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Timios National Corporation Files Third Quarter Results

Stocks in this article: HOMS

Timios National Corporation (OTCBB: HOMS), a national provider of real estate services to banks, financial institutions and mortgage lenders reported its third quarter financial results in its Form 10Q, filed November 13, 2012, for the three and six month periods ended September 30, 2012.

Revenue during the three months ending September 30, 2012 was $5.7 million as compared to $4.2 million for the three months ended September 30, 2011. Net loss, before giving effect to non-controlling interests and preferred stock beneficial conversion features and dividends was $115,487 for the three months ended September 30, 2012 as compared to $851,062 for the same period of 2011. Net loss after giving effect to non-controlling interests and preferred stock beneficial conversion features and dividends for the three months ended September 30, 2012 was $160,345 or $0.20 per share as compared to a loss of $1.4 million or $13.18 per share for the same period of 2011.

Revenue for the nine months ending September 30, 2012 was $15.1 million.. Net loss, before giving effect to non-controlling interests and preferred stock beneficial conversion features was $659,218 for the nine months ended September 30, 2012. Net loss, after giving effect to non-controlling interests and preferred stock beneficial conversion features and dividends for the nine months ended September 30, 2012 was $706,755 or $2.04 per share.

All prior year per share data has been restated to reflect a 1 for 500 reverse split. Comparisons for the nine months ended September 30, 2012 to the prior year have not been made because the acquisitions of the current businesses occurred during the third quarter of 2011.

As of November 13, 2012 there were 2,270,528 common shares outstanding. Additionally, there are 2,589,143 preferred shares outstanding, convertible into 8,513,102 common shares at the holder’s option.

C. Thomas McMillen, HOMS Chairman and CEO, stated, “We are very pleased with our quarterly revenue results. Higher than expected professional fees concerning our restructuring during the quarter prevented us from achieving profitability.” McMillen continued, “The restructuring completed during the quarter has significantly changed the future of the Company. We believe we are now well positioned, with our stronger balance sheet and more transparent capital structure, to pursue larger customers and expand our investor base.”

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