a profit," states Michael Barron, CEO of Shearson Financial Network. "Our management team here has undertaken an aggressive growth plan and we are seeing great results. We now have positive confirmation that our strategy of acquisition and integration of independent mortgage brokerages is clearly working."
The Company released its Pro forma consolidated statements as well which place the mortgage consolidator at a $21 million dollar revenue run rate for the first six months and Pro forma profitability for the same period of $4.5 million.
About Shearson Financial Network, Inc.
Shearson Financial Network Inc. (OTC BB:SFNN.OB - News) 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.
RPT is a leading real estate information company with headquarters in New York. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability with which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The company serves over one thousand customers in the real estate, title, and mortgage industries.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.
Contact:
CONTACT:
Shearson Financial Network, Inc.
Andrew Austin
619-334-5644
--------------------------------------------------------------------------------
Source: Shearson Home Loans
Quote from: Feng on September 26, 2006, 05:38:40 AM
last quarter results are very promising.....
Press Release Source: Shearson Home Loans
Shearson Financial Network Posts Profit for First Half of 2006
Tuesday August 22, 11:03 am ET
LAS VEGAS, NV--(MARKET WIRE)--Aug 22, 2006 -- Shearson Financial Network, Inc (OTC BB:SFNN.OB - News) announced today that it posted a profit for the first six months of 2006 of $1,977,262 on revenues of $4,273,860. The performance figures represent an increase of over 140% growth in revenue over last year and over 300% growth in profitability over the same period.
"We are pleased that our mortgage group has continued to grow during this period when many mortgage companies are finding it difficult to make a profit," states Michael Barron, CEO of Shearson Financial Network. "Our management team here has undertaken an aggressive growth plan and we are seeing great results. We now have positive confirmation that our strategy of acquisition and integration of independent mortgage brokerages is clearly working."
The Company released its Pro forma consolidated statements as well which place the mortgage consolidator at a $21 million dollar revenue run rate for the first six months and Pro forma profitability for the same period of $4.5 million.
About Shearson Financial Network, Inc.
Shearson Financial Network Inc. (OTC BB:SFNN.OB - News) 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.
RPT is a leading real estate information company with headquarters in New York. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability with which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The company serves over one thousand customers in the real estate, title, and mortgage industries.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.
Contact:
CONTACT:
Shearson Financial Network, Inc.
Andrew Austin
619-334-5644
--------------------------------------------------------------------------------
Source: Shearson Home Loans
Nice pick, applaud, up about 100% since your post. Could go higher, might be a candidate for G-spot increase given record volume Friday.
:o :o :o
Press Release Source: Shearson Home Loans
Shearson Home Loans Moves Pipeline to $213 Million
Wednesday October 11, 12:30 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Oct 11, 2006 -- Shearson Home Loans, a fast-growing mortgage banker/broker, has announced today its mortgage loan pipeline has risen in excess of $150 million. Typically, the Company will close 50% of its open pipeline in any 30-day period. The increase in the pipeline has been due to increased branch recruitment over the last six months and recent acquisitions. The Company typically earns revenue between 3% to 5% on loans it closes from its pipeline.
Chairman & CEO Michael A. Barron said, "Despite the increase in mortgage rates, our company is experiencing significant growth in loan originations which is the fuel gauge for revenue in our industry. We think this is because the Shearson Home Loans network of services offers superior capability to independent mortgage brokerages and they seek to affiliate with our program."
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
Contact:
Contacts:
Michael Barron
Shearson Home Loans
702-868-7900
Source: Shearson Home Loans
Also just hit a g-spot at .0275..i had been watching this one for a little while...very nice.
Nice news, watch for a possible g-spot breakout.
Wednesday, October 18 2006 9:30 AM, EST
Shearson Net Worth Tops $40 Million
LAS VEGAS, NV -- (MARKET WIRE) -- 10/18/06 -- 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
looking good again.
Huge volume today.
12 million and closed at .016, up 100%!!!
VERY strong close, right at 50dma resistance! Resistance after that is .020, .025 and .035
Interesting info
I did some digging and found the following information regarding institutional and company officer insider holdings (as of April-2006; see pertinent section of http://www.secinfo.com/d12TC3.vsbv.htm#3bat):
Michael A. Barron (President, Chief Executive Officer and Director) holds 7,714,918 (8%) shares.
