The Miami-based parent of Alternative Lending Group Inc., a mortgage lender, posted a 110% decrease in net income for the three months ended June 30.
Although it did not cite specific reasons for its reduced earnings, the company's financials show that sales, general and administrative expenses increased by about 49%--$2.4 million for the third quarter, up from $1.6 million for same period a year ago.
The company reported a third-quarter net gain of $263,623, or two cents a share, on total operating revenue of $2.68 million, compared with net of $2.7 million, or 20 cents per share, on total operating revenue of $1.58 million for the same period in 2000.
Nine-month financials also show a similar trend. Net income dropped by about 109%, while revenue jumped about 235%. Sales, general and administrative expenses increased by almost 134%.
The company reported a nine-month net gain of $168,904, or one cent per share, on total operating revenue of $6.9 million, compared with net of $2 million, or 16 cents a share, on total operating revenue of $2.1 million for the same period in 2000.
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