Online consumer-direct lender E-Loan today reported $36.2 million in fourth-quarter revenue, up 36 percent from the same period the previous year. Net income was $1 million, or 2 cents a share, up from $200,000 reported in the fourth quarter 2003.

The company also announced today that current president and chief operating officer Mark Lefanowicz would assume the role of CEO. E-Loan founder Chris Larsen, who formerly held the post, will continue as the company’s chairman.

Stemming from a significant drop in mortgage refinance loans in 2004, E-Loan’s total revenue for the year suffered an 11 percent decline from 2003 to $135 million. Net income for the year plunged to $805,000, or 1 cent a share, from $23 million in 2003.

Diversified revenue, comprising total revenue except for prime refinance mortgage, was $98 million in 2004, up 22 percent from $80 million in 2003. Total diversified revenue accounted for 73 percent of the company’s total revenue in 2004 compared with 53 percent in 2003.

Sold loan volume for the year 2004 totaled $5.2 billion.

The company’s cash balance grew to $55 million or 83 cents a share, as of Dec. 31, 2004, compared to $34 million as of Dec. 31, 2003.

Highlights from quarterly earnings results were:

  • Diversified quarterly revenue, which includes total revenue except for prime refinance mortgage, was $25.2 million, up 33 percent from 2003.

  • Home Equity revenue was $12.3 million in the fourth quarter, up 53 percent from the previous year. Home equity sold loan volume and revenue per loan increased 17 percent and 45 percent, respectively.

  • Diversified mortgage revenue, comprising purchase and non-prime mortgage, was $8.8 million, up 10 percent from the fourth quarter of 2003. Diversified mortgage sold loan volume decreased 9 percent in the quarter compared to the previous year, offset by a 26 percent increase in revenue per loan.

  • Refinance mortgage revenue was $11 million, up 45 percent from the same period in 2003. Refinance mortgage sold loan volume and revenue per loan increased 34 percent and 25 percent, from prior year-over-year results.

  • Auto revenue was $2.8 million, up 8 percent from the same quarter in 2003. Auto sold loan volume decreased 10 percent in the quarter compared to 2003, offset by a 10 percent increase in revenue per loan compared to the previous year.


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