16 August 2017
visit www.avoka.com

Sell-offs ease Basis100 burden

09 May 2003  |  1642 views  |  0 Sell-offs ease Basis100 burden

Canada-based mortgage lending solutions provider Basis100 is reporting a net loss from continuing operations for the first three months of 2003 of C$2.5 million, a marginal improvement on the $2.8 million loss recorded in Q1 2002.

Revenue from continuing operations in the first quarter of 2003 was $10.2 million, an increase of 38% over revenues of $7.4 million reported in the first quarter of 2002. US sales accounted for 76% of total sales in the period as compared to 67% of total sales in the 2002 quarter. The boost to revenues includes $2.2 million in sales from Mortgage Risk Assessment Corporation which was acquired in May 2002.

EBITDA for the quarter was $0.8 million as compared to a loss $0.1 million for the March 2002 quarter. The company recorded net income of $0.2 million for the quarter compared with a net loss of $3 million in the year ago period.

Subsequent to the end of the first quarter, Basis100 has sold its interest in debt trading platform CanDeal.ca, and signed an agreement with FiLogix Inc. to sell its Canadian Lending Solutions division for $16.1 million. These disposals follow the bankruptcy and sale of the EFA capital markets division earlier this year.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Basis100 promotes Chris Gowen to VP direct sales

Basis100 promotes Chris Gowen to VP direct sales

02 May 2003  |  1836 views  |  0 comments
Basis100 bails out of CanDeal

Basis100 bails out of CanDeal

14 April 2003  |  1810 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.eudownload the paper now

Top topics

Most viewed Most shared
hands typing furiouslyBI and Analytics - A New Perspective
10910 views 0 | 2 tweets | 12 linkedin
Coinbase raises $100mCoinbase raises $100m
9989 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9370 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9054 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8204 views comments | 6 tweets | 21 linkedin