SMYRNA, Ga. -- Paragon Mortgage Corp. incurred a net loss of $1.1 million, or 14 cents a share, on revenues of $9.6 million for the six months ended March 31. Results for the period were audited and are part of a new fiscal year ended March 31, 1994.
Paragon also announced that its loss for the fiscal year ended Sept. 30, 1993, had been restated to $866,347, or 11 cents a share, compared with a loss of $572,242, or 7 cents a share, announced previously.
The 1993 restatement reflects additional operating costs due to writeoffs of mortgage servicing rights purchased in 1993, plus additional bonus accrual applicable to 1993 production.
The 1994 loss includes approximately $566,000 of accounting and legal fees relating to irregularities of prior management. Two top officers resigned in December 1993.
The company also announced that its shares had been reinstated to trading on the Nasdaq small-cap market and would carry the ticker symbol PGMT.
The company's status has been in limbo since Feb. 25, when it failed to meet certain filing requirements.
"It's clear testimony to us that current management is successfully putting the company back on a solid footing with our regulatory agencies," said M. Leon Jensen, chairman.
