OVERLAND PARK, Kan., Apr 03, 2008 (BUSINESS WIRE) -- Brooke Credit Corporation d/b/a/Aleritas Capital Corp. (OTCBB: BRCR; BRCRW; BRCRU) today announced selected results for the month of February 2008.
As of February 29, 2008, loan portfolio balances totaled approximately $694.5 million, compared to approximately $691.3 million on January 31, 2008. The Company's loan portfolio balances were positively impacted by February loan originations of approximately $18.5 million, and offset by February principal payments of approximately $15.3 million. February originations included $5.5 million in Brooke franchise insurance agency loans, $10.2 million in non-franchise insurance agency loans and $2.8 million in death care loans. As of February 29, 2008, the Company's total loan portfolio was composed of approximately $162.5 million in loan balances held on the Company's balance sheet and approximately $532.0 million in loan balances sold to investors with retained interest.
Aleritas Capital also announced that during February, the Company received net interest and servicing income of approximately $2.3 million, and incurred operating interest expense of approximately $277,000. During February Aleritas Capital had a loss on loan sales of $274,000 due to the normal offsets against gain on sale and limited new sales that qualify for gain on sale treatment.
All results included within this news release exclude portfolio balances and revenues derived from lending activities with Brooke Corporation and Brooke Capital and their wholly owned subsidiaries.
About the Company... Aleritas Capital Corp. is a specialty finance company that originates loans to insurance agencies and related businesses. 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 at www.aleritascapital.com
or at www.sec.gov.
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The Equity Group, Inc.
Adam Prior, 212-836-9606
Vice President
aprior@equityny.com