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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): March 28, 2000
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Doral Financial Corporation
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(Exact name of registrant as specified in this charter)
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PUERTO RICO 0-17224 66-0312162
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(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation) Identification No.)
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1159 Franklin D. Roosevelt Avenue, San Juan, Puerto Rico 00920
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including areas code: (787) 749-7100
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ITEM 5. OTHER EVENTS
On March 28, 2000, Doral Financial Corporation issued a press release, a
copy of which is attached as an exhibit to this Current Report on Form 8-K and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99 Press Release dated March 28, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1994,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DORAL FINANCIAL CORPORATION
By: /s/ Richard F. Bonini
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Richard F. Bonini
Senior Executive Vice President
and Chief Financial Officer
Date: March 28, 2000
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EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact Mario S. Levis Richard F. Bonini
Executive Vice President Senior Executive
and Treasurer Vice President
Tel. (787) 749-7108 Tel. (212) 447-9000
DORAL FINANCIAL CORPORATION ANNOUNCES THAT
IT EXPECTS FIRST QUARTER
EARNINGS TO EXCEED
ANALYSTS' EXPECTATIONS
San Jaun, Puerto Rico, March 28, 2000, Doral Financial Corporation
(Nasdaq: DORL) announced today that due to strong performance from all of its
business units together with reduced operating expenses, it currently expects
that its earnings for the first quarter ending March 31, 2000 would exceed
first quarter 1999 earnings by approximately 20% and most recent security
analysts' estimates of Doral Financial's earnings for the first quarter of 2000
by approximately 10%.
The Company, a financial holding company, is the largest residential
mortgage lender in Puerto Rico and is the parent company of Doral Bank, Puerto
Rico's fastest growing commercial bank, Doral Mortgage Corporation, the leading
mortgage banker in Puerto Rico, two other smaller mortgage companies, Doral
Securities, a Puerto Rico based investment banking and brokerage firm and Doral
Bank, FSB, a federal savings bank based in New York City. Doral Bank, FSB
commenced operations in October, 1999, achieved profitability during the first
quarter of 2000 and has been successful in obtaining deposits throughout the
United States by using internet based marketing techniques.
FORWARD LOOKING STATEMENTS
This press release contains certain "forward-looking statements"
concerning the Doral Financial's economic future performance. The words
"expect" and similar expressions are meant to identify "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks or uncertainties, including risks described in Doral
Financial's filings with the Securities and Exchange Commission.
