Results of Operations
As a result of the changes in the mortgage industry, there was a significant increase in the demand for our services in 2008 and 2009, as mortgage investors wanted independent reviews of their new and existing loans; consequently, our revenues grew to record levels in 2009. This higher level of revenues continued in 2010, but as expected, did not continue in 2011, as we returned back to normal levels after the unprecedented volumes of the previous two years. However, we expect revenues in 2012 to increase significantly compared to 2011, primarily due to increased sales efforts and the resolution of some of the mortgage industry’s legal and procedural delays that occurred in 2011. Revenues increased $3,075,000, or 44.2%, to $10,035,000 in the first quarter of 2012, compared to $6,960,000 in the first quarter of 2011, as we experienced a significant increase in all categories of revenue. We expect revenues in the second quarter of 2012 to increase slightly compared to the first quarter of 2012, but to increase significantly compared to the second quarter of 2011, as previously noted.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
