ARLINGTON, Va., May 14, 2013 /PRNewswire/ -- Timios National Corporation (OTCBB: HOMS), a national provider of real estate services to banks, financial institutions and mortgage lenders reported in its Form 10Q, filed May 13, 2013, its financial results for the quarter ended March 31, 2013.
Revenue for the 2013 quarter was $7.4 million as compared to $4.9 million for the 2012 quarter. Net income was $66 thousand for the 2013 quarter as compared to a loss of $119 thousand for the 2012 quarter. EBITDA for the 2013 quarter was $200 thousand as compared to EBITDA of $21 thousand for the 2012 quarter. Basic earnings per share were $0.03 for the 2013 quarter as compared to a loss of $1.09 per share in the 2012 quarter. Diluted earnings per share were $0.01 for the 2013 quarter as compared to a loss of $1.09 per share for the 2012 quarter.
As of March 10, 2013, there were 2,351,599 common shares outstanding. Additionally, the Company has 2,564,487 shares of preferred stock outstanding, which are potentially convertible into 8,432,476 common shares.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "We are pleased with the revenue recorded in the first quarter and we are tracking to our 2013 plan. As a result of our debt restructuring during the quarter we should be in good shape to increase profitability."
Conference Call and Webcast
The Company will host an earnings conference call at 9:00 a.m. EST on Thursday, May 16, 2013. During the call, C. Thomas McMillen, Chairman and Chief Executive Officer, Michael T. Brigante, Chief Financial Officer and Trevor Stoffer, Chief Operating Officer 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 1-877-660-6853 (Replay Toll Free US) 1-201-612-7415 (Replay International), conference ID # 414770. 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 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.
Forward-Looking Statement
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.
Contact:
Timios National Corporation
Ross English
612-213-2261
InvestorRelations@timios.com
SOURCE Timios National Corporation
