E-loan's profits creep higher

Online consumer-direct lender E-Loan's net income increased to about $710,000 for the third quarter of 2004.

That's compared with $270,000 in net income the company had during the second quarter of 2004, which represented the third consecutive quarter of a net-income decrease. During the third quarter of 2003, the lender's net income was $8.2 million.

On a per share basis, the company's net income for the third quarter of 2004 was $0.01.

Year-to-date, the company has seen a net loss of $227,000.

"Consistent with our last update, we continue to expect 2004 breakeven earnings," said Matt Roberts, E-Loan's chief financial officer.

Third-quarter revenue was $35.1 million, up 5 percent from the second quarter but down from $43.8 million in revenue for the third quarter of last year.

Refinance mortgage revenue was $7.3 million, down 26 percent from the second quarter.

E-loan (Nasdaq: EELN) shares traded at $2.20 this morning, the same price as the previous day's close.

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