PSM Holdings' revenue grows
Oklahoma City-based PSM Holdings Inc. — ticker PSMH, over the counter — through its wholly owned subsidiary PrimeSource Mortgage Inc., reported results for its third quarter ending March 31. Revenue increased by $900,000 and $7.1 million, for the three months and nine months, respectively. Total revenue of $4.5 million and $16.3 million for the three- and nine-month period represented a 28 percent and 80 percent increase, respectively, over the same periods last year.
Net loss was $1.4 million and $1 million for the three-month and nine-month periods compared to net losses of $1.4 and $3.1 million for the comparable periods last year; 2,842 loans closed during the nine months, compared with 1,426 loans closed for the comparable period the year before.
“Traditionally, the third quarter is the slowest quarter of the year. Still, we were able to show solid growth in revenue and closed loans. As we continue to layer in growth during the balance of the calendar year, we will focus on leveraging our current cost structure to improve our bottom line results,” said Jeffrey Smith, president and CEO of PrimeSource.
Nichols Hills tour Saturday
NICHOLS HILLS — The annual Nichols Hills Garden Tour, celebrating 30 years of Nichols Hills Parks Inc., will be from 9 a.m. to 4 p.m. Saturday with the landscape ground and outdoor living areas of six homes open for touring. The homes are at 1604 Elmhurst, 6634 Avondale Drive, 1503 Drury Lane, 7308 Lancet Lane, 7310 Lancet Court and 1503 Guilford Lane. Proceeds go to Nichols Hills Parks Inc. Tickets are $20 at any stop on the tour.