Compare EELN to AHMH. AHMH is going to fly tomorrow. Very undervalued. AN undiscovered gem.
Check out AHMH's earnings. WOW. Fast internet growth. Soaring revs, new markets and deals, and they make good earnings. Read the release.
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American Home Mortgage Announces Third Quarter Results; Amount of Internet Loans Closed Increased 142% over the 2nd quarter 1999
NEW YORK, Oct. 28 /PRNewswire/ -- American Home Mortgage Holdings, Inc. (Nasdaq: AHMH - news), a leading online mortgage banker, today reported financial results for the third quarter and the nine months ended September 30, 1999.
For the third quarter of 1999, revenues were $5.82 million. Net income from operations for the third quarter of 1999 was $741,327 or $0.10 per pro forma diluted share.
''The third quarter marked a number of significant advances for American Home,'' said Michael Strauss, Chairman, President and CEO. ''Our revenues continued to show impressive growth, particularly in our profitable Internet division, Mortageselect.com, which we attribute to our depth of understanding of what consumers seek in the online mortgage transaction process. The success of our model, including small, consultant-based call centers combined with broad product offerings and the speed and efficiency of an online solution, can be seen in MortgageSelect.com's impressive closing rates for Internet loans which exceeds 60%.''
THIRD QUARTER HIGHLIGHTS
-- Amount of Internet loans closed reached $40.2 million, up 142% over the
2nd quarter 1999;
-- Total amount of loans closed in the third quarter reached
$327.4 million;
-- Percentage of loans closed for home purchasers exceeded 83%;
-- The company entered into strategic alliances with Real Estate Village
and WebSuite that will make it the exclusive lender on over
11,000 realtor websites;
-- The company entered into agreements to market its mortgages on 5 new websites;
-- On October 1, 1999, the company successfully completed its initial public offering, which raised $15 million, through the sale of 2.5 million shares of common stock at a price of $6.00 per share.
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