Message #2 From:
NewsBot Date: April 1, 2005 11:59:09 AM
TMFZ TMSF Holdings, Inc. Reports Record Fourth Quarter and Fiscal Year 2004 Results; Fiscal year 2004 total loan income reaches $52 million vs. $27 million in fiscal 2003
TMSF Holdings, Inc. Reports Record Fourth Quarter and Fiscal Year 2004 Results; Fiscal year 2004 total loan income reaches $52 million vs. $27 million in fiscal 2003
LOS ANGELES
TMSF Holdings, Inc., Los Angeles
Masoud Najand, 213-234-2401
Fax: 213-234-2801
or
CCG Investor Relations, Sherman Oaks, Calif.
Sean Collins / William Coffin, 818-789-0100
Fax: 818-789-1152
Fiscal year 2004 net income totals $8.6 million vs. $2.2 million in fiscal 2003; Conference call scheduled for 10:00 a.m. PDT, Monday, April 4
TMSF Holdings, Inc. (OTCBB:TMFZ) parent of The Mortgage Store Financial, Inc., a nationwide mortgage banker today announced results of operations for the three months and fiscal year ended December 31, 2004.
For the quarter ended December 31, 2004, total loan income more than doubled to $17.3 million as compared to $8.5 million for the quarter ended December 31, 2003.
Gross profit for the 2004 fourth quarter totaled $9.5 million, 79% higher than $5.3 million reported for the prior-year quarter.
Net income for the 2004 fourth quarter was $2.4 million, or $0.16 per basic and fully diluted share, a 47% increase over net income for the 2003 fourth quarter, which was $1.6 million, or $0.11 per share.
For the fiscal year ended December 31, 2004, total loan income was $52.0 million, a 92.3% improvement over $27.0 million recorded for fiscal 2003. Geographic expansion of the Company's operations contributed to revenue growth. In fiscal year 2004, nearly 29% of loan originations were from outside the Company's home state of California, versus 8.6% in 2003.
Fiscal year 2004 gross profit was $29.3 million, 129% higher than $12.8 million in 2003.
Fiscal year 2004 net income of $8.6 million, or $0.58 per share, $0.56 fully diluted, represented a 297.4% increase over fiscal 2003 net income of $2.2 million, or $0.15 per basic and fully diluted share.
Mr. Raymond Eshagian CEO of TMSF Holdings, Inc. and President of The Mortgage Store Financial, Inc., commented, "We are pleased with our results, which in this competitive environment for mortgage loans, we believe reflect well on our quality and service. The results also reflect the success of our enhanced geographic reach and more aggressive marketing and we expect the benefits of these efforts to serve us well in the future."
Management of TMSF Holdings will hold a conference call to discuss fourth-quarter and fiscal year results on Monday, April 4, at 10:00 a.m. PDT (1:00 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 Monday, April 4 at 11:00 a.m. PDT, through Monday, April 11 at 9:00 p.m. PDT. To access the replay dial 800-642-1687 and enter the conference ID number 5171901.
A replay of the conference call will 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-KSB for the year ended December 31, 2004, and its subsequent Quarterly Reports on Form 10-QSB, as filed with the Securities and Exchange Commission.
TMSF HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATION
For the Three Months and Twelve Months Ended December 31, 2004 and
December 31, 2003
Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
2004 2003 2004 2003
---------- ---------- ---------- ----------
Total loan income 17,283,498 8,462,541 51,994,111 27,034,928
Total costs of loan
origination and sale
of mortgages 7,780,711 3,176,510 22,732,333 14,255,857
---------- ---------- ---------- ----------
Gross profit 9,502,787 5,286,031 29,261,778 12,779,071
Operating expenses 5,323,214 2,680,613 14,922,184 9,303,983
---------- ---------- ---------- ----------
Income from operations 4,179,572 2,605,418 14,339,594 3,475,088
Other income (expenses) (140,587) (2,226) 32,308 10,015
Income before provision
for income taxes 4,038,986 2,603,192 14,371,902 3,485,103
Provision for income
taxes 1,610,179 955,000 5,736,644 1,312,000
---------- ---------- ---------- ----------
Net income 2,428,807 1,648,192 8,635,258 2,173,103
========== ========== ========== ==========
Basic earnings per
share 0.16 0.11 0.58 0.15
Fully diluted earnings
per share 0.16 0.11 0.56 0.15
Basic weighted-average
common shares
outstanding 15,000,000 14,984,309 15,000,000 14,984,309
Fully diluted weighted-
average common shares
outstanding 15,298,198 14,984,309 15,298,198 14,984,309
TMSF HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2004 and December 31, 2003
ASSETS
2004 2003
----------- -----------
Current assets
Cash and cash equivalents $ 8,565,215 $ 2,843,172
Mortgage loans held for sale (net of
$43,690 and $ 0 respectively, loss
reserve) 121,050,504 45,398,220
Mortgage loans to be repurchased (net
of $475,238 and $ 0 respectively,
loss reserve) 3,843,045 -
Other current assets 3,339,520 142,417
----------- -----------
Total current assets 136,798,284 48,383,809
Restricted cash 1,356,170 489,214
Real estate owned - 558,998
Property and equipment (net of $342,704
and $166,572 respectively, accumulated
depreciation) 667,269 383,832
Deposits and other assets 94,011 181,515
Deferred tax asset 439,701 -
----------- -----------
Total assets $139,355,435 $ 49,997,368
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
2004 2003
----------- -----------
Current liabilities
Warehouse line of credit $115,554,147 $ 42,357,240
Obligation to repurchase mortgage
loans 4,318,283 -
Other current liabilities 5,070,789 2,001,378
----------- -----------
Total current liabilities 124,943,219 44,358,618
Non Current deferred tax liability 102,709 -
----------- -----------
Total Liabilities 125,045,928 44,358,618
----------- -----------
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 3,043,182
Retained earnings 11,215,826 2,580,568
----------- -----------
Total shareholders' equity 14,309,508 5,638,750
----------- -----------
Total liabilities and shareholders'
equity $139,355,436 $ 49,997,368
----------- -----------