Lee Shorey (Chief Financial Officer and Director) holds 67,000 (0.1%)
Joseph Cosio-Barron(-President) 12,488,618 (12.9%)
Crusader Capital Partners 15,361,462 (16.0%)
Eclipse Holding Corporation 22,469,999 (23.4%)
All Officers and Directors as a group (4 persons) 20,203,536 (20.9%)
i wish i knew how to post the chart...
Here you go Kidney.
To save chart.
1.Go to stockcharts.com
2.Right click on the chart and save the image to your desktop or whereever u like...use the 520 chart size.
3. Reply to the thread, under the text area, u will see 'Additional Options' in blue, click on it, then click browse to retrieve the file
4. Click 'post' once u have added ur text and attached the necessary files.
Yes SFNN is waking up again.
glta
julia
Thank you.....hopefully will include charts next time
appreciated
breaking out
Alright...lets see if it can do the g-spot dirty dance...g-spot .021..needs to go over it...then the dance floor is all hers. Come on g-spot...move those feet :)..i need a dance partner.
Not in yet...but, watchign for the break.
glta
julia
any thoughts whether the 10-q is going to be filed by next week? what about a bounce?
SFNN is doing well t'day...
up 40% :P
Shearson Financial Network, Inc. Reports Increase in Earnings for the Three and Nine Months Ended September 30, 2006
Wednesday November 22, 10:56 am ET
LAS VEGAS, NV--(MARKET WIRE)--Nov 22, 2006 -- Shearson Financial Network, www.sfnncorp.com, (OTC BB:SFNN.OB - News) reported earnings of $4,450,211 for the nine months ended September 30, 2006 and earnings of $2,474,658 for the quarter ended September 30, 2006, as reflected on the Company's Form 10Q filed with the SEC on November 20, 2006.
ADVERTISEMENT
For the nine months ended September 30, 2006, revenues increased $7.7 million to $14 million from revenue of $6.3 million during the same period for the prior year. Gross profit increased $7.1 million to $10.9 million, as compared to $3.8 million for the same period in 2005. Earnings per share increased to $0.04, from a loss per share of $0.34 during the same period in the prior year. Net worth increased to $47.8 million from $(5.5) million as of September 30, 2006.
Both operating units of the Company, Shearson Home Loans and Real Properties Technologies ("RPT"), posted operating profits during the period. Net revenues from origination and/or sale of loans from Shearson Home Loans, the company's mortgage banking subsidiary, increased 5% or $313,000, to $6.6 million for the nine months ended September 30, 2006 from $6.3 million for the nine months ended September 30, 2005. The increase in revenues is directly related to the Company's acquisition of Allstate Funding Corp and its purchase of certain assets of eHome Credit Corp., of which revenues totaled approximately $5.7 million.
The Company's CEO and Chairman Michael Barron stated, "We believe our operating results in both the RPT unit and the Shearson Home Loans are reflective of the progress the Company is making with our acquisition strategy in both industry segments. We have had our challenges in the past and now look forward to realizing our future growth potential under our current business strategy."
WOW, mentioned early yesterday afternoon...watch EOD !!!
up 162 %
++++Id...
(http://\\assurancetourix\culture.xn--la-gb1$\mes%20images\fuse-yic.jpg)
(http://\\assurancetourix\culture.la-gb1$\mes%20images\sans%20titre.jpg)
Wow...i had my eye on this one for awhile now. It did not end up being a technical g-pattern set up, as it took too long, and dropped too much after initial run up. BUT....yesterday it did run like a beautiful g-spot breakout :)
I saw the 11 am news come in and waited to see if it would break the .024 which it did, that was a res. point for the last little while. Then on the pullback, i bought back in at .022....but i sold it way way too early...just took a tiny little profit only to see it sky rocket..what a pretty run. I thought for sure the highest it would go was .04...boy way i wrong...anyway i sold way before that .04 hit :(
Hope alot of people made bank on this one, i know many were waiting on it to make its move.
glta
julia
ask ....very thin.............last call....!!!!!!!!!!!!!!!
.03....are gone...next .....04....before the next leg up......don't chase later
moving up slowly as to not make a fuss...........closed at .04 yesterday......03...gone
chart looks ready :)
(http://hotstockland.eu/sfnn151206.jpg)
Bough a few just to see where it goes, if it doesn't breakt between today and wednesday, I 'll bail out.
