Timios National Corporation Files 10K For The Year Ending December 31, 2012
ARLINGTON, Va., April 1, 2013 /PRNewswire/ -- Timios National Corporation (OTCBB: HOMS), a national provider of real estate services to banks, financial institutions and mortgage lenders reported in its Form 10K, filed March 29, 2013, its financial results for the year ended December 31, 2012, its first full year operating solely in the real estate services industry.
Revenue for the year was $22.0 million, which is the consolidated results of our Timios, Inc., Timios Appraisal Management, Inc. and Default Servicing USA, Inc. subsidiaries. We reported a loss for the year of $2.8 million, which in large part resulted from the non-cash goodwill impairment write off of $2.3 million in our Default Servicing USA subsidiary. EBITDA for the year, including add-backs for non-controlling interests and beneficial features of our preferred stock, was $83.0 thousand.
As of March 22, 2013, there were 2,270,526 common shares outstanding. Additionally, the Company has 2,564,487 shares of preferred stock outstanding, which is potentially convertible into 8,432,476 common shares.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "2012 was a success on many levels. Through successfully restructuring our balance sheet and strengthening our financial position, we are excited to have laid the groundwork for new products, services, and growth in 2013."Trevor Stoffer, HOMS Chief Operating Officer, added, "We are pleased with the revenue recorded in our first full year of operations within the public company. We were successful in building out a diversified product and service offering that appeals to existing clients and new prospects alike." Conference Call and Webcast The Company will host an earnings conference call at 4:00 p.m. EDT on Thursday, April 4, 2013. During the call, C. Thomas McMillen, Chairman and Chief Executive Officer, Michael T. Brigante, Chief Financial Officer and Trevor Stoffer, Chief Operating Officer will discuss the Company's performance, financial results and operations. The telephone number for the conference call is 877-407-8033 (Toll Free US); and 201-689-8033 (International). A live webcast of the call will also be available on the Company's website, www.timios.com. Investors can also access the webcast at www.InvestorCalendar.com. The webcast will be archived on the site, and investors will be able to access an encore recording of the conference call for one week by calling 1-877-660-6853 (Replay Toll Free US) 1-201-612-7415 (Replay International), conference ID # 411808. The encore recording will be available after the conference call has concluded.
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