Looks Great!
DUBLIN, Calif.--(BUSINESS WIRE)--Jan. 27, 2000--E-LOAN, Inc.
(Nasdaq: EELN.O), (www.eloan.com), a leading online lending company,
today announced financial results for the fourth quarter and year
ended Dec. 31, 1999.
Revenues for the fourth quarter of 1999 were $7.7 million, up 155
percent from the $3.0 million reported in the fourth quarter of 1998,
and up 53 percent from the $5.0 million in revenues reported in the
third quarter of 1999.
Pro forma net loss for the fourth quarter of 1999 was $11.8
million or $0.28 per share on 41.6 million shares, compared with a pro
forma net loss of $3.9 million or $0.12 per share on 33.0 million pro
forma shares during the fourth quarter of 1998.
Revenues for fiscal 1999 were $22.1 million, up 223 percent from
$6.8 million reported for fiscal 1998. Pro forma net loss for 1999 was
$39.9 million, or $1.08 per share on 36.9 million pro forma shares.
This compares with a pro forma net loss of $9.9 million, or $0.37 per
share on 27.2 million pro forma shares for fiscal year 1998.
Pro forma results exclude non-cash charges, which include a
compensation charge related to the company's stock option plan,
amortization of goodwill on the acquisition of CarFinance.com, a
one-time charitable contribution and a one-time gain on settlement of
a dispute. Pro forma shares outstanding assume the conversion of
preferred stock as if the conversion occurred at the beginning of the
period or date of issuance, if later.
During the quarter, purchase mortgage fundings grew to 63 percent
of total mortgage fundings, an increase from just 4 percent of total
mortgage revenues in the first quarter of 1999. This represented an
increase of 1500 percent for the full year period. In addition, the
auto portion of E-LOAN's product line contributed 32 percent of
overall revenues during the fourth quarter.
"We made great progress in 1999 to establish E-LOAN as a
recognized leader in online consumer lending," said Chris Larsen, CEO
of E-LOAN. "Key partnerships with companies such as H&R Block and the
RE/MAX Realtor network should further establish E-LOAN as the provider
of choice for online debt management. We continue to execute on our
strategy to improve the loan process by fully developing our business
model and offering the best value proposition to consumers."
Conference Call
E-LOAN will make its fourth quarter and year-end results
conference call available to the general public. The call, hosted by
Chris Larsen, CEO of E-LOAN, can be accessed by dialing 415-228-4952
at 1:30 p.m. (PT) today, Thursday, Jan. 27th. The replay will be
available beginning today until Thursday, Feb. 3rd at 12:00 Midnight
(PT). You may access the replay by dialing 402-530-7910, access code
6874612.
This news release makes statements regarding E-LOAN's
partnerships with H&R Block and the RE/MAX Realtor network, and to
E-LOAN's continuing to execute on its strategy to improve the loan
process that are forward-looking statements, involving a number of
risks and uncertainties. Factors that could cause actual results to
differ materially from those anticipated in this news release include
the possibility that the partnerships may not produce the results that
the parties intend, and that increased competition may prevent E-LOAN
from executing its strategy. Further information is detailed in
E-LOAN's periodic filings with the Securities and Exchange Commission.
|
