Brooke Credit Corporation Announces Selected Results for November 2007
OVERLAND PARK, KS - December 31, 2007 – Brooke Credit Corporation (OTCBB: BRCR; BRCRW; BRCRU) today announced selected results for the month of November 2007.
As of November 30, 2007, loan portfolio balances totaled approximately $655.2 million, compared to approximately $645.1 million on October 31, 2007. The Company’s loan portfolio balances were positively impacted by November loan originations of approximately $19.3 million, and offset by November principal payments of approximately $9.2 million. November originations included $13.2 million in Brooke franchise insurance agency loans, $3.6 million in non-franchise insurance agency loans and $2.5 million in non-franchise death care loans. As of November 30, 2007, the Company’s total loan portfolio was composed of approximately $109.0 million in loan balances held in the Company’s inventory for future sale, and approximately $546.2 million in loan balances sold to investors with retained interest.
Brooke Credit also announced that during November, the Company received net interest and servicing income of approximately $2.3 million, and incurred operating interest expense of approximately $122,000. During November Brooke Credit had no gain on loan sale revenue.
All results included within this news release exclude portfolio balances and revenues derived from lending activities with Brooke Corporation and its wholly owned subsidiaries.
About the Company… Brooke Credit is a specialty finance company that originates loans to insurance agencies and related businesses. Brooke Credit’s loan portfolio balances totaled approximately $655.2 million on November 30, 2007. 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 or at www.sec.gov.
Contact Info:
Brooke Credit Corporation
Anita Larson, Chairman and Chief Operating Officer
913-661-0123
anita.larson@brookecredit.com
The Equity Group, Inc
Adam Prior, Vice President
212-836-9606
aprior@equityny.com