Looking interesting again
nice reminder :
* SFNN's Market cap today is $7.54M
* The company's net worth is over $48M
* Revenue for 3Q over $10.2M
* Total assets owned as of 30 Sept 06 = $84,433,397
* For every $100 million of acquired loan volume, Shearson receives $100,000 per month in incremental revenue = $1.2 million per year 50% falls to bottom line
* Mortgage loan pipeline is now $213 Million (As of Oct 11). Typically, the Company will close 50% of its open pipeline in any 30-day period. The Company typically earns revenue between 3% to 5% on loans it closes from its pipeline. (If my math is correct they receive roughly $3 to $5 Million every thirty days.)
* Company projects growth of 100% annually.
* A/S 500,000,000...O/S 290,000,000...Float 96M
Regarding SFNN - $63,000,000 in Revenues for 2005 generated by their recent acquisitions: (Allstate Funding, eHome and RPT)
Allstate Funding = 24 million + in Revenues for 2005
Real Property Technologies Corp. = approximately $24 million for fiscal year 2005
eHome CreditCorp- reported revenues of approximately $14 million for fiscal year 2005
Add that to SFNN's own 6.8m in revenues for 2005 and you come up with about 69.8m dollars or 17.45m dollars a Q if everything is spread evenly and if they are able to generate the same type of revenues again......
Housing Market is beginning to turnaround; should be a banner 2007 for SFNN.
Earnings Per Share=.04 for last nine months
http://biz.yahoo.com/iw/061122/0187670.html
http://biz.yahoo.com/iw/061018/0173885.html
http://biz.yahoo.com/iw/061011/0171580.html
Keep an eye on SFNN....There could have some news around the corner...BUT
If it doesn't go up to break the sup.line...here is critical state and is about to breakdown >:(...or ::)
Watch the chart... (http://\\assurancetourix\christiane.leclerc$\mes%20images\sans%20titre.jpg)
GOOd NEWS !!! (it was about time !)
Shearson Home Loans Enters Into a Joint Venture With Stinson Financial
Thursday March 8, 12:40 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Mar 8, 2007 -- Shearson Financial Network Inc. (OTC BB:SFNN.OB - News) reports that its subsidiary, Shearson Home Loans, has entered into a joint venture agreement with Stinson Financial, a mortgage banking company based in San Diego, California. The agreement enables Stinson's 30-branch loan origination platform to operate within Shearson Home Loans mortgage banking infrastructure.
ADVERTISEMENT
Chairman & CEO Michael A. Barron said, "We continue to seek to improve, and expand our loan operations by such opportunities as being presented here. The presence of a strong southern California regional player such as Stinson gives our network a broader reach into the market. Our partner, Harry Dennis President of Stinson Financial, is a twenty-year veteran in mortgage banking who has successfully increased loan production levels beyond market expectations throughout his career. We believe this venture provides a great opportunity for revenue growth in the coming years."
About Shearson Home Loans
Shearson Home Loans is a provider of residential mortgages licensed to do business in 34 states. The company is a consolidator of independent mortgage brokerages. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com.
UP 78%....and not finished !!!!!!
LAS VEGAS, NV, Apr 12, 2007 Shearson Financial Network,
SFNN announces that the company recorded earnings for the year ended December 31, 2006 of $2.8 million, as reported on Form 10-K, filed with the SEC today. ;)
Target .075$
The value of Assets held by SFNN increased to $30.6 million for the year ended December 31, 2006 from $4.4 million in 2005, an increase of 590%
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LJ , PACI-->I Forgot this on Friday :
Shearson Home Loans Branch Grows Loan Volume Amid Industry Woes
LAS VEGAS, NV, Apr 13, 2007 (MARKET WIRE via COMTEX) -- Shearson Financial Network, Inc. (OTCBB: SFNN) www.sfnncorp.com, announced today that its wholly owned subsidiary, Shearson Home Loans www.shearsonhomeloans.com has set a year-to-date loan volume origination record for the Irvine, California based operations center of the company. Shearson Home Loans has generated loan volume in its banking loan pipeline of $44 million for the period ended April 10, 2007. The performance figures represent an increase of over 140% growth in loan volume over last year. The Company recently opened the Irvine operations center and despite industry woes, has continued to increase loan production submitted to its banking division.
