Timios National Corporation Files 10K For The Year Ending December 31, 2012
REPORTS REVENUE OF $22 MILLION
ARLINGTON, Va., April 1, 2013
ARLINGTON, Va., April 1, 2013 /PRNewswire/ --Timios National Corporation
(OTCBB: HOMS), a national provider of real estate services to banks, financial
institutions and mortgage lenders reported in its Form 10K, filed March 29,
2013, its financial results for the year ended December 31, 2012, its first
full year operating solely in the real estate services industry.
Revenue for the year was $22.0 million, which is the consolidated results of
our Timios, Inc., Timios Appraisal Management, Inc. and Default Servicing USA,
Inc. subsidiaries. We reported a loss for the year of $2.8 million, which in
large part resulted from the non-cash goodwill impairment write off of $2.3
million in our Default Servicing USA subsidiary. EBITDA for the year,
including add-backs for non-controlling interests and beneficial features of
our preferred stock, was $83.0 thousand.
As of March 22, 2013, there were 2,270,526 common shares outstanding.
Additionally, the Company has 2,564,487 shares of preferred stock outstanding,
which is potentially convertible into 8,432,476 common shares.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "2012 was a success on many
levels. Through successfully restructuring our balance sheet and strengthening
our financial position, we are excited to have laid the groundwork for new
products, services, and growth in 2013."
Trevor Stoffer, HOMS Chief Operating Officer, added, "We are pleased with the
revenue recorded in our first full year of operations within the public
company. We were successful in building out a diversified product and service
offering that appeals to existing clients and new prospects alike."
Conference Call and Webcast
The Company will host an earnings conference call at 4:00 p.m. EDT on
Thursday, April 4, 2013. During the call, C. Thomas McMillen, Chairman and
Chief Executive Officer, Michael T. Brigante, Chief Financial Officer and
Trevor Stoffer, Chief Operating Officer will discuss the Company's
performance, financial results and operations. The telephone number for the
conference call is 877-407-8033 (Toll Free US); and 201-689-8033
(International). A live webcast of the call will also be available on the
Company's website, www.timios.com. Investors can also access the webcast at
The webcast will be archived on the site, and investors will be able to access
an encore recording of the conference call for one week by calling
1-877-660-6853 (Replay Toll Free US) 1-201-612-7415 (Replay International),
conference ID # 411808. The encore recording will be available after the
conference call has concluded.
About Timios National Corporation
Timios National Corporation is a company engaged in the strategic acquisition,
development, and consolidation of real estate service businesses. The company
is focused on creating long-term value by taking controlling interest and
developing its subsidiary companies through superior operations and
management. Former Maryland Congressman C. Thomas McMillen, who served three
consecutive terms in the U.S. House of Representatives from the 4th
Congressional District of Maryland, heads the company.
Timios National Corporation operates businesses that provide real estate
products and service solutions, growing organically and by acquisitions. The
Company is targeting emerging companies that are generating revenues but face
challenges in scaling their businesses to capitalize on growth opportunities.
Timios National Corporation's portfolio of companies includes:
Fiducia Real Estate Services, Inc. ("FRES") is a holding company that provides
real estate products and services through its three wholly-owned subsidiaries:
Timios, Inc. Timios Appraisal Management, Inc. and Default Servicing USA, Inc.
Timios, Inc. ("Timios") is a national title and escrow company licensed to
conduct business in forty states and the District of Columbia. The company
provides various products and services to banks, direct mortgage companies and
mortgage servicing companies through utilizing advanced technology in a
paperless operating system. For more information about Timios, please visit
Timios Appraisal Management, Inc. ("TAM") is a national appraisal management
company providing property valuation services to banks, mortgage companies,
portfolio managers and investors.TAM manages a national network of appraisers
and utilizes advanced technology to deliver quality controlled products in a
paperless environment. For more information about TAM, please visit
Default Servicing USA, Inc. ("DSUSA") is national asset management company
providing a full range of services in the real estate owned (REO) industry to
banks, financial institutions, investors and mortgage companies. DSUSA manages
the disposition of REO properties from eviction to closing of the sale,
ensuring the highest return on value through utilizing advanced technology in
a paperless environment. For more information about DSUSA, please visit
For more information about Timios National Corporation, visit www.timios.com.
This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. All statements in this release, other than
statements of historical facts, that address future activities, performance,
events or developments, are forward-looking statements. Although HOMS believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from
those in the forward-looking statements.
Timios National Corporation
SOURCE Timios National Corporation
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