SPOKANE, Wash., June 05, 2017 (GLOBE NEWSWIRE) -- Complete Financial Solutions Inc. (“CFSI”) (OTC:CFSU) announced results for its fiscal year 2016, which were recently posted on the OTC Markets Disclosure and News Service.
2016 Annual Results (Compared to 2015):
- Revenue for 2016 increased 19.9% to $15,737,292 compared to $13,112,417
- Income (Loss) for 2016 was ($1,060,339) compared to ($4,592,652)
Allen Ringer, CEO, commented, “We reported a net loss for 2016 of $1,060,339 compared to a net loss in 2015 of $4,592,652. The net loss for 2016 resulted from the sale of our interest in a commercial bank and the settlement of two foreclosed loans. The net loss for 2015 included the recognition of non-operating, non-recurring losses of $2,528,300 on an investment in securities and $2,043,300 in impairment losses.”
Mr. Ringer added, “We were pleased with the growth of top line revenue, which continues a positive trend of growth experienced in the preceding three years.” He went on to add, “We have been successful in growing revenue primarily as a result of focus on increasing revenue earned on a per file basis. That has been accomplished by performing more Mortgage Lender functions including underwriting, funding and selling loans directly to secondary market investors. Our current focus is now on growing the number of loan originators employed and of loans originated and funded, while increasing the number of lender function files going forward.”
Complete Financial Solutions Inc. is an emerging financial services company. Through its subsidiary companies, CFSI offers mortgage origination and processing services in 25 states. Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved lender allowing ACMC to both bank and broker FHA loans. ACMC offers a spectrum of mortgage products through a variety of correspondent and broker relationships. For more information, visit our website at www.cfsi.biz.
This press release may contain forward-looking statements that involve risks and uncertainties concerning our expected performance and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: uncertainty regarding our future revenue growth, operating results and profitability; our business being dependent on the health of the mortgage industry; government regulation; and the effect of industry restructuring, higher interest rates or adverse economic conditions. Statements in this release should be evaluated in light of these factors. We have included a detailed discussion of certain risks and uncertainties that could cause actual results and events to differ materially from our forward-looking statements in the section titled “Risk Factors,” filed with our Annual Report, posted with the OTC Disclosure and News Service on April 13, 2017, which is available at www.otcmarkets.com. CFSI undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source:Complete Financial Solutions, Inc.