NEW YORK – Accredited Home Lenders Holding Co. (Nasdaq: LEND) announced here today that it has established its full year 2005 earnings per share (EPS) guidance at $6.90.
Accredited Chairman and CEO James Konrath said, “With the continued growth of our on-balance sheet portfolio and its increasing contribution to Accredited’s profitability, combined with the strength and ongoing growth of our origination platform, we believe we can increase our earnings per share at an average rate of 15% per year for the next three to five years. On this basis, we are establishing earnings per share guidance at $6.90 for the full year 2005.
“Accredited serves borrowers primarily interested in the more stable areas of buying homes or consolidating consumer debt, in the historically less volatile non-prime mortgage origination market. We believe the combination of serving these markets along with platform expansion, cost disciplines, and most importantly portfolio growth will accommodate our growth objective in a variety of economic scenarios.”
Mr. Konrath is scheduled to discuss the 2005 earnings outlook at the 11th Annual Friedman Billings Ramsey Investor Conference here this morning.
About Accredited Home Lenders
Accredited Home Lenders Holding Co. is a nationwide mortgage banking company that originates, finances, securitizes, sells, and services non-prime mortgage loans secured by residential real estate. The company is headquartered in San Diego, CA. Additional information may be found at www.accredhome.com.
Forward-Looking Statements – Certain matters discussed in this news release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements regarding the company’s earnings guidance and expected net earnings for 2005 and beyond; its revenue generating strategies; the stability of the housing and debt markets; and the company’s projected growth (including growth in the company’s on-balance sheet portfolio and origination platform). Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: interest rate volatility and the level of interest rates generally; general political and economic conditions; the sustainability of loan origination volumes; the availability of financing for the origination of mortgage loans; the ability of the company to sell or securitize mortgage loans; the company’s ability to access the capital markets and complete financings; and other risk factors outlined in Accredited Home Lenders Holding Co.’s annual report on Form 10-K filed with the SEC on March 26, 2004, its reports on Form 10-Q filed with the SEC on May 17, 2004, August 16, 2004, and November 15, 2004 and other SEC filings.
