You obviously do not understand what the company has done over the last couple of years. They changed their accounting methods from gain on sale to on balance sheet..... Take a look at their costs for their employees etc on the current quarter and compare it to last year's same quarter--the numbers are about the same! Yet they increase revenue by $15 million! Do you think that money disappeared?? NO! I is set aside for loan loss provisions. Incidently, deliquencies and write offs are near an all time low.
I am extremely impressed with the top line growth. Everyone should be. By the time the bottom line peaks in a few years investors will have wanted to sell or lightened up 6-12 months beforehand. When the company stops growing the top line, the bottom line will catch up. This company is headed in the write direction. Do yourself a favor and listen to the conference call.
Here are those numbers I referred to. Good Luck. Expenses: Employee costs 9,701 9,794 20,151 19,447 General and administrative 6,627 6,466 11,766 10,433 Interest 11,948 7,500 22,332 13,412 Provision for credit losses 15,224 6,300 27,536 13,050 Other expenses 3,731 2,801 7,519 5,448 ----------------------------------------
If their earnings grow a couple of pennies a quarter, we'll be waiting 18 months to get any real share appreciation in the share price and then we as shareholders will be surprised by some unusual charge for something that won't happen again. I like those non-recurring recurring unusual charges.
The company has to show real earnings to gain the respect of the investing public.