87.3 F
San Diego
Wednesday, Sep 28, 2022
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Accredited’s 2006 Income Can’t Beat Prior Year

Accredited Home Lenders Holding Co., a San Diego mortgage lender specializing in sub-prime loans, came out Feb. 14 with fourth-quarter and year-end earnings for the period ended Dec. 31.

Net income for 2006 was $57.7 million, or $2.48 per share, a drop of 63 percent from 2005 net income of $155.4 million, or $7.07 per diluted share.

Accredited had a net loss for the fourth quarter of $37.8 million, compared to a net income of $43.3 million for the like period in 2005. Fourth-quarter loss per diluted share was $1.49, compared to earnings per diluted share of $2.48 the previous year.

Chief Executive Officer James Konrath called the fourth-quarter results “dissatisfying,” but said that, in the fourth quarter, the company absorbed the bulk of the impact of its merger with Aames Investment Corp.

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Accredited announced the merger in June. Under the deal, Aames became a wholly owned subsidiary of Accredited.

Also as a result of the merger, operating expenses ballooned from $79.6 million in the fourth quarter of 2005 to $120.2 million in the fourth quarter of 2006.

San Diego-based Accredited Home Lenders Holding Co. is traded on the Nasdaq as LEND and closed on Feb. 14 at $25.63, up 62 cents from the previous session.

, Andy Killion

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