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) September 16, 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 September 16, 1999, United Financial Mortgage Corp. (the
"registrant") issued a press release announcing record revenues
and increased earnings for fiscal 2000 first quarter. 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
September 20, 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 Principal
[email protected]
For Immediate Release
United Financial Mortgage Corporation Reports Record Revenues and
Increased Earnings For Fiscal 2000 First Quarter
Oak Brook, IL - September 16, 1999 - United Financial Mortgage Corp.(CHX:'UFM'
or 'the Company') today announced results for the first quarter ended July 31,
1999. Revenues for the three months ended July 31, 1999 were $2.9 million,
a 12.1% increase compared to $2.6 million for the first three months ended
July 31, 1998. Net income for the quarter was $68,734, or $0.02 per diluted
share, an increase of 538.5% compared to net income of $10,094, or $0.003 per
diluted share for the quarter ended July 31, 1998.
The Company's first quarter earnings were enhanced in part by the increase in
commission and fee revenue, which rose from $2.25 million for the three months
ended July 31, 1998 to $2.43 million for the three months ended July 31, 1999.
The increase of approximately 8% was primarily due to an increase in loan
originations stemming from new product offerings.
Joseph Khoshabe, President and CEO of United Financial Mortgage stated,
"Although interest rates were raised twice during the recent quarter, we
continued to experience increased growth. We are pleased to see that the
strategic decisions we made over the last several quarters have positioned our
company favorably for a higher interest rate environment. We are continuing to
build our network nationwide to better accommodate the markets we serve."
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, calculated mortgage payments,
and apply on-line for a mortgage.
<PAGE>
This press 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 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.
--FINANCIAL STATEMENTS TO FOLLOW--
<PAGE>
<TABLE>
United Financial Mortgage Corp.
Balance Sheet
(Unaudited)
Three Months Ended Three Months Ended
July 31, 1998 July 31, 1999
<S> <C> <C>
ASSETS
Current Assets:
Cash $ 4,466,439 $ 4,563,533
Loans Held For Sale 20,027,262 29,400,674
Mortgage Loan Investments 1,389,909 1,198,542
Accounts Receivable 130,242 271,490
Due From Employees 18,868 23,500
Due from Officers 67,516 3,439
Deferred Tax Asset 4,169 0
U.S. Savings Bonds 2,000 2,000
Notes Receivable 216,000 110,000
Prepaid Expense 77,408 229,668
Total Current Assets 26,399,813 35,802,846
Furniture, Fixtures & Equipment
Cost 417,361 694,218
Accumulated Depreciation (212,663) (308,775)
Net Furn, Fix, & Equipment 204,968 385,443
Other Assets:
Servicing Rights 73,475 295,695
Escrow Deposits 3,377 196,061
Security Deposits 13,740 17,769
Deferred Advisor Fees 195,000 39,000
Investment 5,750 5,850
Goodwill Net 0 129,139
Total Other Assets 291,342 683,514
Total Assets 26,895,853 36,871,802
</TABLE>
<PAGE>
<TABLE>
United Financial Mortgage Corp.
Balance Sheet
(Unaudited)
Three Months Ended Three Months Ended
July 31, 1998 July 31, 1999
<S> <C> <C>
LIABILITES AND STOCKHOLDERS EQUITY
Current Liabilities:
Accounts Payable $ 191,699 $ 235,950
Accrued Expenses 174,920 177,675
Loans Payable 0 700,766
Leases Payable-Short Term 0 17,015
Deferred Income Taxes 0 270,599
Taxes Payable 0 46,145
Escrow Payable 3,377 177,972
Notes Payable - Current 20,242,662 28,560,371
Total Current Liabilities 20,612,658 30,186,494
Leases Payable-Long Term 23,064 22,943
Total Liabilities 20,635,722 30,209,437
Stockholders' Equity
Common Shares, 20,000,000
Authorized, No Par Value, Shares
Issued and Outstanding; 3,900,029
at July 31, 1998 and 3,897,529 at
July 31, 1999. 6,536,403 6,527,278
Preferred Shares, 5,000,000
authorized, No Par Value, 63 Series
A Redeemable Shares Issued And
Outstanding at July 31, 1998
and July 31, 1999. 315,000 315,000
Retained Earnings (591,272) (179,913)
Total Stockholders Equity 6,260,131 6,662,365
Total Liabilities Plus
Stockholders Equity 26,895,853 36,871,802
</TABLE>
<PAGE>
<TABLE>
United Financial Mortgage Corp.
Condensed Statement of Income
(Unaudited)
Three Months Ended Three Months Ended
July 31, 1998 July 31, 1999
<S> <C> <C>
Revenues:
Commissions & Fees $ 2,249,771 $ 2,430,230
Interest Income 369,532 485,146
Other Income & Expenses (18,683) 0
Total Revenues 2,600,620 2,915,376
Expenses:
Salaries & Commissions $ 1,546,801 $ 1,559,345
Selling & Administrative 642,364 730,924
Depreciation 12,180 35,839
Interest Expense 324,737 472,764
Cost Expense Litigation 62,944 0
Total Expenses 2,589,026 2,798,872
Income (loss) Before
Income Taxes 11,594 116,505
Income Tax Provision 1,500 47,767
Net Income (loss) Applicable
To Common Shareholders 10,094 68,738
Basic Net Income (loss)
Per Common Share 0.0028 0.0176
Diluted Net Income(loss)
Per Common Share 0.0026 0.0166
Shares used in comp of
Basic Net Income Per Share 3,606,696 3,897,529
Shares used in comp of
Diluted Net Income Per Share 3,848,696 4,139,529
</TABLE>
