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by CareyBot

Online consumer-direct lender E-Loan's net income plummeted from approximately $8.1 million in the second quarter of 2003 to $270,000 in the second quarter of 2004, the company announced today. Net income per share for the second quarter of 2004 was zero compared with $0.13 per share for the second quarter of 2003. Second-quarter revenue fell to $34.7 million from $46.1 million the same period a year ago, but was 8 percent above the $32 million reported in the first quarter of 2004. In comparison to the first quarter of 2004, home equity revenue in the second quarter dropped 7 percent to $10 million. "In the second quarter of 2004, we continued to lay the foundation for E-Loan's long-term success," said Chris Larsen, E-Loan's chairman and chief executive officer. "We are confident...