Profits Plummet At E-Loan
PLEASANTON, Calif. - (11/18/04) -- E-Loan Inc., the once high-flyingonline lender, said net income for its fiscal second quarterplunged 99% to just $700,000, or a penny a share, compared to thesame period last year, based o a massive slowdown in its mortgagelending operations. Revenues fell 20% for the quarter to $35.1million, which included a halving of refinance business. Thecompany reported a 46% rise in revenue from its home equity lendingfor the quarter and a 25% increase in auto loan revenue. For thefirst two quarters of its fiscal year E-Loan reported a net loss of$850,000, or a penny a share, slightly better than a loss of$937,000, or a penny a share, for the first half lastyear.