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 that we now have the right team and initiatives in place to deliver on our strategic objectives of growing diversified product revenue and market share, while at the same time improving the bottom line. However, the resources and time required to see the results of these objectives is greater than we had previously anticipated. We are optimistic that we will begin to see the results of our efforts and that they will become more evident 2005.”

E-Loan (Nasdaq: EELN) shares traded at $2.05 this morning, down from the previous day’s close of $2.24.

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