Wednesday, October 21, 2009 10:47:23 AM
Total revenue for 1H09 was $242.4K and profitable with net $124K. This compares to all of 2008 revenue $318.6K with net loss $68.85K.
In Q3 they will have additional charges from opening 2 new locations. Rico said it costs about $50K per location to open. They have not PR'd all originations from 1H09 and for Sept, but revenue is generally something like 2% of closed originations. So announcing origination totals for a month does not necessarily mean revenue will be 2% of that amount, it will only be 2% or so of those that close. Plus there is probably a 1-3 month delay to close.
July/Aug originations totaled $124.2M, but we already know from the last CC that $100M of that is for a large hotel development and revenue for that will be received over a period of perhaps 1 year or more, Rico could not give a timeframe.
So expecting increased revenue from 1H09, will have to see how much the cost of the new locations impacted the bottom line. Expecting Q4 guidance to be pretty good. Would be nice if the government extends and expands the homeowner subsidy program that expires in December.
Vantillian, interested in your take of what to expect for Q3 results.
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