UNITED STATES
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) August 30th, 1999
UNITED FINANCIAL MORTGAGE CORP.
(Exact name of small business issuer as specified in its
charter)
ILLINOIS 36-3440533
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
600 Enterprise Drive,
Suite 206
Oak Brook, Illinois 60523
Issuer's telephone number: (630) 571-7222
_________________Not Applicable_________________
(Former name or former address, if changed since last report)
Item 5. Other Events
On August 30th, 1999, United Financial Mortgage Corp. (the
"registrant") issued a press release announcing the happenings at the
annual shareholder meeting. 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 Corp.
Date Signed
August 30, 1999 /s/ Steve Y. Khoshabe
Vice President and Chief Financial
Officer
FOR IMMEDIATE RELEASE:
For Additional Information:
United Financial Mortgage Corp.
600 Enterprise Dr., Suite 206
Oak Brook, IL 60523
(630) 571-7222
(630) 571-2623 fax
Contact: Steve Khoshabe
Chief Financial Officer
www.ufmc.com
[email protected]
Coffin Communications Group
15300 Ventura Boulevard, Suite 303
Sherman Oaks, CA 91403
(818) 789-0100
(818) 789-1152 fax
Contact: William F. Coffin, CEO
Mark Daugherty, Account Executive
FOR IMMEDIATE RELEASE:
United Financial Mortgage Corp. Chairman Sees Continued Growth for
Company at Annual Meeting
Shareholders Appoint Three New Directors, Approve Amendment to Company
Stock Option Plan, and Reelect Independent Auditors
Oak Brook, IL - August 30, 1999 - United Financial Mortgage Corp.('UFM' or
'the Company')(CHX:UFM), announced that at its annual meeting held on August
25, 1999 at the Hyatt Regency Hotel in Oak Brook, Illinois, shareholders
approved all of the proposals submitted for ballot.
United Financial Mortgage Corp. announced that Robert G. Jones, Anthony
DiMucci and Vito Cali have been appointed as Directors of the Company for
one-year terms. Shareholders also re-elected the three incumbent directors,
Robert Luce, John Clark and Joseph Khoshabe, to one-year terms.
At the meeting, Craig Shaffer and Associates, which has audited UFM's
financial statements since 1992, was re-appointed as the Company's
independent auditing firm for the fiscal year ended April 30, 2000.
Shareholders at the Annual Meeting also approved an amendment to the Company's
stock option plan, which calls for, among other issues, the granting of stock
to non-employee members of the Board of Directors.
Commenting at the Annual Meeting, Joseph Khoshabe, Chairman and Chief Executive
Officer, stated "We had an excellent year, both in terms of reported results
and in building our business for what we expect to see as challenges going
forward. Specifically, we expect any central bank actions for the foreseeable
future to include raises, rather than reductios, in the prime rate, making the
competitive environment tighter for any mortgage banker that fails to take
anticipatory measures. We are implementing key strategic initiatives to
position our Company to compete effectively in whatever interest rate
environment we encounter in the coming quarters."
For the fiscal year ended April 30, 1999, the Company reported net earnings
of $352,715, or $.09 per share, on record revenues of $10,045,228, compared
to net earnings of $241,429, or $.07 per share, on revenues of $7,382,596
for the year ended April 30, 1998.
<PAGE>
About United Financial Mortgage Corp.
United Financial Mortgage Corp. is a national mortgage banker principally
engaged in originating both retail and wholesale mortgages for single family
residences of one to four units. The Company is headquartered in Oak Brook,
IL 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, calculate mortgage payments,
and apply on-line for a mortgage.
