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) March 17, 1999
United Financial Mortgage Corp.
(Exact name of registrant as specified in its charter)
Illinois_________________________________
(State or other jurisdiction of incorporation)
600 Enterprise Drive, Suite 206, Oak Brook, Illinois 60523
(Address of principal executive offices)
Registrant's telephone number, including area code: (630) 571-7222
________________Not Applicable_____________
(Former name or former address, if changed since last report.)
Item 5. Other Events
On March 17, United Financial Mortgage Corp. (the
"registrant") issued a press release regarding the Company's third quarter,
1999 finanical results. A copy of the press release is attached hereto as
Exhibit 99.
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 undersigned hereto duly authorized.
United Financial Mortgage Corporation
/S/ Steve Y. Khoshabe
March 19, 1999 Vice President and
Chief Financial Officer
FOR IMMEDIATE RELEASE:
FOR ADDITIONAL INFORMATION:
Steve Khoshabe, Executive Vice-President/CFO Spencer Maus, Director
United Financial Mortgage Corp. Dresner Corporate Services
630-571-7222 312-726-3200, ext. 205
www.ufmc.com [email protected]
sk.ufmc.com
United Financial Mortgage Corp. Reports Record 3rd Quarter Earnings
on Record Revenues:
Nine Months Results at Record Levels
Oak Brook, IL-March 16, 1999-United Financial Mortgage Corp. (CHX: "UFM") today
reported record revenues and net income for both the fiscal 1999 3rd quarter
and the first nine months, ended January 31, 1999. Third-Quarter revenues of
$2,872,618 increased 61 percent from $1,788,527 for the fiscal 1998 third
quarter. Unaudited net income also rose over the prior year's third quarter,
reaching a record $486,809 compared with $26,635 for the fiscal 1998 third
quarter. Fully diluted net income per share climbed to $0.115 versus $0.079
per share a year ago, (EPS based on 4.2 million shares, diluted for Q3 1999
and 3.3 million for Q3, 1998). Basic net income per share was $0.1248 compared
with $0.0085 per share for the fiscal 1998 third quarter.
Record Nine Months Revenues and Net Income
Nine months revenues grew 53 percent to $8,167,477 from $5,316,194. Net Income
reached $562,421 more than double the $215,189 reported for the first nine
months of fiscal 1998. On a per share basis, the Company earned $0.1365 per
fully dilluted share versus $0.0644 per fully diluted share a year earlier.
Net income per basic share was $0.1478 compared with $0.0694.
Mr. Joseph Khoshabe, President of United Financial stated "Our record
performance for both the fiscal 1999 third quarter and first nine months
reflects the soundness of our strategy in key residential mortgage markets.
Entering the fourth quarter, we see the possibility of the interest rate
environment changing, which may affect loan volume and revenues; however, we
remain cautiously optimistic that our strategy will benefit our shareholders
in q4 1999 and fiscal 2000."
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 www.ufmc.com allows consumers to get information on the many different
types of mortgage loans offered by the Company, calculated mortgage payments,
and apply on-line for a mortgage.
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This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intened to
be covered by the safe harbors created hereby. Statements in this release
that are not strictly historical are "forward-looking" statements that are
subject to risk and and uncertainty. Investors are cautioned that all
"forward-looking" statements contained herein may not be reasonable and
assumptions could be inaccurate, and should not be construed, considered or
assumed as guarantees. The inclusion of such information should not be
regarded as a representation or guarantee, by the Company, or any other person
that the objectives and plans, stated herein, will be achieved. 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. Unknown factors could cause actual results
to differ as well as other risks detailed in the Company's reports filed with
the Securities and Exchange Commission, including its prospectus, 10K and 10Q
filings.
