PSM Holdings, Inc. (PSMH) Announces Second Quarter Gross Revenue Results and Update; Lending Revenue Increases 176% Quarter Over Quarter on Higher Loan Originations Growth Company Schedules Investor Conference Call For Tuesday, March 27th, 2012 at 1:00PM EDT
ROSWELL, N.M., March 14, 2012 /PRNewswire/ -- PSM Holdings, Inc., (OTCBB: PSMH), a leading mortgage banking and brokerage services provider across the United States, has announced second quarter 2012 gross revenue increased by $2,183,643 or 176% to $3,427,053 for the three months period ended December 31, 2011 and increased by $3,194,974 or 132% to $5,609,288 for the six months period in 2011, as compared to the same comparable periods in 2010. Gross Revenue for the three and six months period increased due to the net increase of four acquisitions in our operations and as a result of closing 946 loans during the six month period ended December 31, 2011 as compared to 497 loans closed for the comparable prior year period. The investor conference call is scheduled to be held on Tuesday, March 27th, 2012 at 1:00 pm EDT. Interested parties may participate by dialing 1-800-860-2442 (U.S.A. Toll Free) or 1-412-858-4600 (International) approximately five minutes before the start time.
"We are extremely pleased with our progress and our ability to better service the growing demand in the housing markets for mortgage loans," said Ron Hanna, CEO of PSM Holdings, Inc. He continued, "Our strong 2nd quarter gross revenue of over $3.4M nearly surpassed our annual gross revenue for all of FY 2011 of $3.8M and are a testament to our capabilities to scale our business growth through the strategic acquisitions we have made throughout the last year. Most encouraging is the growth in our closed loan originations of 946 loans through our first-half 2012 fiscal year to December 31, 2011 as compared to our total annual 2010 volume of 497 loans. We are executing on our model with precision and the accretive impact of our acquisition strategy is mounting."
"We attribute our $.02 earnings per share loss for the quarter to expected increases in operating expenses related to the Company's investment in recruiting experienced mortgage executives and certain non-recurring charges related to the our Phase 1 growth strategy in acquiring four mortgage companies, which resulted in the Company incurring significant general and administrative expenses as compared to the expenses incurred in the comparable prior period in 2010. Many overlapping expenses among the acquired companies are in the process of being eliminated which we expect, once completed, will have a positive material impact on EBITA and free cash flow, as we continue to absorb each acquisition," Mr. Hanna added.
Mr. Hanna continued, "We expect the breadth of our strengthened business capabilities will allow us to deliver strong financial results and operating leverage, as well as significantly improved margins in the coming quarters. We believe we are on pace to achieve positive earnings growth through the end of our fiscal year in June 2012 and beyond."
Conference Call Details:
The investor conference call is scheduled to be held on Tuesday, March 27th, 2012 at 1:00 pm EDT. Interested parties may participate by dialing 1-800-860-2442 (U.S.A. Toll Free) or 1-412-858-4600 (International) approximately five minutes before the start time.
Teleconference Replay: A replay of the call will be available on March 27th, 2012 starting at 3:00 pm EDT, through April 11, 2012 until 9:00 pm EDT. Interested parties may access the replay by dialing: 1-877-344-7529 US Toll Free or 1-412-317-0088 International and entering Conference Number: 10011603.
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.
Ron W. Hanna, President and CEO
SOURCE PSM Holdings, Inc.