Industry observers have been following MortgageBrokers.com ever since it launched in 2005. It’s one of the only pure-play publicly traded mortgage brokers, and it happens to be a Canadian one.
As a result, the company’s latest earnings release was much anticipated. Shareholders had hoped the company would post good results, given it’s recent signings of new agents around the country. A lot of people also expected its earnings to re-invigorate the company’s stock price–which has been wading around $0.35 – $0.40 for six months.
Alas, MortgageBrokers.com’s earnings were released last week. They announced a $1,060,000 loss. The stock is still at $0.36 today.
It is “suspending its current expansion plans into the U.S. mortgage market until such time that the full economic effect of the sub-prime lending is known.”
“The Company’s current Canadian operations did not perform as well as expected due to the slower than expected ramp up of the Company’s newly recruited mortgage agents.”
On the upside, the company did post it’s best quarterly revenues ever: $3.8 million. We’ll see if it can keep its expenses under control and post a profit in its next report (scheduled for late February 2008).
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