MortgageBrokers.com posted $2.4 million in revenue this past quarter, an 86% increase over last year. CEO Alex Haditaghi said, “We believe we are well on track to realizing our goal of being a profitable company…”
MB’s agent headcount grew 67% in 2007. Yet, per the company’s press release, “Mortgagebrokers.com common stock is trading at an all time low [about 7-8 cents a share] in spite of the fact that the Company has had twelve consecutive comparative quarters of revenue growth.”
The fact that MB keeps issuing shares doesn’t seem to be helping it’s stock price. The company’s outstanding shares were 38.5 million on May 20, and have increased every year since 2004, when 25.38 million shares were outstanding.
On the upside, the company just hired Gary Laughlin, RBC’s former Ontario mobile sales force manager.