ARLINGTON, Va., Aug. 21, 2012 /PRNewswire/ -- Homeland Security Capital Corporation (OTCBB: HOMS), a national provider of real estate services to banks, financial institutions and mortgage lenders, reported its second quarter financial results in its Form 10Q, filed August 20, 2012, for the three and six month periods ended June 30, 2012.
Revenue of our current subsidiaries during the three months ending June 30, 2012 was $4.6 million as compared to $2.9 million for these companies, prior to our acquisition, for the three months ended June 30, 2011. Net loss, before giving effect to non-controlling interests and preferred stock beneficial conversion features was $447,771 for the three months ended June 30, 2012 as compared to $1.3 million for the same period of 2011. Net loss after giving effect to non-controlling interests and preferred stock beneficial conversion features for the three months ended June 30, 2012 was $427,552 or $0.01 per share as compared to $2.5 million or $0.05 per share for the same period of 2011.
Revenue for the six months ending June 30, 2012 was $9.5 million as compared to $6.1 million for the six months ended June 30, 2011. Net loss, before giving effect to non-controlling interests and preferred stock beneficial conversion features was $543,731 for the six months ended June 30, 2012 as compared to $1.7 million for the same period of 2011. Net loss after giving effect to non-controlling interests and preferred stock beneficial conversion features for the three months ended June 30, 2012 was $546,510 or $0.01 per share as compared to $2.8 million or $0.05 per share for the same period of 2011.
At June 30, 2012 there were 55,159,022 common shares in issue, 51,588,591 common shares outstanding and 3,570,431 common shares held in treasury.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "We continue to organically grow our real estate services acquisitions, making good progress in our title and escrow business. We are comfortable with our earlier projections of exceeding $20 million in revenue for 2012, representing a 100% increase from the pre-acquisition revenue levels." McMillen continued, "We are in the final stages of negotiating a restructuring of our balance sheet with our senior lender and majority equity holder. I'm hopeful to have positive news to report in the third quarter on this restructuring."
The Company consolidates the results of its 80% owned subsidiary Fiducia Real Estate Services, Inc., which owns 100% of Timios, Inc., Timios Appraisal Management, Inc. and Default Servicing USA, Inc.
Conference Call and Webcast
The Company will host an earnings conference call at 9:00 p.m. EDT on Wednesday, August 22, 2012. During the call, C. Thomas McMillen, Chairman and Chief Executive Officer, Michael T. Brigante, Chief Financial Officer and Trevor Stoffer, Chief Executive Officer of Timios, Inc. will discuss the Company's performance, financial results and operations. The telephone number for the conference call is 877-407-8033 (Toll Free US); and 201-689-8033 (International). A live webcast of the call will also be available on the Company's website, www.hscapcorp.com. Investors can also access the webcast at www.InvestorCalendar.com.
The webcast will be archived on the site, and investors will be able to access an encore recording of the conference call for one week by calling 877-660-6853 (Replay Toll Free US) 201-612-7415 (Replay International), account # 286, conference ID # 399267. The encore recording will be available after the conference call has concluded.
About Homeland Security Capital Corporation
Homeland Security Capital Corporation is a company engaged in the strategic acquisition, development, and consolidation of real estate service businesses. The company is focused on creating long-term value by taking controlling interest and developing its subsidiary companies through superior operations and management. Former Maryland Congressman C. Thomas McMillen, who served three consecutive terms in the U.S. House of Representatives from the 4th Congressional District of Maryland, heads the company.
Homeland Security Capital Corporation operates businesses that provide real estate products and service solutions, growing organically and by acquisitions. The company is targeting emerging companies that are generating revenues but face challenges in scaling their businesses to capitalize on growth opportunities.
Homeland Security Capital Corporation's portfolio of companies includes:
Fiducia Real Estate Services, Inc. ("FRES") is a holding company that provides real estate products and services through its three wholly-owned subsidiaries: Timios, Inc. Timios Appraisal Management, Inc. and Default Servicing USA, Inc.
Timios, Inc. ("Timios") is a national title and escrow company licensed to conduct business in forty states and the District of Columbia. The company provides various products and services to banks, direct mortgage companies and mortgage servicing companies through utilizing advanced technology in a paperless operating system. For more information about Timios, please visit www.timios.com.
Timios Appraisal Management, Inc. ("TAM") is a national appraisal management company providing property valuation services to banks, mortgage companies, portfolio managers and investors. TAM manages a national network of appraisers and utilizes advanced technology to deliver quality controlled products in a paperless environment. For more information about TAM, please visit www.timios.com.
Default Servicing USA, Inc. ("DSUSA") is national asset management company providing a full range of services in the real estate owned (REO) industry to banks, financial institutions, investors and mortgage companies. DSUSA manages the disposition of REO properties from eviction to closing of the sale, ensuring the highest return on value through utilizing advanced technology in a paperless environment. For more information about DSUSA, please visit www.defaultservicingusa.com.
For more information about Homeland Security Capital Corporation, visit www.hscapcorp.com.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future activities, performance, events or developments, are forward-looking statements. Although HOMS believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements.
Homeland Security Capital Corporation
Ross English (469) 774-1491
SOURCE Homeland Security Capital Corporation