 |
 |
 |
|
|
|
|
|
|
|
|
 |
|
|||||||
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
|
|||||||
| >> Affinity Press Release | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR IMMEDIATE RELEASE
Revenues for the quarter were $1.1 million, with a net loss of $375 thousand, or 1¢ per share. For the comparable period in 2000, revenues were $446 thousand and the Company reported a net loss of $1.6 million, or 5¢ per share. The weighted average number of shares outstanding during the three months ended September 30, 2001 was 40.2 million, compared to 30.5 million for the same period in 2000. Revenues for the nine months ended September 30, 2001 were $3.0 million and the Company's net loss was $1.8 million, or 5¢ per share. In the comparable nine month period in 2000 revenues were $1.5 million and the net loss was $4.9 million, or 16¢ per share. The weighted average number of shares outstanding during the nine months ended September 30, 2001 was 37.3 million, compared to 30.1 million for the same period in 2000. Joe Boyle, Affinity's President and Chief Executive Officer, stated, "Our third quarter financial results showed improvement over the corresponding period in 2000. The current low interest rate environment has greatly contributed to an increase in mortgage processing revenue. The overall improvement in our financial results was also helped by our continued focus on reducing our cost structure. During the remainder of the year we will continue to focus on expense control and improving our working capital position by attempting to take advantage of the favorable interest rate environment to generate additional mortgage processing revenues." Affinity's technology enables financial institutions to link their branches, call centers, internet customers, and indirect agents electronically to their credit departments, providing fully automated lending - and, if necessary, connectivity to a loan officer - through every channel. For financial institutions, Affinity's solutions expedite loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at www.affi.net. Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements involve several risks and uncertainties that may cause actual results to differ materially from those projected. -Table to follow-
Securities
And Exchange Commission Form 10-Q |
2001 Affinity Technology Group
 |
 |