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.


Send tips or a Letter to the Editor to or call (510) 658-9252, ext. 140.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top