Complete Financial Solutions Inc. Announces 3rd Quarter Results
27 Novembre 2012 - 7:55PM
OTC Markets
Complete Financial Solutions Inc. (OTC trading
symbol
“CFSU”) has posted its 3rd quarter operating results.
Revenues in
the 3rd quarter were $1,844,304, an increase of 80.94%
over the same
period in 2011. Year to date 2012 Revenues of $4,543,096 compared
to $2,795,680
in 2011, a 62.5% increase.
“We are very pleased with our 2012 results”
commented Allen
Ringer, Investor Relations Officer at Complete Financial. “We
generate most of
our Revenues through our subsidiary Acceptance Capital Mortgage
Corporation”
says Mr. Ringer, “and many of our Acceptance branches are having a
terrific
year. In addition we have attracted a number of quality new
branches and that
is really helping our resurgence.”
This growth in Revenue at Acceptance Capital
was offset by a
lag in purchasing loans from warehouse lines, an issue which is
currently
systemic and common to many lenders. As a result ACMC held a
significant
portion of its Revenue in Accounts Receivable, which led to a small
operating
Loss in the 3rd quarter. Mr. Ringer went on to say that
“The good
news for us will be when these loans are purchased from the
warehouse line by
Investors, at which time we will to convert Accounts Receivables to
Income, and
we should see a nice return to profits in the 4th
quarter.”
Complete
Financial Solutions
Inc. is an emerging financial services company. Through its
subsidiary
companies, CFSI offers mortgage origination and processing services
in 24+
states. Its subsidiary Acceptance Capital Mortgage Corporation is a
HUD
approved lender thereby allowing ACMC to both bank and broker FHA
loans. ACMC
offers a full spectrum of common and niche mortgage products
through a variety
of correspondent and broker relationships. Its newest subsidiary
Insurance
Solutions Inc. offers protection products to mortgage customers of
ACMC and to
the general public, where properly licensed to do so. For more
information,
visit our website at www.cfsi.biz.
Forward Looking
Statements
This release may include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended.
All statements regarding our expected future financial position,
results of
operations, cash flows, financing plans, business strategy,
products and
services, competitive positions, growth opportunities, plans and
objectives of
management for future operations, as well as statements that
include words such
as "anticipate," "if," "believe,"
"plan," "estimate," "expect," "intend,"
"may," "could," "should," "will," and
other similar expressions are forward-looking statements. All
forward-looking
statements involve risks, uncertainties and contingencies, many of
which are
beyond our control, which may cause actual results, performance,
or
achievements to differ materially from anticipated results,
performance, or
achievements. Factors that may cause actual results to differ
materially from
those in the forward-looking statements include those set forth in
our Form
10-K and other reports filed with the SEC. We are under no
obligation to (and
expressly disclaim any such obligation to) update or alter our
forward-looking
statements, whether as a result of new information, future events
or otherwise.
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