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Accredited Home Lenders’ Income Slides

Sub-prime mortgage company Accredited Home Lenders Holding Co. announced third-quarter financial results Nov. 6.

Revenues for the quarter ended Sept. 30 dropped to $114.3 million compared with revenues for the third quarter of 2005 of $151.8 million.

The company attributes the drop in revenues primarily to decreases in gain on sale of loans, from $81.9 million in third-quarter 2005 to $47.3 million for the like period of 2006.

Net income for the period was $18.4 million, or 83 cents per diluted share, compared with $41.3 million, or $1.87 per diluted share, for the same period last year.

Accredited Home Lenders trades on the Nasdaq as LEND and closed Nov. 3 at $28.82, down 68 cents from the previous day’s close.

, Andy Killion

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