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ARLINGTON, Va., Nov. 14, 2013 (GLOBE NEWSWIRE) --
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 12, 2013, for the three and nine month periods ended September 30, 2013.
Revenue for the three months ending September 30, 2013 was $6.8 million as compared to $5.7 million for the three months ended September 30, 2012, a 19% increase. Net loss was $120K or $0.05 per share for the three months of 2013 compared to a net loss of $160K or $0.20 per share for the same period of 2012. Increased mortgage interest rates during the three months ended September 30, 2013 negatively impacted our results from operations.
Revenue for the nine months ending September 30, 2013 was $22.7 million as compared to $15.1 million for the nine months ended September 30, 2012, a 50% increase. Net income was $275K or $0.12 per share for the nine months ended September 30, 2013, compared to a loss of $707K or $2.04 per share for the same period of 2012.
At September 30, 2013 there were 2,351,599 common shares in issue and 2,564,487 preferred shares in issue, which are potentially convertible into an additional 8,432,476 common shares.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "The rise in mortgage interest rates during the quarter negatively affected our orders and revenue, especially in our refinance business channel. Fortunately, we were able act early enough and cut some of our variable costs to minimize the financial impact." McMillen continued, "We plan to continue our diversification efforts and to keep a close watch on interest rates and our variable costs as we progress through the balance of 2013."
Trevor Stoffer, HOMS COO and CEO of Timios, Inc. commented, "We took a major step in expanding in the Texas market with our recent acquisition of 14 retail locations toward the end of the quarter. This significantly diversifies our overall business including a larger percentage of purchase and commercial business. This business channel is less volatile to interest rate fluctuations, and we believe it represents a significant growth opportunity through leveraging our service and technology."