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Transnational Financial Network Reports April Loan Production and Extends Their Share Buy-Back Plan
Transnational Financial Network, Inc. (TFN), a wholesale and retail mortgage banking firm released its April loan production figures today.
SAN FRANCISCO, CA (PRWEB) May 9, 2004 ---Transnational Financial Network, Inc. (TFN), a wholesale and retail mortgage banking firm released its April loan production figures today.
Joseph Kristul, Chairman and CEO, commented: "We made changes to our mortgage loan product offerings and sales force approximately 6 months ago in anticipation of a higher interest rate environment. Our latest wholesale production figures indicate that these changes have helped us to sustain a higher level of production during the current uncertain interest rate environment. These results demonstrate that our production is strong even though interest rates were higher in April. Additionally, we are extremely pleased with our retail sales force and their level of production for the current month."
Transnational Financial Network, Inc.
Monthly Loan Production
($ million)
Trailing Trailing
3 month 6 month
Nov. Dec. Jan. Feb. Mar. Apr. Average Average
Wholesale $30.3 $40.2 $31.8 $38.1 $47.8 $42.4 $42.8 $38.4
Retail (a) $27.8 $26.4 $34.2 $39.3 $50.2 $54.5 $48.0 $38.7
------ ------ ------ ------ ------ ------ -------- --------
Total $58.1 $66.6 $66.0 $77.4 $98.0 $96.9 $90.8 $77.2
(a) Excluding production from Net Branches
On December 17, 2003, we announced that our Board of Directors had approved a share buy-back plan of up to 250,000 shares, or 3.7% of the Company's total shares outstanding. We continue to believe that anytime we can buy our shares back at less than book value, we will be substantially compounding the return we earn for our remaining shareholders. On May 6, 2004, the Board of Directors approved an extension of the date of this plan to December 31, 2004, from the originally schedule termination date of June 30, 2004.
Our share buy-back plan is guided by the SEC's Rule 10b-18, which provides guidelines for companies that are purchasing their stock in the market. Among other things, this rule limits the number of shares that we can repurchase on any given day and limits the price that we may transact these repurchases. At this time, the number of shares that we may repurchase on any single day may not exceed 25% of the four-week average daily trading volume. Once each week, we are also permitted to repurchase shares in a block trade equal to 150% of the average daily trading volume in lieu of purchasing under the 25% of average daily trading volume restriction. The price that we may repurchase shares at may not exceed the highest independent bid or the last independent transaction price, whichever is higher. You may find the complete text of SEC Rule 10b-18 at http://www.law.uc.edu/CCL/34ActRls/rule10b-18.html.
As of May 6, 2004, we have repurchased 6,000 shares of the Company's common stock under this plan.
Transnational Financial Network, Inc. is a wholesale and retail mortgage banker that originates, funds and sells mortgage loans secured by one to four family residential properties. Through its strong sales and broker service programs, the Company has built a foundation for growth and expansion, principally in the markets of Northern California, Southern California and Phoenix, Arizona.
This News Release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.
For full details, click here: http://www.investorideas.com/Companies/Transnational/NewsReleases.asp
SOURCE: Transnational Financial Network, Inc.
Transnational Financial Network, Inc.
Joseph Kristul, 415-242-8840
http://www.transnational.com
or
ECON Investor Relations, Inc.
Dawn Van Zant, 866-730-1152
mailto:dvanzant@investorideas.com
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