MELVILLE, N.Y. - AppOnline.com Inc. lost $3.8 million, or 9 cents per share, in the first quarter, compared with a profit of $113,561 for the same period last year.
The lender's revenues increased 25.7%, to $11 million. AppOnline.com said originations online and in its retail branches have increased but that "costs associated with the company's aggressive entrance into the emerging online mortgage origination business" led to the losses.
In the last three months, AppOnline has acquired two brick-and-mortar mortgage companies, one in Maryland and one in California, and Cyber Media Group, a Syosset, N.Y., technology company. It originated $1 billion of loans over the last 18 months.