SAN DIEGO, Calif. – July 19, 2010 – Frontera Investment, Inc., (OTC-FRNV) today announced the company has posted a pretax profit of $18,654 for the three months ended June 30, 2010 compared to a pretax loss of $194,041 for the three months ended June 30, 2009.
Frontera’s earnings before interest, taxes, depreciation, and amortization (EBITDA) from store operations for the three months ended June 30, 2010 increased 66 percent to $391,936 from $236,577 for the three months ended June 30, 2009. Total EBITDA (after corporate overhead) for the three months ended June 30, 2010 increased $254,679 to a positive $181,815 from a loss of $72,864 for the three months ended June 30, 2009. The following is a summary of selected information for the three months ended and six months ended June 30, 2010 as compared the same time periods last year:
Period | Q2 2010 | Q2 2009 | YTD 2010 | YTD 2009 |
Number of Stores | 10 | 9 | 10 | 9 |
Revenues | $1,409,378 | $928,379 | $2,726,993 | $1,717,145 |
Store EBITDA | 391,936 | 236,577 | 778,868 | 452,941 |
Total EBITDA | 181,815 | -72,864 | 352,265 | -120,335 |
Pretax Profit (loss) | 18,654 | -194,041 | 74,347 | -345,178 |
Frontera is a leading financial service provider offering alternatives for millions of consumers in the United States that today do not use any form of banking service. Frontera’s primary focus is the Hispanic market which is currently estimated at more than 40 million customers. More than half of these consumers do not use any form of banking service at all. In addition, approximately 35 percent of all households in the United States (both Hispanic and non-Hispanic) either do not use a banking service or they use alternative financial services, positioning Frontera as a prime option for these consumers.
Frontera provides its financial services to these fast growing un-banked and under-banked markets through a revolutionary one-stop shopping concept. Frontera combines a full service, high volume, low cost method of providing branded check cashing, money transfer and lending products through a customized proprietary and highly differentiated technology platform. The company operates 10 stores in California.
Forward-Looking Statements:
Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete expansion within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; ability to raise capital to support its growth strategy; changes in business strategy; and the successful integration of newly acquired businesses.
Please forward any inquiries to:
IR@fronterainvestment.com or call 858-549-7061