MDCM news (from yesterday after-bell), looks like another case of "who cares about profits?"...
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(REUTERS) Mortgage.com stock soars, reports Q2 loss
Mortgage.com stock soars, reports Q2 loss
PLANTATION, Fla., Aug 25 (Reuters) - Newly public online
mortgage services provider Mortgage.com Inc. <MDCM.O>, which
saw its stock soar more than 87 percent Wednesday, reported a
second quarter loss, despite a 65 percent increase in revenue.
Mortgage.com was the leading percent gainer on the Nasdaq
Wednesday, rising 7-3/16 to a new high of 15-3/8. The previous
high was 9-1/2 on Aug. 16. The company went public on Aug. 11
at an initial offering price of $8 per share.
The company reported a second quarter loss of $8.6 million,
or $1 per share diluted, on revenue of $14.3 million, compared
with a loss of $763,000 or 14 cents per share, on revenues of
$8.6 million a year-ago. The results were released after the
market closed.
Mortgage.com said it originated and closed 4,459 loans with
a total principal amount of $848.2 million in the second
quarter, compared with 2,673 loans with a total principal
amount of $478.6 million during last year's comparable quarter.
"The company's growth during a period of rising interest
rates reflects Mortgage.com's unique business-to-business
strategy and its focus on the home purchase-money financing
market," Mortgage.com said in a statement.
The company said 65 percent of its funded loan volume in
the second quarter was related to purchase-money mortgages,
which was considerably less sensitive to interest rate
fluctuations than the refinance mortgage market.
((-- Amy Yuhn, New York Newsdesk 212 859-1700))
REUTERS
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