PSM Holdings, Inc. (PSMH) Announces Revenue Results For Fiscal Third Quarter Ending March 31, 2012 Lending Revenue Increases 373% Quarter Over Quarter on Higher Loan Originations Growth
ROSWELL, N.M., May 21, 2012 /PRNewswire/ -- PSM Holdings, Inc., (OTCBB: PSMH), a leading mortgage banking and brokerage services provider across the United States, has announced total revenues increased by $2,800,320 or 373% to $3,551,378 for the three months period ended March 31, 2012, and increased by $5,995,294 or 189% to $9,160,666 for the nine months period in fiscal 2012, as compared to the same comparable periods in 2011. Revenues for the three and nine months period increased due to the net increase of five acquisitions in operations and as a result closing 1587 loans during the nine months period ended March 31, 2012 as compared to 645 loans closed for the comparable prior year period, an increase of 946 loans (146%).
"We continue to be highly encouraged with our ongoing progress as evidenced by our revenue generation and growth in loan originations," said Ron Hanna, CEO of PSM Holdings, Inc. He continued, "As our revenue generation continues to grow through last year's strategic acquisitions, we have also recently completed structuring the Company by merging PSMI into UCMC and changed the domicile of UCMC from the State of New Jersey to the State of Delaware, providing PSMH with a single wholly-owned subsidiary, UCMC, which has concurrently undergone a name change to PrimeSource Mortgage, Inc."
He added, "The Company largely attributes its reported net loss of $1,387,197 and $3,059,459 for the three and nine months ended March 31, 2012 compared to a net loss of $836,737 and $857,230 for the same comparable prior year periods, to the costs it has incurred in setting up the infrastructure for future planned acquisitions which have not yet occurred while we completed these necessary preparations. These planned acquisitions were delayed pending the completion of these important corporate changes. Now that the name change and domicile change have recently been completed, we expect to move forward with the identified new acquisitions over the next six months and increase our revenue with minimal increase in cost. Additionally, we are now in a position to expand our market and the geographical scope of acquisitions."
About PSM Holdings Inc:
PSM Holdings, Inc., (PSMH) through its wholly owned subsidiary, PrimeSource Mortgage, Inc. (PSMI), is engaged in the businesses of mortgage banking, in which PSMI both originates and funds mortgage loans through its own warehouse lines of credit, as well as mortgage brokerage, in which PSMI originates mortgage loans funded by third-party lenders, across the United States. PSMI is currently licensed in many states across the United States, and oversees the operations of more than 30 branches. For more information, visit http://www.psmholdings.com.
Certain statements contained herein, including, without limitation, statements containing the words "believes," "intends" and other words of similar import, constitute "forward-looking statements" within the meaning of Section 7A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include but are not limited to that we are in the process of furthering several of the key milestones we achieved last year and creating new growth opportunities for PSM Holdings, Inc. and its subsidiaries, and that we will continue to enter new projects and strategic partnerships in 2012. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of PSM Holdings, Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. PSM Holdings, Inc. disclaims any obligation to update or to announce publicly the results of any revision of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments. In addition, loan production numbers are not necessarily indicative of future profitability of the Company, if at all.
Name: Ron W. Hanna
Title: President and CEO
SOURCE PSM Holdings, Inc.