Homeland Security Capital Corporation (OTCBB: HOMS)
, a provider of title insurance, escrow, reverse mortgage, deed in lieu of foreclosure and real estate owned (REO) transactions to government and commercial customers, today reported financial results for its fiscal year 2012 first quarter ended September 30, 2011.
Revenue from the continuing operations of our real estate services subsidiaries was $4.2 million in the quarter ended September 30, 2011. The net loss from continuing operations in the quarter was $0.9 million or $0.01 per share. Also included in the quarterly results is income of $2.0 million or $0.04 per share from the discontinued operations of Safety & Ecology Holdings, Inc. and Nexus Technologies Group, Inc. After giving effect to non-controlling (minority) interests and preferred dividends overall net income attributable to common shareholders for the quarter was $0.5 million or $0.01 per share. At September 30, 2011 there were 55,159,022 common shares outstanding.
In July 2011, the Company completed the acquisitions of Default Servicing USA, Inc. and Timios, Inc. through a majority owned (80%) subsidiary Fiducia Real Estate Services, Inc. In August 2011, the Company completed the sale of Nexus Technologies Group, Inc. and in October 2011, the Company completed the sale of Safety and Ecology Holdings, Inc. Effectively, the Company has repositioned itself in the real estate services industry through these sales and acquisitions.
C. Thomas McMillen, HOMS Chairman and CEO, stated, “We are very excited to be moving into the real estate services industry and are pleased with the results of our first quarter with our new acquisitions.” McMillen continued, “We are confident that as we continue to more fully integrate our acquisitions, we be able to achieve continued positive results.”
On November 16, 2011, the board of directors of the Company unanimously approved a change of the Company’s fiscal year end from June 30 to December 31 effective immediately. The change was made to align the Company’s fiscal periods with those of its indirect subsidiaries, Default Servicing USA, Inc. and Timios, Inc., that the Company acquired through its majority-owned subsidiary, Fiducia Real Estate Services, Inc.