MortgageBrokers.com Announces Results for the Second-Quarter FY2007:
Results are Record Revenue and Break into a Profit; Raising Rating to
Strong Speculative Buy and Increasing Price Target
TORONTO, Aug. 20 /CNW/ - MortgageBrokers.com (OTCBB: MBKR) announces
Results for the Second-Quarter FY2007. Revenue increased 215% to $2.4 million;
on a sequential basis, revenue increased 100% from $1.2 million; total
operating expenses increased 203% to $2.3 million; income from operations
increased to $39,169; and net income increased to $30,201. In view of
MortgageBrokers.com revenue growth, near-term profitability and the general
market, depressed price of MortgageBrokers.com common stock, we are increasing
our rating to Strong Speculative Buy and raising our 12-month price target to
$1.20 per share.
MortgageBrokers.com is making excellent progress in building its sales
and marketing organization to reach its goal of 400 agent/loan officers by
year-end 2007. As of August 8, 2007, MortgageBrokers.com had 275 licensed
mortgage agent/loan officers in their national origination sales force
network. At the present time, they believe there is in excess of $3.0 billion
in mortgage origination sales books of business in the agent recruitment
pipeline. MorgtgageBrokers.com has expanded its brand presence through the
establishment of 15 retail branch offices nationally across its retail
mortgage area. That they were able to break into profitability in the second
quarter is a major positive for MortgageBrokers.com.
MortgageBrokers.com's common stock price has not recognized this
progress. Investors should realize that being Canadian based,
MortgageBrokers.com is not affected by the U.S. real estate and mortgage
problems. The Canadian mortgage market continues to grow, helped by low
mortgage rates that make home ownership possible, even as housing prices rise.
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Cautionary Note Regarding Forward-Looking Statements
Statements included in this press release, which are not historical in
nature, are intended to be, and are hereby identified as 'Forward-Looking
Statements' for purposes of safe harbor provided by Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-Looking Statements may be
identified by words including 'anticipate,' 'await,' 'envision,' 'foresee,'
'aim at,' 'plans,' 'believe,' 'intends,' 'estimates,' 'expects' and 'projects'
including without limitation, those relating to the company's future business
prospects, and are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the
Forward-Looking Statements. Please be aware that any opinions, estimates or
forecasts regarding MortgageBrokers.com's performance made by analysts are not
endorsed by MortgageBrokers.com and do not represent the opinions, estimates
or forecasts of MortgageBrokers.com or its management. Readers are directed to
the company's filings with the U.S. Securities and Exchange Commission for
additional information and a presentation of the risks and uncertainties that
may affect the company's business and results of operations. www.sec.gov.
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