Message #5 From:
NewsBot Date: August 23, 2005 01:00:00 AM
TMFZ News TMSF Holdings, Inc. Reports Second Quarter Results
LOS ANGELES--(BUSINESS WIRE)--Aug. 23, 2005--TMSF Holdings, Inc. (OTCBB:TMFZ):
-- Total Loan Income of $22.1 Million Was 101.8% Higher Than Second Quarter 2004
-- Second-Quarter Net Income Increased to $3.0 Million, 36.6% over Previous Year
-- Conference Call Scheduled for 1:30 P.M. PDT on August 24, 2005
TMSF Holdings, Inc. (OTCBB:TMFZ) today announced results of operations for the three months ended June 30, 2005.
Total revenues for the Company and its wholly owned subsidiary, The Mortgage Store Financial, Inc., for the second quarter of 2005 totaled $22.1 million, an increase of 101.8% over $11.0 million for the three months ended June 30, 2004. For the first half of 2005, total revenues were $41.3 million, an increase of 124.7% over $18.4 million in the comparable period in 2004.
Income from operations for the second quarter of 2005 was $5.0 million, an increase of 51.0% over operating income of $3.3 million during the second quarter of 2004. Income from operations for the first half of 2005 was $10.0 million, an increase of 96.5% over $5.1 million in the comparable period in 2004.
Net income and earnings per share for the second quarter of 2005 were $3.0 million and $0.19 per diluted share, compared with $2.2 million and $0.15 per diluted share in the second quarter of 2004. For the first half of 2005, net income and earnings per share were $6.0 million and $0.37 per diluted share, respectively, compared with $3.3 million and $0.22 per diluted share in the same period last year.
Mortgage originations for the three months ended June 30, 2005, increased 120.4% over the prior year. In contrast, nationwide loan originations were essentially flat during the quarter on a year-over-year basis. During the second quarter of 2005, purchase money mortgages accounted for 67.4% of TMSF Holdings' originations, compared to 63.9% for the same period in 2004.
Management will host a conference call to discuss financial results for the fiscal 2005 second quarter on Wednesday, August 24, at 1:30 p.m. PDT (4:30 p.m. EDT).
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-586-7724. There is no pass code required for this call.
If you are unable to participate in the call at this time, a replay will be available on Wednesday, August 24, at 3:00 p.m. PDT, through Wednesday, August 31, at 9:00 p.m. PDT. To access the replay dial 800-642-1687 and enter the conference ID number 8869096.
A replay of the conference call will also be made available on the TMSF Holdings web site www.TMSFHoldings.com.
About TMSF Holdings
TMSF Holdings, Inc. is a financial holding company that through its wholly owned subsidiary, The Mortgage Store Financial, Inc., is engaged in nationwide mortgage banking. The goal of The Mortgage Store Financial, Inc. is to become a national leader in the mortgage banking industry by continuing to expand its geographic coverage and maximizing the volume of business from existing clients while adopting innovative processes to improve its profitability.
Statements made in this press release, other than those concerning historical information, should be considered forward looking and subject to various risks and uncertainties. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors, including those identified in TMSF Holdings, Inc. Information Statement Filing and its Annual Report on form 10-K for the year ended December 31, 2004, and its subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission.
TMSF Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Three Months and Six Months Ended June 30, 2005 and 2004
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
------------ ------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ ------------
Revenues $22,128,901 $10,963,961 $41,283,109 $18,369,197
Total cost of
revenues 10,595,337 4,444,056 19,292,317 7,626,416
------------ ------------ ------------ ------------
Gross profit 11,533,564 6,519,905 21,990,793 10,742,781
Operating expenses 6,501,093 3,188,090 12,032,993 5,676,191
------------ ------------ ------------ ------------
Income from
operations 5,032,472 3,331,815 9,957,800 5,066,590
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Other income (266) 3,503 18,393 98,456
------------ ------------ ------------ ------------
Income before
provision for
income taxes 5,032,206 3,335,318 9,979,192 5,165,046
Provision for
income taxes 2,011,491 1,124,000 3,984,717 1,905,600
------------ ------------ ------------ ------------
Net income $3,020,715 $2,211,318 $5,991,475 $3,259,446
============ ============ ============ ============
Basic earnings per
share $0.20 $0.15 $0.40 $0.22
Diluted earnings
per share $0.19 $0.15 $0.37 $0.22
Basic weighted-
average common
shares
outstanding 15,000,000 15,000,000 15,000,000 15,000,000
Diluted weighted-
average shares
outstanding 16,106,439 15,000,000 16,129,638 15,000,000
TMSF Holdings, Inc. and Subsidiaries
Consolidated Balance Sheet
As of June 30, 2005, and December 31, 2004
ASSETS
June 30, December 31,
2005 2004
(Unaudited)
Current assets
Cash and cash equivalents $8,320,710 $8,565,215
Mortgage loans held for sale (net of loss
reserves of $47,000 & $43,690,
respectively) 70,694,811 121,115,941
Mortgage loans to be repurchased (net of
loss reserves of $393,650 & $475,238,
respectively) 3,467,190 3,843,045
Prepaid expenses 293,752 84,227
Warehouse receivables 8,297,145 3,126,439
Other receivables & employee advances 91,639 128,855
Total current assets 91,165,247 136,863,722
Restricted cash 478,770 1,356,170
Real estate owned (net of loss reserves of
$0 and $0, respectively ) 607,195 -
Property and equipment, (net of accumulated
depreciation of $516,282 and $342,704,
respectively) 1,070,488 667,269
Deposits and other assets 30,390 28,574
Deferred tax asset 439,701 439,701
TOTAL ASSETS $93,791,788 $139,355,436
LIABILITIES AND SHAREHOLDERS' EQUITY
June 30, December 31,
2005 2004
(Unaudited)
Current liabilities
Warehouse line of credit $65,134,585 $115,554,147
Obligation to repurchase mortgage loans 3,860,840 4,318,283
Accounts and other payables 4,434,066 4,464,956
Accrued expenses 636,087 346,770
Accrued income taxes (677,481) 259,063
Total current liabilities 73,388,097 124,943,219
Long-Term Liabilities
Deferred tax liability 102,709 102,709
Total Liabilities 73,490,806 125,045,928
Commitments and contingencies
Shareholders' equity
Preferred stock, $0.001 par value;
10,000,000 shares authorized; no shares
issued and outstanding - -
Common stock, $0.001 par value;
100,000,000 shares authorized and
15,000,000 shares issued and outstanding 15,000 15,000
Additional paid-in capital 3,078,682 3,078,682
Retained earnings 17,207,300 11,215,826
------------ -------------
Total shareholders' equity 20,300,982 14,309,508
------------ -------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $93,791,788 $139,355,436
============ =============
