OFCC .025.Profitable Q just out, and more profits in the future.And the damn thing is only at .025?Unreal.
(COMTEX) B: Q1 Revenues Increase 23% from Q1 2003 for Ofek Capital's AJM L
asing 35% Increase in Net Income at AJM ( PRIMEZONE )
B: Q1 Revenues Increase 23% from Q1 2003 for Ofek Capital's AJM Leasing 35% Incr
ase in Net Income at AJM ( PRIMEZONE )
TORONTO, Mar 16, 2004 (PRIMEZONE via COMTEX) -- Ofek Capital Corp. (Pink
Sheets:OFCC) announces that its wholly owned operating subsidiary, AJM Leasing,
has recorded a 23% increase in its first quarter revenues from First Quarter
2003, and a 35% increase in Net Income. AJM reported First Quarter revenues of
$611,736 compared to 2003's First Quarter of $496,355. First Quarter 2004's Net
Income was $22,040 versus First Quarter 2003's Net Income of $16,325.
Mr. Shalom Romm, CEO and Chairman of Ofek stated, "AJM Leasing's continued
performance through organic growth, along with the pending establishment of a
new credit facility, bodes well for continued strong operational results in the
future. It is a tribute to AJM's risk management and underwriting discipline,
which has resulted in an increase in Net Income greater than the top line
growth. Once we secure additional access to capital for further expansion, we
can look forward to a significant increase in cash flow and bottom line
numbers."
Management expects AJM's revenues in Q2 to continue expanding, increase profit
from operations, and grow positive cash flow from operations throughout the
foreseeable future.
About Ofek Capital
Ofek (www.OfekCapital.com) is a North American financial services company that
operates within the sub-prime lending and financing market. Ofek believes that
the sub-prime market is the most lucrative niche in the financial services
industry.
Ofek Capital subsidiaries include: AJM Leasing, Mortgage Bankers of North
America and SecondaryMarkets.
-- Ofek leases used cars through its Ontario subsidiary, AJM
Leasing
-- Mortgage Bankers of North America, a California subsidiary,
anticipates offering traditional mortgage banking services in
24 states
-- SecondaryMarkets, a California subsidiary, anticipates the
development of a proprietary, patent pending, automated
submission and lending approval software system. It will be
state-of-the-art and capable of generating immediate loan
approval from multiple loan providers
This release as well as the interview and statements made during it contains
forward-looking statements within the meaning of Section 21E of the Securities
and Exchange Act of 1934, which reflect management's expectations regarding
Ofek's future growth, results of operations, performance and business prospects
and opportunities. These statements reflect management's current beliefs and are
based on information currently available to management. Forward-looking
statements involve significant risks, uncertainties and assumptions. A number of
factors could cause actual results, performance or achievements to differ
materially from the results discussed or implied in the forward-looking
statements. Ofek Capital Corp. takes no obligation to update or correct any or
such forward-looking statements.
SOURCE: Ofek Capital Corp.
By Staff
CONTACT: CLX & Associates, Inc.
Robert Weidenbaum, President
Phone (800) 860-8241
email ir@OfekCapital.com
(C) 2004 PRIMEZONE, All rights reserved.
-0-
INDUSTRY KEYWORD: Financial Services
SUBJECT CODE: EARNINGS
Company Announcement
Earnings Releases and Operating Results
*** end of story *** |
