PHH reports improved earnings for 4th quarter and...

BY THE NUMBERS

May 27, 1992

PHH reports improved earnings for 4th quarter and year

Citing improvement in its New Jersey-based mortgagbanking operation, PHH Corp. reported improved earnings for its fourth quarter and fiscal year that ended April 30.

Although several other sectors of the company's operations were flat during much of the past year, the mortgage-banking subsidiary doubled its portfolio of loans being serviced, the company said.

The servicing portfolio, consisting solely of residential mortgages originated by the subsidiary, has reached nearly $8 billion, said Roy Meierhenry, chief financial officer of Hunt Valley-based PHH.

PHH US Mortgage makes between 25 to 40 basis points on th face value of its mortgage portfolio each year, Mr. Meierhenry said.

Mr. Meierhenry said one reason for the company's larger mortgage-servicing portfolio stems from the refinancing surge at the end of 1991 and the beginning of this year. During the surge, PHH was able to refinance mortgages first originated by other lenders, he said.

Three months ended 4/30/92

.. .. .. Revenue .. .. .. .. .. Net .. .. .. .. Share

'92 .. .. 493,881,000 .. .. .. 14,910,000 .. .. .86

'91 .. .. 541,862,000 .. .. .. 12,674,000 .. .. .75

% change .. -8.9 .. .. .. .. .. .. .. +17.6 .. .. +14.7

Twelve months ended 4/30/92

.. .. .. .. Revenue .. .. .. .. Net .. .. .. .. .. Share

'92 .. .. 1,931,484,000 .. .. 83,117,000 .. .. .. 2.92

'91 .. .. 2,017,625,000 .. .. 77,759,000 .. .. .. 2.78

% change .. .. -4.3 .. .. .. .. .. +6.9 .. .. .. ....+5.0

Polk Audio Inc.

Polk Audio Inc. blamed one-time charges connected with its attempt to buy the Merdian Group from AGI (Electronics) Ltd. for a $284,000 loss in its fourth fiscal quarter.

The Baltimore-based maker of loudspeaker systems paid $869,000 in legal, accounting and investment banking fees in the quarter, which ended March 29. It was unable to buy the companies because AGI was placed in receivership.

Three months ended 3/29/92

.. .. .. .. Revenue .. .. .. Net .. .. .. Share

'92 .. .. 7,706,000 .. .. (284,000) .. ..(0.16)

'91 .. .. 6,190,000 .. .. 51,000 .. .. ..0.02

% change .. .. +24.5 .. .. .. -- .. .. .. .. --

Twelve months ended 3/29/92

.. .. .. .. Revenue .. .. .. Net .. .. .. .. Share

'92 .. .. .. 27,465,000 .. .. 321,000 .. .. 0.18

'91 .. .. .. 27,866,000 .. .. 1,200,000 .. .0.68

% change .. .. - 1.4 .. .. .. .. -73.3 .. .. ..-73.5

MicroProse Inc.

This Hunt Valley-based producer of entertainment software reported first-quarter earnings of $917,000 on revenues of $12.4 million, or 13 cents a share. , a record for the company.

MicroProse attributed its performance during the quarter in part to the release of several new products. Two new products, Gunship 2000 and F-117A Stealth Fighter 2.0, sold more than 100,000 copies in a little more than a month after they were introduced, MicroProse said.

Three months ended 3/31/92

.. .. .. .. Revenue .. .. .. .. Net .. .. .. .. Share

'92 .. .. .. 12,434,000 .. .. 917,000 .. .. ..0.13

'91 .. .. .. 7,100,000 .. .. (2,154,000) .. (0.43)

% change .. .. +75.1 .. .. .. .. -- .. .. .. .. --

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