"We are pleased that the Company has continued to grow during the competitive mortgage market here in the Irvine area," stated Doug Lawrence, President of Shearson Home Loans. "Our management team here has undertaken an aggressive growth plan and we are seeing great results."
"Their progress continues to underscore that Shearson Home Loans has maintained a steady and conservative governance which has allowed us to avoid issues that other companies in the industry are now experiencing," said Michael Barron, CEO of the parent company. "We have consistently stayed away from the sub-prime sector and have chosen to bank only about 20% of our total volume. This strategy has allowed the company to avoid the pitfalls of financing sub-standard credit and therefore avoid the risks as well. We believe this strategy is key to our current profitability and future plans," stated Barron.
http://shearsonfinancialnetwork.com/financialperformance.html :)
Major SFNN announcement soon?
Anyone care to speculate if this is a Job Opening from STINSON and whether the comments have any thing to do with SFNN>?>?>
I have a feeling this is Stinson and a merger with SFNN is in the works... that would be MONSTRASOROUS
http://sandiego.craigslist.org/acc/311435700.html
Senior Accountant- TOP RATED COMPANY GOING PUBLIC
Reply to:
[email protected]Date: 2007-04-13, 3:29PM PDT
One of San Diego's most prestigious companies getting ready to go public seeks a Senior Accountant for their rapidly growing team. This position will basically act as a Mini-Controller for their Mortgage Subidiary. (GL's, Financial Statements, process improvement,etc). Additionally this individual will have the opportunity to get involved in many special projects- Mergers&Acquisitions, integration, process improvement, etc. The ideal candidate will have a degree in Accounting and a minimum of 3 progressive years experience in a fast paced accounting department. CPA preferred but not required.
BTW Stinson is referred to as SAN DIEGO'S MOST PRESTIGIOUS MORTGAGE COMPANY ....
ihub post from bagfull
--------------------------------------------------------------------------------
For sharholders who believe in SFNN, here is a letter from mb to one of the investors. MB is very firm in his bellief that this is way too undervalued and will reach its fair value soon.This is no insider info, just to show how company addresses the Investor concerns and is working hard to have the share its fair value
To: XXXXXXXXXXXXXXXXXXXXXXXXX
Date: Mon, 16 Apr 2007 23:44:17 +0000
Subject: Re: Investors worried about SFNN fair value
XXXX: The company is doing what it can by making earnings & telling the world about it. We are all investors in the stock here also and want it to go up. I don't understand why anyone would sell at these levels. Our plan for the year is to visit institutional buyers and road show the company with the mission of gaining long support. I don't believe there is a short cut here nor will the issues you raised be solved overnight. However, so long as a company can continue to earn profits, sooner or later the value will be reflected in the trading price. We are dedicated to that cause. - mb
oversold + new uptrend building
(http://img178.imageshack.us/img178/7526/scte9.png)
(http://img171.imageshack.us/img171/9789/sfnn1gm2.jpg)
Yep/more newzzz
Shearson Financial Network, Inc. Moves to Expand Its Warehouse Banking Capacity
Thursday April 19, 12:56 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Apr 19, 2007 -- Shearson Financial Network, Inc. (OTC BB:SFNN.OB - News) (www.sfnncorp.com) announced today that its wholly owned subsidiary, Shearson Home Loans (www.shearsonhomeloans.com), has applied to expand its warehouse banking capacity by $20 million. Amid growing originations at the Company, additional mortgage warehouse lines of credit are needed to meet the demand for banked products. The Company currently has in excess of $20 million in warehouse banking credit lines.
ADVERTISEMENT
"Our Company is experiencing strong growth due to an aggressive recruitment program following a first quarter that saw many of the industry originators depart the business. We are facilitating a home for many of the displaced loan officers and wholesale account personnel within Shearson and welcome their business," stated Michael Barron, CEO and Chairman of Shearson Financial Network, the Company's parent. "The additional credit facility is part of our plan to expand the loan volume we bank through our loan center."
Shearson Financial Network, Inc. reported net income of $2.8 million for the year ending December 31, 2006 and the company's operating unit, Shearson Home Loans, contributed $1.6 million to earnings. The value of Assets held by SFNN increased to $30.6 million for the year ended December 31, 2006 from $4.4 million in 2005, an increase of 590%. Net worth increased to $6.4 million from $(7.8) million during the same period, representing an increase of $14.2 million. Revenue from the originations of loans increased 25% or $1.7 million to $8.5 million Earnings per share for the year ended December 31, 2006 was $0.02 as compared to a loss per share of $0.50 from the year ended December 31, 2005.
