QC Holdings pulls higher profits out of lower revenue

Revenue declined for QC Holdings Inc. in 2009, but a stronger portfolio with fewer loan losses brought higher profits. The Overland Park-based provider of payday loans and other short-term loans (Nasdaq: QCCO) posted 2009 earnings of $19.8 million, or $1.10 a share, up 46 percent from $13.6 million, or 75 cents a share, in 2008. The company had total revenue of $220.6 million, down 1 percent from $222.6 million the previous year. The company said revenue declined primarily because of reduced payday and installment loan volume but was offset by an increase in automobile loan sales. The provision for loan losses was at $47.5 million on Dec. 31, down 14 percent from $55.3 million in 2008. “(Last year) proved to be an unusual year for our customers and our company,” Chairman and CEO Don Early said in a release. [Read the full article]

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Bancorp of New Jersey, Inc. (NYSE Amex:BKJ), holding company for Bank of New Jersey, reported record annual and fourth quarter net income. For the year ended December 31, 2009, net income reached $1.3 million, or $0.25 per diluted share, compared to $527 thousand, or $0.10 per diluted share, for the year ended December 31, 2008.  For the quarter ended December 31, 2009, net income reached a fourth quarter record level of $435 thousand, or $0.08 per diluted share, compared to $174 thousand, or $0.03 per diluted share, for the quarter ended December 31, 2008.  The net income generated during each of these periods represents the highest net income ever achieved by the Company during these respective periods and continues the Company’s profitability. [Read the full article]

Carver Bancorp, Inc. (the “Company”) (Nasdaq:CARV – News), the holding company for Carver Federal Savings Bank ( the “Bank”), today announced financial results for the three- and nine -month periods ended December 31, 2009, the third quarter of the fiscal year ending March 31, 2010 (“fiscal 2010”). [Read the full article]

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Tree.com, Inc. (Nasdaq:TREE – News) today announced Q4 2009 Adjusted EBITDA of $0.4 million, an improvement of $3.9 million over the prior quarter and a $0.6 million decrease from Q408.  Tree’s Q409 revenue, including the impact of loan loss settlements, was $47.8 million, down from $50.7 million in Q309. Tree reported a GAAP loss, including all settlement, impairment and restructuring charges, of $1.92 per share on a net loss of $21 million. [Read the full article]

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