Business
CFSI Announces Results for Fiscal Year 2015
CFSI Announces Results for Fiscal Year 2015.
About this update from Complete Financial Solutions, Inc.
[{"type":"text","content":"\n \n Complete Financial Solutions Inc. (“CFSI”) (OTC: CFSU), announced \n results for fiscal year 2015, recently posted on the OTC Markets \n Disclosure and News Service.\n \n \n 2015 Annual Results (Compared to 2014):\n \n \n \n Revenue for 2015 increased 22.5% to $13,112,417 compared to $10,703,866\n \n \n Income from operations for 2015 was ($84,937) compared to $28,154\n \n \n \n CEO, Allen Ringer, commented, “We were pleased with the 22.5% top line \n revenue growth, continuing a positive growth trend experienced in the \n preceding two years. We funded $240.3 million in mortgage loans in 2015, \n compared to $188.9 million in 2014, an increase of 27%. Consolidated \n income from operations was affected by growth and expansion expenses, \n and increased costs from new regulatory requirements implemented in the 4th \n quarter of 2015. We are pleased that our principal subsidiary, \n Acceptance Capital Mortgage Company, had income from operations of \n $497,741.”\n \n \n Mr. Ringer added, “We made decisions during 2015 to recognize impairment \n in the value of certain subsidiaries and a loss from a previous \n investment. These decisions resulted in an unusually large net loss of \n $4,284,530 for 2015, compared to a net loss of $175,939 during 2014. \n These are non-operating, one-time adjustments that will not affect \n operations on a going forward basis.”\n \n \n About CFSI\n \n \n Complete Financial Solutions Inc. is an emerging financial services \n company. Through its subsidiary companies, CFSI offers mortgage \n origination and processing services in 25 states. Acceptance Capital \n Mortgage Corporation (“ACMC”) is a HUD-approved lender allowing ACMC to \n both bank and broker FHA loans. ACMC offers a spectrum of mortgage \n products through a variety of correspondent and broker relationships. \n For more information, visit our website at www.cfsi.biz.\n \n \n This press release may contain forward-looking statements involving \n risks and uncertainties concerning expected performance and comments \n within safe harbor provisions established under The Private Securities \n Litigation Reform Act of 1995. Actual results may differ materially from \n the results predicted and reported results should not be considered as \n an indication of future performance. We believe ...