FRANKLIN CREDIT MANAGEMENT CORPORATION AND SUBSIDIARIES
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 For the transition period from
_____________ to _____________
Commission file number 0-17771
FRANKLIN CREDIT MANAGEMENT CORPORATION
(Exact name of small business issuer as specified in its charter)
Delaware 75-2243266
(State or other jurisdiction of incorporation or organization) (I.R.S.
Employee identification No.)
Six Harrison Street
New York, New York 10013
(212) 925-8745
(Address of principal executive offices, including zip code, and telephone
number, including area code)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports)
and (2) has been subject to such filing requirements for the past 90 days. Yes
X
No .
Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes X No .
As of May 29, 1998 the issuer had 5,516,527 of shares of Common Stock, par
value $0.01 per share, outstanding.
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
FRANKLIN CREDIT MANAGEMENT
CORPORATION
By: THOMAS J. AXON
Thomas J. Axon
President and Chief Executive Officer
In accordance with the Exchange Act, this report has been signed
below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
Signature Title Date
THOMAS J. AXON President, Chief Executive Officer Nov 24,1998
Thomas J. Axon and Director
(Principal executive officer)
FRANK B. EVANS, Jr. Vice President, Treasurer, Nov 24,1998
Frank B. Evans, Jr. Chief Financial Officer and Director
Secretary (Principal financial and accounting officer)
JOSEPH CAIAZZO Vice President, Chief Operating Nov 24,1998
Joseph Caiazzo Officer and Director
Financial data Schedule was ommitted from the original filing of the 10Q.
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(Replace this text with the legend)
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<CIK> 0000831246
<NAME> FRANKLIN CREDIT MANAGEMENT
<MULTIPLIER> 1
<CURRENCY> U.S DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1.000
<CASH> 3,260,729
<SECURITIES> 0
<RECEIVABLES> 114,002,723
<ALLOWANCES> (27,301,564)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 723,121
<DEPRECIATION> 30,386
<TOTAL-ASSETS> 106,512,304
<CURRENT-LIABILITIES> 4,435,159
<BONDS> 0
0
0
<COMMON> 5,516,527
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 106,512,304
<SALES> 0
<TOTAL-REVENUES> 2,609,504
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,585,165
<LOSS-PROVISION> (32,830)
<INTEREST-EXPENSE> 2,050,957
<INCOME-PRETAX> (1,059,448)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,059,448)
<EPS-PRIMARY> (.19)
<EPS-DILUTED> (.19)
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