Complete Financial Solutions Announces 2nd Quarter 2014 Financial Results
SPOKANE, Wash.--(BUSINESS WIRE)--Complete Financial Solutions Inc. (“CFSI” and OTC trading symbol “CFSU”) announced results for its 2nd quarter 2014 which were recently posted on the OTC Markets Disclosure and News Service.
Second Quarter 2014 Results (Compared to 2013)
- Revenue for the three months increased 22.3% to $2,556,148 compared to $2,089,375
- Revenue for the six months increased 7.8% to $4,003,226 compared to $3,713,781
- Income from operations for the three months decreased to $3,515 compared to $28,259
- Income from operations for the six months increased to $20,514 compared to $3,170
“We rebounded from a slow first quarter with an increase in home purchase activity in the second quarter, and our strong surge in revenues appears to be continuing. Operating income is directly impacted by the salaries and wages we pay our employees. Our compensation programs for our employees are designed to reward the high quality of service and programs that we offer our borrowers. Overall our financial performance for the first six months of 2014 is stronger than 2013 and we expect this trend to continue for the balance of the year,” stated Allen Ringer, CEO.
Complete Financial Solutions Inc. is an emerging financial services company. Through its subsidiary companies, CFSI offers mortgage origination and processing services in 25 states. Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved lender allowing ACMC to both bank and broker FHA loans. ACMC offers a spectrum of mortgage products through a variety of correspondent and broker relationships. Insurance Solutions Inc. offers protection products to mortgage customers of ACMC and to the general public. For more information, visit our website at www.cfsi.biz.
This press release may contain forward-looking statements that involve risks and uncertainties concerning our expected performance and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: uncertainty regarding our future revenue growth, operating results and profitability; our business being dependent on the health of the mortgage industry; government regulation; and the effect of industry restructuring, higher interest rates or adverse economic conditions. Statements in this release should be evaluated in light of these factors. We have included a detailed discussion of certain risks and uncertainties that could cause actual results and events to differ materially from our forward-looking statements in the section titled “Risk Factors,” filed with our Annual Report, posted with the OTC Disclosure and News Service on May 28, 2014, which is available at www.otcmarkets.com. CFSI undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.