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Franklin Credit Sees Higher Revenue.
NEW YORK -- Franklin Credit Management, a company that acquires, originates, services and resolves performing and troubled residential mortgage loans, saw revenue rise 43% to $38.7 million in the first quarter.
However, net income declined to $1.8 million in the first quarter of 2006 compared to $2.8 million in the first quarter of last year as higher interest rates put pressure on interest expense. Earnings per share declined to $0.22 from $0.42 per diluted share a year earlier.
The company said the decline in EPS partially reflected a 20% increase in the number of shares outstanding, the result of issuing 1.3 million shares of common stock in a third-quarter 2005 offering.
Total assets increased 6.4% during the quarter to $1.41 billion as of March 31. That was 43% higher than at the end of the first quarter in 2005.
Gordon Jardin, CEO of Franklin Credit Management, attributed the first-quarter earnings decline to rising short-term interest rates, but added that the company is positioning its business to resume earnings growth once rates stabilize.
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Source: HighBeam Research, Franklin Credit Sees Higher Revenue.