Contact Information: CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
Shearson Financial Network, Inc. Reports Annual Earnings Increase
| Source: Shearson Home Loans
LAS VEGAS, NV -- (MARKET WIRE) -- April 12, 2007 -- Shearson Financial Network, www.sfnncorp.com,
(OTCBB : SFNN ) announces that the company recorded earnings for the year
ended December 31, 2006 of $2.8 million, as reported on Form 10-K, filed
with the SEC today.
Shearson Financial Network, Inc. reported net income of $2.8 million for
the year ending December 31, 2006 as compared to a net loss of $11.0
million for the same period in the prior year. The company's mortgage
operating unit, Shearson Home Loans, contributed $1.6 million to earnings.
The value of Assets held by SFNN increased to $30.6 million for the year
ended December 31, 2006 from $4.4 million in 2005, an increase of 590%. Net
worth increased to $6.4 million from $(7.8) million during the same period,
representing an increase of $14.2 million. Revenue from the originations of
loans increased 25% or $1.7 million to $8.5 million. Selling and general
administrative expenses decreased 11.6% or $1.3 million as compared to the
same period in the prior year. Earnings per share for the year ended
December 31, 2006 was $0.02 as compared to a loss per share of $0.50 from
the year ended December 31, 2005.
"We are pleased with the operating results our company has reported for
2006," stated Michael Barron, the company's Chairman. "In a challenging
mortgage market which has seen the demise of substantial players, Shearson
has managed to earn its way into a stable position as compared to some of
its competitors. We look forward to a prosperous 2007."
About Shearson Financial Network, Inc.
The company is a consolidator of independent mortgage brokerages. Shearson
operates 17,538 sq. ft. of branch office space licensed in 33 states. The
company currently is seeking new branches for its growing network. For more
information, please visit the company's website at
www.shearsonfinancialnetwork.com.
Statements in this press release other than statements of historical fact,
including statements regarding the company's plans, beliefs, and estimates
as to projected results and market size are "forward-looking statements."
Such statements are subject to certain risks and uncertainties, including
factors listed from time to time in the company's SEC filings, and actual
results could differ materially. These forward-looking statements represent
the company's judgment as of the date of this release. The company
disclaims, however, any intent of obligation to update these
forward-looking statements.