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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) July 22, 1998
United Financial Mortgage Corp.
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(Exact name of registrant as specified in its charter)
Illinois 333-27037 36-3440533
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(State or other (Commission File Number) (I.R.S. Employer
jurisdiction Identification No.)
of incorporation)
600 Enterprise Drive, Suite 206 Oak Park, Illinois 60523
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (630) 571-7222
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
Press release of the registrant dated July 22, 1998 and attached hereto as
Exhibit A.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
hereunto duly authorized.
United Financial Mortgage Corp.
/s/ Robert S. Luce
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July 24, 1998 Robert S. Luce, Secretary
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FOR IMMEDIATE RELEASE
Analyst Contact: Media Contact:
Steve Khoshabe Jim Fitzpatrick
Executive Vice President and The Dilenschneider Group
Chief Financial Officer 312-553-0700
630-571-7222
UNITED FINANCIAL REPORTS STRONG EARNINGS
FOR FISCAL 1998 ON LOAN VOLUME OF $221 MILLION
30 Percent Revenue Increase; EPS of 8 Cents
OAK BROOK, IL, July 22, 1998--United Financial Mortgage Corp. (CHX: UFM), a
national residential mortgage banker, today reported revenues of $7.4 million
for the fiscal year ended April 30, 1998, an increase of 29.6 percent from $5.7
million in the previous year.
Net income for fiscal 1998 rose to $241 thousand compared to a loss of $655
thousand in 1997, when the Company recorded $734 thousand in costs and expenses
for a lawsuit concluded in that year. Earnings per share for fiscal 1998 were
$0.08, compared to a loss per share of $0.21 in fiscal 1997. Mortgage loan
volume rose 16 percent to $221 million from $190 million in fiscal 1997.
"Our loan volume benefited from a favorable interest rate environment,"
said Joseph Koshabe, president and chief executive officer of United Financial.
"Low and falling rates brought many consumers into the mortgage market. We
continue to offer a wide variety of mortgage loans to fit the many different
needs of today's mortgage shoppers and we are now offering consumers the
convenience of applying for a mortgage online at our Web site," added Khoshabe.
The Web address is http://www.ufmc.com
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UNITED FINANCIAL REPORTS RECORD . . . 2-2-2-2
The Company also reported that it has an initial indication of a commitment
for a $20 million warehouse line of credit from Lau Capital Funding. If
finalized, this credit line would boost United Financial's total residential
warehouse credit facilities to $50 million, a 150 percent increase from $20
million at the end of fiscal 1998. The Company uses its warehouse credit lines
to aggregate mortgage loans until they are sold to third-party investors or
packaged with other loans for sale into the secondary market.
With United Financial's initial public offering, completed June 4, 1998,
the number of common shares outstanding rose to 4,142,029, compared to 3,100,029
during fiscal 1998. If 1998 earnings of $241 thousand were divided by the new
number of shares outstanding, earnings per share would calculate out to $0.06.
United Financial Mortgage Corp. is a national mortgage banker principally
engaged in originating retail and wholesale mortgages for single family
residences of one to four units. The Company is headquartered in Oak Brook,
Illinois, and has regional offices in several other states. The Company's Web
site at http://www.ufmc.com allows consumers to get information on the many
different types of mortgage loans offered by the Company, calculate mortgage
payments, and apply online for a mortgage.
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UNITED FINANCIAL REPORTS RECORD . . . 3-3-3-3
This news release may contain forward-looking statements that involve risks
and uncertainties that could cause actual results to differ materially from the
statements contained herein. Such risks and uncertainties include, but are not
limited to, changes in the performance of the financial markets, changes in the
demand for and market acceptance of the Company's products, changes in the
mortgage lending industry or changes in general economic conditions, including
interest rates, the impact of competition, changes in the value of real estate,
the ability to maintain and increase sources of funding, and other risks
disclosed from time to time in the Company's SEC reports and filings.
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