SPOKANE, Wash.--(BUSINESS WIRE)--Reissuing release to add ticker symbol for searching purposes of release dated Nov. 20, 2014 at 7:00 AM ET.
COMPLETE FINANCIAL SOLUTIONS ANNOUNCES 3RD QUARTER 2014 FINANCIAL RESULTS
Complete Financial Solutions Inc. (“CFSI” and OTC trading symbol “CFSU”) announced results for its 3rd quarter 2014 which were recently posted on the OTC Markets Disclosure and News Service.
Third Quarter 2014 Results (Compared to 2013):
- Revenue for the three months increased 209% to $3,139,499 compared to $1,500,058
- Revenue for the nine months increased 137% to $7,142,725 compared to $5,213,839
- Income from operations for the three months increased to $149,016 compared to a loss of $39,365
- Income from operations for the nine months increased to $94,882 compared to a loss of $15,157
Allen Ringer, CEO, commented, “Increases in both Revenue and Net Income are attributable to a dramatic increase in production in the 3rd quarter. Third quarter revenue was up 35% as a result of a stronger home purchase market and our acquisition of loan production offices. Annual production volume is slightly ahead of last year even though our average closed loan size is 15% lower than in 2013.”
Mr. Ringer continued, “Our positive results are a reflection of our investment in new business lines, such as our recent acquisition of a minority interest in a state-chartered bank. Growing a business can be an expensive proposition, but we believe that our recent financial performance demonstrates that our growth strategy is sound.”
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.