Complete Financial Solutions (CFSU)

[tobydog]

News...



CFSI Announces Results for Fiscal Year 2015



2016-04-13 07:00 ET - News Release




Company Website: http://cfsi.biz/
SPOKANE, Wash. -- (Business Wire)

Complete Financial Solutions Inc. (“CFSI”) (OTC: CFSU), announced results for fiscal year 2015, recently posted on the OTC Markets Disclosure and News Service.

2015 Annual Results (Compared to 2014):
Revenue for 2015 increased 22.5% to $13,112,417 compared to $10,703,866
Income from operations for 2015 was ($84,937) compared to $28,154

CEO, Allen Ringer, commented, “We were pleased with the 22.5% top line revenue growth, continuing a positive growth trend experienced in the preceding two years. We funded $240.3 million in mortgage loans in 2015, compared to $188.9 million in 2014, an increase of 27%. Consolidated income from operations was affected by growth and expansion expenses, and increased costs from new regulatory requirements implemented in the 4th quarter of 2015. We are pleased that our principal subsidiary, Acceptance Capital Mortgage Company, had income from operations of $497,741.”

Mr. Ringer added, “We made decisions during 2015 to recognize impairment in the value of certain subsidiaries and a loss from a previous investment. These decisions resulted in an unusually large net loss of $4,284,530 for 2015, compared to a net loss of $175,939 during 2014. These are non-operating, one-time adjustments that will not affect operations on a going forward basis.”