Surety Capital Corporation (SRYP) 0.0075 $SRYP
Surety Capital Corp. Announces Third Quarter 2014 Earnings
ACCESSWIRE - Wed Oct 29, 1:58PM CDT
FORT WORTH, TX / ACCESSWIRE / October 29, 2014 / Surety Capital Corp. (OTC Pink: SRYP) (PINKSHEETS: SRYP), announces its third quarter ended September 30, 2014 unaudited financial results. Surety's Chairman of the Board and CEO Ralph Mendoza stated, "Surety's net income for the quarter was $10,532, a 47% increase over the same quarter ended September 30, 2013 and for the nine months ended September 30, 2014 of $34,520, a 3.5% increase over the same period ended September 30, 2013. This increase was primarily attributable to a decrease in expenses." Mendoza further stated, "This is the fifteenth quarter in a row that Surety has had a net income from its ordinary business operations. The Company is continuing its efforts to grow its customer base within the Hispanic funeral home receivable financing segment and its net income is impacted not only by competitive lending sources, but by factors that impact the demand for funeral home receivable financing in general and its cost of capital." Mendoza finally stated, "Our decision last year to conserve cash and direct earning back into the Company by not continuing to incur the cost to have the Company pay fees to be quoted on the OTC Market and publish the required reports has significantly contributed to maintaining a positive trend in net income, however it has resulted in marginal to no trading in our shares and a "stop sign" issued by the OTC. The last reported trade of $.005 per share would indicate our market capitalization is less than two times our annual earnings for the past twelve months. While there are many factors that influence the volume and value of our share trading, we believe that with our growth and consecutive quarters of positive earnings our Company's stock is undervalued and represents an opportunity to invest in itself. Therefore, the Board of Directors is considering authorizing the purchase of our stock in the open market. Should the Company determine to make such purchases it will attempt to follow the safe harbor guidelines set forth in SEC Rule 10b-18."
Surety Capital Corp. Announces Third Quarter 2014 Earnings
ACCESSWIRE - Wed Oct 29, 1:58PM CDT
FORT WORTH, TX / ACCESSWIRE / October 29, 2014 / Surety Capital Corp. (OTC Pink: SRYP) (PINKSHEETS: SRYP), announces its third quarter ended September 30, 2014 unaudited financial results. Surety's Chairman of the Board and CEO Ralph Mendoza stated, "Surety's net income for the quarter was $10,532, a 47% increase over the same quarter ended September 30, 2013 and for the nine months ended September 30, 2014 of $34,520, a 3.5% increase over the same period ended September 30, 2013. This increase was primarily attributable to a decrease in expenses." Mendoza further stated, "This is the fifteenth quarter in a row that Surety has had a net income from its ordinary business operations. The Company is continuing its efforts to grow its customer base within the Hispanic funeral home receivable financing segment and its net income is impacted not only by competitive lending sources, but by factors that impact the demand for funeral home receivable financing in general and its cost of capital." Mendoza finally stated, "Our decision last year to conserve cash and direct earning back into the Company by not continuing to incur the cost to have the Company pay fees to be quoted on the OTC Market and publish the required reports has significantly contributed to maintaining a positive trend in net income, however it has resulted in marginal to no trading in our shares and a "stop sign" issued by the OTC. The last reported trade of $.005 per share would indicate our market capitalization is less than two times our annual earnings for the past twelve months. While there are many factors that influence the volume and value of our share trading, we believe that with our growth and consecutive quarters of positive earnings our Company's stock is undervalued and represents an opportunity to invest in itself. Therefore, the Board of Directors is considering authorizing the purchase of our stock in the open market. Should the Company determine to make such purchases it will attempt to follow the safe harbor guidelines set forth in SEC Rule 10b-18."
