Accredited Home Lenders(LEND) posted a net profit of $31.3 million, or $1.43 per diluted share for the quarter ended March 31, compared with $22.5 million or $1.05 a year ago.
The company, which specializes in non-prime residential mortgages, attributed this gain largely to increases in net interest income and a gain on the sale of loans. Analysts had estimated net income of $1.38 per share. During the quarter, the San Diego-based company originated $3.2 billion in mortgage loans. Net interest income after provision was $52.6 million, compared with $32.2 million a year earlier. The sale of loans brought in $2.1 billion. "The first quarter unfolded much as we anticipated, with seasonally softer volume in January and February compared to the run rate during the second half of 2004, higher short-term interest rates, and stiff price competition, Chairman and Chief Executive James Konrath said. Net revenue for the quarter increased by 36% to $123 million, matching analyst estimates. For the current quarter, the company expects diluted earnings per share of $1.80, and $6.90 per share for the year. Shares were down 10 cents, or 0.25%, to $39.15, in recent trading.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,801.23 | 1,342.64 | 2,903.88 | 19.69 |
Oil *
117.67
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89.23 |
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23.35 |
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0.78 |
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SPDR Gold
167.14
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-0.69%
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-0.69%
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-3.81%
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