Transnational financial network protocols of, account receivable collection, $ 0.11 for the first quarter EPSSAN Francisco, California September 2003 - Transnational Financial Network, Inc. (AMEX: TFN), wholesale and retail mortgage lending, reported in the first quarter Fiscal ended July 31, net income of $ 714,727 or $ 0.11 per share, a significant improvement compared to $ 294,000 or $ 0.04 per share, missing the period a year earlier. Excluding the accounting for derivatives under SFAS 133, accounting has no effect on cash flows TFN, the earnings per share would be $ 0.
12 this quarter compared to a loss per share $ 0.06 for the same quarter of previous year. Jose Kristula, President and CEO, commented: "In the last quarter was a period of strong contrasts and changes in transnational corporations and the mortgage industry, and we all adapt our strategies business accordingly. " Our origins that during the past quarter, or near record levels for our business in retail and wholesale, reflecting a frenzy in the mortgage market has created a record low rates for financing a loan.
With rising interest rates material from mid-June, we saw a crash of applications, as consumers tried to fix mortgage rates before they multiply. This has undoubtedly contributed to the emergence of very strong for us in the last part of the quarter. "But now we see the effects of the crush, like waves on the beach behind, as consumers try to cope with new higher mortgage rates. Today we have nearly 80 million worth of loans approved by our online consumers are not stuck waiting and hope to repay.
This has a negative impact on our current average mortgage, and I hope that our mortgages are affected significantly short term due to this uncertainty. A week increased interest rates remain at historic lows and the housing market remains strong, but 9 of recent prices of the landscape has changed considerably. "We have almost 90% to meet their obligations in advance of delivery similar to that which was $ 0.06 per share to our earnings in the fourth quarter of last year, revenues are not represented in the first quarter.
Even if I am convinced that we can receive a bonus of this obligation in the second fiscal quarter of the current uncertainty in the mortgage market does not allow me to predict with certainty at this time we do. "Assuming that the markets turn, as they did, we have maintained, account receivable collection, a tight control on our costs and, consequently, increased, account receivable collection, efforts in recent years. In conjunction with the recent decline of origin, which began to reduce costs significantly in early August, in order to maintain profitability, including control of wages and benefit costs.
We continue to strengthen our costs in general and administrative expenses and salaries and benefits in the future. "Moreover, although this would be a difficult time for all participants in the mortgage market, we think it will give us significant opportunities that previously were not available for us to win market share. First we expect many people to be released following the market turmoil. In spite of our discipline in the management of wages and salaries, we are looking for mortgage professionals with experience which directly increase production.
We have recently hired several, account receivable collection, additional representatives through our wholesale side, people were not available when the markets were so strong. Secondly, we are already witnessing the restructuring of the company itself specifically requested. This allows us to capture additional market share in existing regions and new markets we enter, as the State, account receivable collection, of Washington. "With costs under strict control and efficient claims, which are generally collected in 30 days for a total of 6 million, or $ 0.
89 per common share at quarter-end, I believe we are well positioned to overcome the current difficult situation, and turn in our favor. "In Parallel with this release, financial crime is the presentation on Form 10-QSB with the Securities and Exchange Commission. Transnational Financial Network, a
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