ARLINGTON, Va., Aug. 13, 2013 (GLOBE NEWSWIRE) -- Timios National Corporation (OTCBB:HOMS), a national provider of real estate services to banks, financial institutions and mortgage lenders reported its second quarter financial results in its Form 10Q, filed August 12, 2013, for the three and six month periods ended June 30, 2013.
Revenue for the three months ending June 30, 2013 was $8.5 million as compared to $4.5 million for the three months ended June 30, 2012, a 86% increase. Net income was $329K or $0.14 per share for the three months of 2013 compared to a loss of $428K or $3.92 per share for the same period of 2012. On a fully diluted basis earnings per share for the current quarter was $0.03 as compared to a loss of $3.92 per share in 2012.
Revenue for the six months ending June 30, 2013 was $15.9 million as compared to $9.5 million for the six months ended June 30, 2012, a 67% increase. Net income was $395K or $0.17 per share for the six months ended June 30, 2013, compared to a loss of $546K or $5.01 per share for the same period of 2012. On a fully diluted basis earnings per share for the current year was $0.04 as compared to a loss of $5.01 per share in 2012.
At June 30, 2013 there were 2,351,599 common shares in issue and 2,564,487 preferred shares in issue, potentially convertible into an additional 8,432,476 common shares.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "We are very pleased with our results for the three and six months in 2013. Our continued efforts to drive revenue and contain costs have served us well in these past six months." McMillen continued, "We are keeping a close watch on interest rates and we remain guarded for the balance of 2013."
Trevor Stoffer, HOMS COO and CEO of Timios, Inc. commented, "Operationally we have performed extremely well through June 2013, recording record revenue and income while keeping costs in check. With the increase in interest rates over the last few months our challenge will be to remain vigilant in sizing our infrastructure to the volume of business."
The Company consolidates the results of its 100% owned subsidiary Fiducia Real Estate Services, Inc., which owns 100% of Timios, Inc., Timios Appraisal Management, Inc. and Default Servicing USA, Inc.
Conference Call and Webcast
The Company will host an earnings conference call at 9:00 a.m. EDT on Wednesday, August 14, 2013. During the call, C. Thomas McMillen, Chairman and Chief Executive Officer, Michael T. Brigante, Chief Financial Officer and Trevor Stoffer, Chief Executive Officer of Timios, Inc. will discuss the Company's performance, financial results and operations. The telephone number for the conference call is 877-407-8033 (Toll Free US); and 201-689-8033 (International). A live webcast of the call will also be available on the Company's website, www.timios.com. Investors can also access the webcast at http://www.investorcalendar.com/IC/CEPage.asp?ID=171487.
The webcast will be archived on the site, and investors will be able to access an encore recording of the conference call for one week by calling 877-660-6853 (Replay Toll Free US) 201-612-7415 (Replay International), conference ID # 419584. The encore recording will be available after the conference call has concluded.
About Timios National Corporation
Timios National Corporation is a company engaged in the strategic acquisition, development, and consolidation of real estate service businesses. The company is focused on creating long-term value by taking controlling interest in and developing its subsidiary companies through superior operations and management. Former Maryland Congressman C. Thomas McMillen, who served three consecutive terms in the U.S. House of Representatives from the 4th Congressional District of Maryland, heads the company.
Timios National Corporation operates businesses that provide real estate products and service solutions, growing organically and by acquisitions. The company is targeting emerging companies that are generating revenues but face challenges in scaling their businesses to capitalize on growth opportunities.
For more information about Timios National Corporation and its subsidiaries, please visit www.Timios.com.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future activities, performance, events or developments, are forward-looking statements. Although HOMS believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements.
CONTACT: Timios National Corporation Ross English (612) 213-2261 InvestorRelations@timios.comSource:Timios National Corporation