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Complete Financial Solutions Inc. (OTC trading symbol “CFSU”) has posted its 3rd quarter operating results. Revenues in the 3rd quarter were $1,844,304, an increase of 80.94% over the same period in 2011. Year to date 2012 Revenues of $4,543,096 compared to $2,795,680 in 2011, a 62.5% increase.
“We are very pleased with our 2012 results” commented Allen Ringer, Investor Relations Officer at Complete Financial. “We generate most of our Revenues through our subsidiary Acceptance Capital Mortgage Corporation” says Mr. Ringer, “and many of our Acceptance branches are having a terrific year. In addition we have attracted a number of quality new branches and that is really helping our resurgence.”
This growth in Revenue at Acceptance Capital was offset by a lag in purchasing loans from warehouse lines, an issue which is currently systemic and common to many lenders. As a result ACMC held a significant portion of its Revenue in Accounts Receivable, which led to a small operating Loss in the 3rd quarter. Mr. Ringer went on to say that “The good news for us will be when these loans are purchased from the warehouse line by Investors, at which time we will to convert Accounts Receivables to Income, and we should see a nice return to profits in the 4th quarter.”
Complete Financial Solutions Inc. is an emerging financial services company. Through its subsidiary companies, CFSI offers mortgage origination and processing services in 24+ states. Its subsidiary Acceptance Capital Mortgage Corporation is a HUD approved lender thereby allowing ACMC to both bank and broker FHA loans. ACMC offers a full spectrum of common and niche mortgage products through a variety of correspondent and broker relationships. Its newest subsidiary Insurance Solutions Inc. offers protection products to mortgage customers of ACMC and to the general public, where properly licensed to do so. For more information, visit our website at www.cfsi.biz.
Forward Looking Statements
This release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
