ENFN .33...look at forward guidance. In these days of lawsuits companies have to be pretty sure of their statements. Thus, with only 2.6m shares out and 3.2m fully diluted this could make for quite a move as we get into the rest of the year:
(COMTEX) B: Entrust Financial Services, Inc. Announces 1st Quarter Results
B: Entrust Financial Services, Inc. Announces 1st Quarter Results ( Canada NewsW
DENVER, May 17, 2004 (Canada NewsWire via COMTEX) -- Entrust Financial
Services, Inc. (OTC Bulletin Board: ENFN) (the "Company") today released its
results for the first quarter of 2004. You are urged to review all the
information contained in the Form 10-QSB and other periodic reports and
documents filed with the Securities and Exchange Commission as the information
contained in this press release only represents certain first quarter
highlights.
The Company today announced that Entrust Mortgage, Inc., a wholly owned
subsidiary of the Company, realized a 64% increase in wholesale loan production
and a 68% increase in revenue associated with the wholesale banked loans. The
Company reported loan origination fees and gain on sale of loans of $3.7 million
for the quarter ending March 31, 2004 compared to $2.2 million for the same
period in 2003.
Scott Sax, President and CEO commented, "We are very excited about our 1st
Quarter results. I cannot remember a quarter in our entire history where the
submission, funding and loan sale volume was so steady and never let up. We
intend to build upon this momentum and continue to expand and grow our
operations during 2004."
The Company reported a net loss for the 1st quarter of 2004 of $58,329 compared
to a loss during the same period in 2003 of $319,267. Jeff Rudolph, Executive
Vice President and CFO stated, "The process and procedures we have put into
place over the past 9 months are beginning to bear fruit. The average days a
mortgage loan held for sale decreased from 59 days during the 1st quarter of
2003 to 32 days in 2004."
Mr. Sax also stated, "Keep in mind, these 1st quarter results do not realize the
benefit of the restructured Convertible Promissory Note which occurred on April
1, 2004. Going forward the interest costs associated with the Note will decrease
$160,000 per quarter."
Guidance
The following information contains forward-looking statements regarding the
Company's overall anticipated financial performance. These statements are based
on current expectations. The Company assumes no obligation to update any
forward-looking information contained in this press release. The Company
anticipates second quarter 2004 loan origination fees and gain on sale of loans
in the range of $4.1 to $4.3 million, with a net income in the range of $75,000
to $125,000 and basic income per share in the range of $0.03 to $0.05. For
fiscal year 2004, the Company anticipates loan origination fees and gain on sale
of loans in the range of $16.2 to $17.2 million, net income in the range of
$150,000 to $250,000 and basic income per share in the range of $0.06 to $0.10.
About Entrust Financial Services
Entrust Financial Services, (OTC Bulletin Board: ENFN), headquartered in Denver,
Colorado, is engaged in mortgage banking principally focused on wholesale and
retail residential mortgage origination activities. The Company has active
contractual relationships with over 600 broker firms and supports this clientele
with traditional telemarketing and web-based, proprietary automated underwriting
system that supports the loan application process 24 hours a day, 7 days a week.
For more information visit www.entrustfs.com or call 800.304.0326.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains plans, intentions, objectives, estimates and expectations
that may constitute forward-looking statements. This release also includes an
invitation to our earnings call, which will contain additional forward-looking
statements. The statements referenced in this release include, but are not
limited to: our expectations regarding future growth and financial performance,
including the efficiency of our business; increasing use of our services; our
ability to accelerate revenue growth; our projections for revenue, net income in
2003; any implication that our earnings and gross margins are sustainable or
growing; any implication that our product development efforts and plans will
improve our financial or operating performance; and all additional statements
that confer or infer future demand for our services or positive operating
results from the provision of these services. These statements are subject to
risks and uncertainties, which could cause future events to differ materially.
These risks and uncertainties include, but are not limited to, risks with
respect to our ability to properly forecast operating results; recent changes in
the economy and its effect on our business; changes in our marketplace and in
mortgage banking industry; competition from existing and new competitors;
pricing pressure; our ability to retain existing customers, including our
largest customers, and increase their usage of our services; our reliance on
sole or limited warehouse lines of credit. We may not be able to effectively
address these risks, and accordingly our financial performance and stock price
may be adversely affected. A detailed description of additional factors that
could cause actual results to differ materially from those contained in the
forward- looking statements can be found in our filings with the Securities and
Exchange Commission, including our Form 10-Q filed on August 14, 2003. Copies of
filings made with the SEC are available through the SEC's electronic data gather
analysis and retrieval system (EDGAR) at www.sec.gov. All forward- looking
statements made in this press release are made as of the date hereof, and we
assume no obligation to update the forward-looking statements included in this
document.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
newswire.ca
CONTACT: For further information: Entrust Financial Services, Inc.,
+1-800-304-0326
URL: Web site: entrustfs.com
News release via Canada NewsWire, Toronto 416-863-9350
Copyright (C) 2004 CNW, All rights reserved
-0-
KEYWORD: DENVER
INDUSTRY KEYWORD: FIN
OTC
SUBJECT CODE: ERN
ERP
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