Timios National Corporation Files Third Quarter Results
Reports Record Revenue of $5.7M in Quarter and $15.1M for Nine Months Ended September 30, 2012
ARLINGTON, Va.--(BUSINESS WIRE)-- Timios National Corporation (OTCBB: HOMS), a national provider of real estate services to banks, financial institutions and mortgage lenders reported its third quarter financial results in its Form 10Q, filed November 13, 2012, for the three and six month periods ended September 30, 2012.
Revenue during the three months ending September 30, 2012 was $5.7 million as compared to $4.2 million for the three months ended September 30, 2011. Net loss, before giving effect to non-controlling interests and preferred stock beneficial conversion features and dividends was $115,487 for the three months ended September 30, 2012 as compared to $851,062 for the same period of 2011. Net loss after giving effect to non-controlling interests and preferred stock beneficial conversion features and dividends for the three months ended September 30, 2012 was $160,345 or $0.20 per share as compared to a loss of $1.4 million or $13.18 per share for the same period of 2011.
Revenue for the nine months ending September 30, 2012 was $15.1 million.. Net loss, before giving effect to non-controlling interests and preferred stock beneficial conversion features was $659,218 for the nine months ended September 30, 2012. Net loss, after giving effect to non-controlling interests and preferred stock beneficial conversion features and dividends for the nine months ended September 30, 2012 was $706,755 or $2.04 per share.
All prior year per share data has been restated to reflect a 1 for 500 reverse split. Comparisons for the nine months ended September 30, 2012 to the prior year have not been made because the acquisitions of the current businesses occurred during the third quarter of 2011.
As of November 13, 2012 there were 2,270,528 common shares outstanding. Additionally, there are 2,589,143 preferred shares outstanding, convertible into 8,513,102 common shares at the holder's option.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "We are very pleased with our quarterly revenue results. Higher than expected professional fees concerning our restructuring during the quarter prevented us from achieving profitability." McMillen continued, "The restructuring completed during the quarter has significantly changed the future of the Company. We believe we are now well positioned, with our stronger balance sheet and more transparent capital structure, to pursue larger customers and expand our investor base."
The Company consolidates the results of its wholly owned subsidiary Fiducia Real Estate Solutions, Inc., which wholly owns Timios, Inc., Timios Appraisal Management, Inc. and Default Servicing USA, Inc.
Conference Call and Webcast
The Company will host an earnings conference call at 4:15 p.m. EST on Thursday, November 15, 2012. During the call, C. Thomas McMillen, Chairman and Chief Executive Officer, Michael T. Brigante, Chief Financial Officer and Trevor Stoffer, Chief Operating Officer and Chief Executive Officer of Timios, Inc. will discuss the Company's performance, financial results and operations. The telephone number for the conference call is 877-407-8033 (Toll Free US); and 201-689-8033 (International). A live webcast of the call will also be available on the Company's website; www.timios.com. Investors can also access the webcast at www.InvestorCalendar.com.
The webcast will be archived on the site, and investors will be able to access an encore recording of the conference call for one week by calling 877-660-6853 (Replay Toll Free US) and 201-612-7415 (Replay International), conference ID # 404089. The encore recording will be available after the conference call has concluded.
About Timios National Corporation
Timios National Corporation is a company engaged in the strategic acquisition, development, and consolidation of real estate service businesses. The company is focused on creating long-term value by taking controlling interest and developing its subsidiary companies through superior operations and management. Former Maryland Congressman C. Thomas McMillen, who served three consecutive terms in the U.S. House of Representatives from the 4th Congressional District of Maryland, heads the company.
Timios National Corporation operates businesses that provide real estate products and service solutions, growing organically and by acquisitions. The company is targeting emerging companies that are generating revenues but face challenges in scaling their businesses to capitalize on growth opportunities.
Timios National Corporation's portfolio of companies includes:
Fiducia Real Estate Services, Inc. ("FRES") is a holding company that provides real estate products and services through its three wholly-owned subsidiaries: Timios, Inc. Timios Appraisal Management, Inc. and Default Servicing USA, Inc.
Timios, Inc. ("Timios") is a national title and escrow company licensed to conduct business in forty states and the District of Columbia. The company provides various products and services to banks, direct mortgage companies and mortgage servicing companies through utilizing advanced technology in a paperless operating system. For more information about Timios, please visit www.timios.com.
Timios Appraisal Management, Inc. ("TAM") is a national appraisal management company providing property valuation services to banks, mortgage companies, portfolio managers and investors. TAM manages a national network of appraisers and utilizes advanced technology to deliver quality controlled products in a paperless environment. For more information about TAM, please visit www.timios.com.
Default Servicing USA, Inc. ("DSUSA") is a national asset management company providing a full range of services in the real estate owned (REO) industry to banks, financial institutions, investors and mortgage companies. DSUSA manages the disposition of REO properties from eviction to closing of the sale, ensuring the highest return on value through utilizing advanced technology in a paperless environment. For more information about DSUSA, please visit www.timios.com.
For more information about Timios National Corporation, visit www.timios.com.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future activities, performance, events or developments, are forward-looking statements. Although HOMS believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements.
Timios National Corporation
Ross English (469) 774-1491
KEYWORDS: United States North America Virginia
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