PHH Corp.This Hunt Valley-based company reported improved...

EARNINGS

December 01, 1992

PHH Corp.

This Hunt Valley-based company reported improved earnings for its second quarter and credited the improvement partly to the growth of its mortgage banking business.

Robert D. Kunisch, the company's chairman and chief executive, also credited the improvement on "companywide efforts to manage costs."

He noted that the company's mortgage servicing portfolio exceeds $9 billion and grew by $1 billion for the second consecutive quarter.

While the mortgage business remains a promising area for PHH, said Gene Truett, head of investor relations, the servicing portfolio cannot continue to grow at the same rate, partly because of the slow decline in demand for mortgage refinancing.

Even so, he said, PHH can expect to gain market share as the provider of home loans to employee and affinity groups.

"It's important to understand that PHH is not a typical mortgage banking company," he said.

Three months ended 10/31

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

'92 .. .. 498,457,000 .. 12,757,000 .. .. .. 0.73

'91 .. .. 460,410,000 .. 10,569,000 .. .. .. 0.62

% change .. .. +8.3 .. .. .. .. +20.7 .. .. .. +17.7

Six months ended 10/31

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

'92 .. .. 1,011,723,000 .. 25,396,000 .. .. .. 1.47

'91 .. .. ..960,373,000 .. 21,742,000 .. .. .. 1.28

% change .. .. +5.3 .. .. .. .. +16.8 .. .. .. .. +14.8

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