News Today...
November 20, 2014 07:00 AM Eastern Standard Time
SPOKANE, Wash.--(BUSINESS WIRE)--Complete Financial Solutions Inc. (“CFSI” and OTC trading symbol “CFSU”) announced results for its 3rd quarter 2014 which were recently posted on the OTC Markets Disclosure and News Service.
“Our positive results are a reflection of our investment in new business lines, such as our recent acquisition of a minority interest in a state-chartered bank. Growing a business can be an expensive proposition, but we believe that our recent financial performance demonstrates that our growth strategy is sound.”
Third Quarter 2014 Results (Compared to 2013):
• Revenue for the three months increased 209% to $3,139,499 compared to $1,500,058
• Revenue for the nine months increased 137% to $7,142,725 compared to $5,213,839
• Income from operations for the three months increased to $149,016 compared to a loss of $39,365
• Income from operations for the nine months increased to $94,882 compared to a loss of $15,157
Allen Ringer, CEO, commented, “Increases in both Revenue and Net Income are attributable to a dramatic increase in production in the 3rd quarter. Third quarter revenue was up 35% as a result of a stronger home purchase market and our acquisition of loan production offices. Annual production volume is slightly ahead of last year even though our average closed loan size is 15% lower than in 2013.”
Mr. Ringer continued, “Our positive results are a reflection of our investment in new business lines, such as our recent acquisition of a minority interest in a state-chartered bank. Growing a business can be an expensive proposition, but we believe that our recent financial performance demonstrates that our growth strategy is sound.”
About CFSI
Complete Financial Solutions Inc. is an emerging financial services company. Through its subsidiary companies, CFSI offers mortgage origination and processing services in 25 states. Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved lender allowing ACMC to both bank and broker FHA loans. ACMC offers a spectrum of mortgage products through a variety of correspondent and broker relationships. Insurance Solutions Inc. offers protection products to mortgage customers of ACMC and to the general public. For more information, visit our website at www.cfsi.biz.
