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.