Love to see the stock move up today...good start this morning. It appears that the only real thing we shareholders have to complain about is the lack of visibility for this stock. The company is on the right track. More acquisitions on the horizon with continued revenue and profit growth. Tell a friend :-)
HomeLife Acquires Higher Standards; Reports Second Quarter Earnings
Business Wire - February 17, 1999 08:21
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Feb. 17, 1999--HomeLife Inc. (OTC BB: HMLF), a full-service real estate and mortgage financing services provider, announced that it has acquired Higher Standards Realty Inc. of Calgary, Alberta.
The operations of Higher Standards will be merged with the existing offices of HomeLife Builders Realty, adding 40 licensed professionals to the salesforce, and approximately $1.5 million in revenue to HomeLife's operations in Canada.
HomeLife also announced its 1999 second quarter financial results. Revenues were $2,576,832 for the period, versus $688,982 for the same period last year, and $2,001,000 for all of fiscal 1998. Net income was $47,535 for the period or $.009 per share, versus $35,509 or $.009 per share for the same period last year.
Andrew Cimerman, president and chief executive officer of HomeLife stated the 3.7 fold increase in revenue is right on track with the future expansion he envisions for the company. Cimerman is also excited about the operation of MaxAmerica Financial Services, the company's mortgage banking subsidiary, which provides mortgage loans to franchise offices through teleconferencing and the Internet. He believes originating loans using this new technology will be a major source of revenue and profit in the coming year.
Incorporated in 1995, HomeLife and its affiliates provide real estate and mortgage banking services. Aggressive growth has allowed the company to become one of the largest real estate organizations in North America with approximately 200 offices and with an estimated 3,000 licensed real estate agents.
Additional information may be obtained by contacting William Slivka at HomeLife Inc., 4100 Newport Place, Suite 730, Newport Beach, Calif., 92660.
CONTACT: HomeLife Inc., Newport Beach
949/660-1919
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