Net Income Applicable To Common Shares $2,757
SFNN wants to move/ several good pr these days... here's another one...
Shearson Financial Network, Inc. Opens Talks With Sterling Eagle/Warehouse One Re: JV
Tuesday April 24, 12:49 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Apr 24, 2007 -- Shearson Financial Network, Inc. (OTC BB:SFNN.OB - News) www.sfnncorp.com announced today that it has opened discussions with Sterling Eagle www.sterlingeagle.com and its subsidiary, Warehouse One (Sterling) regarding a joint venture between the two companies. Sterling is in the business of providing warehouse banking credit lines to over 70 mortgage banking company customers with closed loan volume for 2006 in excess of $1.2 billion. Shearson Home Loans www.shearsonhomeloans.com operates a national mortgage branch network with licenses in over 30 states. The talks are aimed at utilizing Shearson's expertise in branch management to assist Sterling's customers to increase their mortgage banking activity by joining Shearson's branch network. The combined annual revenue of Sterling's customer base is approximately $300 million.
ADVERTISEMENT
"This is an important first step in a business combination that both parties hope will have substantial benefits," stated Michael Barron, CEO and Chairman of Shearson Financial Network. "As we are able to assist Sterling Eagle with its client base, Shearson has a unique opportunity to present the Shearson operating record to Sterling's customers. Our hope is that many will choose to join the network because of this alliance."
Shearson Financial Network, Inc. reported net income of $2.8 million for the year ended December 31, 2006 and the company's operating unit, Shearson Home Loans, contributed $1.6 million to earnings. The value of Assets held by SFNN increased to $30.6 million for the year ended December 31, 2006 from $4.4 million in 2005, an increase of 590%. Net worth increased to $6.4 million from $(7. million during the same period, representing an increase of $14.2 million. Revenue from the originations of loans increased 25% or $1.7 million to $ 8.5 million Earnings per share for the year ended December 31, 2006 was $0.02 as compared to a loss per share of $0.50 from the year ended December 31, 2005.
Shearson Financial Network, Inc. Signs JV With United Equity Partners for Direct Marketing of Loans
Friday April 27, 1:44 pm ET
LAS VEGAS, NV--(MARKET WIRE)--Apr 27, 2007 -- Shearson Financial Network, Inc. (OTC BB:SFNN.OB - News) (www.sfnncorp.com) announced today that it has deployed its direct response marketing for solicitation of mortgage loans with United Equity Partners via Shearson's facility in Irvine, California. The companies entered into a joint venture to capture the increasing number of mortgage borrowers abandoned by the collapse of lenders serving the sub-prime market. Hardest hit was the Southern California market which has let go thousands of loan officers during the last several months. Shearson Home Loans (www.shearsonhomeloans.com) deployment of the direct marketing unit allows Shearson agents to call borrowers directly and solicit them for mortgage loans. The company has procured the names of over 20,000 borrowers who had applied for mortgages with now defunct lenders.
ADVERTISEMENT
"We are taking advantage of the shift in borrower credit," stated Michael Barron, CEO and Chairman of Shearson Financial Network. "Many of the lenders who have shut their doors due to sub-prime loan problems also had a portfolio of borrowers who were not sub-prime borrowers. When the companies closed, they needed to find a lender to complete their loan. We want to be that company so we intend to contact them and offer to help them close." Mr. Barron was quick to add, "This does not mean we are going after sub-prime business -- we are not. We are only going after those who fit our credit profile of low risk loans."
anyone taking advantage?
Press Release Source: Shearson Financial Network
Shearson Financial Network, Inc. Doubles Mortgage Banking Capacity
Tuesday June 19, 9:00 am ET
Hi doyerdiligence
Shearson Financial Network, Inc. and Dollar Mortgage Announce Financial Partnership
LAS VEGAS, NV--(MARKET WIRE)--Jun 19, 2007 -- Shearson Financial Network (OTC BB:SFNN.OB - News), a consolidator in the highly fragmented mortgage brokerage marketplace, announced today that it reached an agreement to acquire all of the assets and operational businesses of Dollar Mortgage Corporation of La Mesa, California. Under the agreement, Shearson Financial Network will issue to Dollar's shareholders a combination of cash and stock valued in excess of one million dollars. The transaction is scheduled to close in June 2007.
http://biz.yahoo.com/iw/070619/0267822.html
short covering ?
