Company Reports Another Quarter of Strong Growth Despite Slow Year in
TORONTO, Nov. 24 /CNW/ - MortgageBrokers.com Holdings, Inc. (OTCBB: MBKR, the 'Company'), one of North America's leading mortgage brokerage brands and consolidation firms, is pleased to announce its results for the third quarter ended September 30, 2009.
"We are extremely pleased with our continued growth and performance despite the slow Canadian economy." said Alex Haditaghi, CEO of Mortgagebrokers.com, "with several economic indicators trending upwards and low interest rates available for home-buyers, we are very excited and optimistic about our future."
Financial highlights for the Company in the third quarter include:
- A net income of $741,630 for the third quarter ended September 30,
2009 as compared to a net loss of $(562,510) for the third quarter
- Gross revenue for the three months ended September 30, 2009 decreased
by 7% to $5,024,799 from that of the three months ended September 30,
2008. This is primarily associated with a material increase in the
foreign exchange rate of approximately 15% in 2009 from that of 2008
that Mortagebrokers.com was exposed to, as all of the Company's
operations are currently in Canada. However, on a dollar-to-dollar
basis using a Canadian dollar comparative, gross revenue in the third
quarter 2009 actually increased by 6.5% from that of 2008 to CDN
$5,878,010. This comparative increase was a direct result of the
Company increasing the number of mortgage sales agents by 3% as well
as an increase in the productivity of the existing sales force during
the period. The management at Mortgagebrokers.com feels that this
accomplishment is significant, as studies have shown that the
national mortgage broker channel mortgage origination volume in
Canada declined in 2009 by approximately 15% from that of the same
nine month period in 2008.
- A net income for the nine months ending September 30, 2009 of
$821,369 as compared to a net loss of $(186,100) for the nine months
ended September 30, 2008.
- Gross revenue for the first nine months of 2009 showed an increase of
1.4% from that of the same nine month period in 2008 to $12,022,101.
These figures were also affected by the material increase in the
foreign exchange rate between periods. However, on a dollar-to-dollar
basis using a Canadian dollar comparative, gross revenue in the first
nine months ending September 30, 2009 actually increased by 16.5%
from the same period in 2008 to CDN $14,063,454. The Company's
ability to attract successful and professional agents to its mortgage
broker network and the Company's investment into tools and sales
management to help improve agent productivity allowed for the
impressive growth at a time when the overall industry was in a
Mortgagebrokers.com had 426 licensed mortgage agents operating across Canada as of September 30, 2009. The Company is committed to expanding its industry footprint through 2010 by adding strong and successful agents to its network.
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. 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.
Mr. Jody Janson Mr. Alex Haditaghi
Investor Relations CEO, Mortgagebrokers.com
E-mail: email@example.com E-mail: firstname.lastname@example.org
Tel: 585-232-5440 Tel: 416-410-4848
SOURCE MORTGAGEBROKERS.COM INC.
For further information: For further information: Mr. Jody Janson, Investor Relations, E-mail: email@example.com, Tel: (585) 232-5440; Mr. Alex Haditaghi, CEO, Mortgagebrokers.com, E-mail: firstname.lastname@example.org, Tel: (416) 410-4848