(http://\\assurancetourix\culture.la-gb1$\mes%20images\sans%20titre.jpg)
August 14, 2007 - 3:15 PM EST
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SFNN 0.0014 0.0004
Today 5d 1m 3m 1y 5y 10y
Shearson Financial Network, Inc. Posts Profit for Second Quarter
Shearson Financial Network, Inc. (OTCBB: SFNN) (www.sfnncorp.com) announced today that it has posted an operating profit for the second quarter ending June 30, 2007 of $322,309. The Company's net income for the quarter after accounting for interest expense, debt discount expense and minority shareholder interest was $176,753. For the six month period the company posted a net loss of $610,571.
Second Quarter Results
Net revenues from origination and/or sale of loans increased 10% or $152,182 to $1,679,763 for the quarter ended June 30, 2007 from $1,527,581 for the quarter ended June 30, 2006. Total operating expenses decreased $116,755 or 9.2% to $1,156,892 for the quarter ended June 30, 2007, from $1,273,647 for the quarter ended June 30, 2006. Income from operations increased $517,685 or 265%, to $322,309 for the quarter ended June 30, 2007 as compared to a loss from operations of $195,376 for the quarter ended June 30, 2006.
Six Month Results
Net revenues from origination and/or sale of loans increased 63.1% or $1,085,236 to $2,084,036 for the six months ended June 30, 2007 from $1,718,000 for the six months ended June 30, 2006. Total operating expenses decreased $1,440,786 or 35.3% to $2,643,335 for the six months ended June 30, 2007 as compared to $4,084,121 for the six months ended June 30, 2006. The decrease is related to a reduction in wages of $428,084 or 27.3%, a decrease in professional fees of $1,211,313 or 70% and a decrease in depreciation of $28,922 or 9.4%, offset by an increase in SGA of $227,533 or 47.4%. The decrease is attributable to the reduction in work force and the stabilization of professional fees, offset by the increase in SGA which is related to the acquisition of 85% of Allstate Home Loans, Inc. Income from operations increased $2,578,034 or 890%, from a loss from operations of $2,891,866 for the six months ended June 30, 2006. to a loss of $313,832 for the six months ended June 30, 2007 as compared to a loss from operations of $2,891,866
Shearson Home Loans, the Company's mortgage banking and brokerage subsidiary, posted its 18th consecutive quarter with an operating profit for the period ending June 30, 2007 of $862,457. Six month net income results for Shearson Home Loans was a profit of $929,369.
"We are pleased with our operating results for the quarter and for the six months ending June 30, 2007. Our company has made difficult decisions and our team has pulled together during this difficult time in our industry when so many of our friends are no longer here," stated Michael Barron, Chairman & CEO. "It's been a tough time for mortgage companies, perhaps the worst of all time, but we feel we have done the things necessary to remain a profitable enterprise." He continued. "Our strategy is to continue the things that got us here and focus on the fundamentals of our business -- good, sound, low risk mortgage origination."
Shearson Financial Network, Inc. reported net income of $2.8 million for the year ending December 31, 2006 and the company's operating unit, Shearson Home Loans, contributed $1.6 million to earnings. The value of Assets held by SFNN increased to $30.6 million for the year ended December 31, 2006 from $4.4 million in 2005, an increase of 590%. Net worth increased to $6.4 million from $(7.8) million during the same period, representing an increase of $14.2 million. Revenue from the originations of loans increased 25% or $1.7 million to $8.5 million. Earnings per share for the year ended December 31, 2006 was $0.02 as compared to a loss per share of $0.50 from the year ended December 31, 2005.
About Shearson Financial Network, Inc.
The company is a consolidator of independent mortgage brokerages. Shearson operates 17,538 sq. ft. of branch office space licensed in 33 states. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonfinancialnetwork.com, www.sfnncorp.com or www.shearsonhomeloans.com.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.
CONTACT:
Shearson Financial Network
Las Vegas, Nevada
Michael Barron
702-868-7922
Source: Market Wire (August 14, 2007 - 3:15 PM EST)
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