MIAMI, March 11, 2025 (GLOBE NEWSWIRE) -- Standard Premium Finance Holdings, Inc. ("Standard") (OTCQX: SPFX) this week released its financial results for its fiscal year 2024 ended December 31, 2024 on its Form 10-K filed with the SEC.
"We are thrilled to share yet another period of outstanding performance with our shareholders," said William Koppelmann, CEO of Standard. "Our sustained profitability, even in a challenging rising rate environment, demonstrates the expertise that has made Standard the industry leader it is today. We are proud to provide an excellent level of service to our customers while embracing the cutting edge of industry technology. With a strong foundation and a forward-looking approach, we are confident in our ability to drive even greater success in the future."
Fiscal Year 2024 Financial Highlights
- Revenue. Total revenue exceeded $12.1 million, an increase of 24.9% from fiscal year 2023.
- Net Income. Net income was approximately $980,000, an increase of 84.1% from fiscal year 2023.
- Loan Originations. Total loan originations reached over $149 million during fiscal year 2024, an increase of 14.0% from fiscal year 2023.
- Earnings per Share. Basic earnings per share were $0.29 based on weighted average common shares outstanding during the year. Diluted earnings per share were $0.24 based on weighted average common shares outstanding during the year.
- Preferred Dividends. Dividends on preferred stock for the fourth quarter of 2024 were declared and paid timely in January 2025.
- Return on Equity. The Company achieved a return on equity of 16.6% for fiscal year 2024.
| Summary of Comparative Results | ||||||||||
| For the years ended | ||||||||||
| December 31, 2024 | December 31, 2023 | Increase/ (Decrease) ($) | Increase/ (Decrease) (%) | |||||||
| Revenues: | ||||||||||
| Finance Charges | $ | 10,549,453 | $ | 8,285,805 | 2,263,648 | 27.3 | % | |||
| Late Charges | 1,209,614 | 1,067,914 | 141,700 | 13.3 | % | |||||
| Origination Charges | 384,076 | 369,291 | 14,785 | 4.0 | % | |||||
| Gross Revenue | 12,143,143 | 9,723,010 | 2,420,133 | 24.9 | % | |||||
| Expenses: | ||||||||||
| Interest | 4,407,653 | 3,798,046 | 609,607 | 16.1 | % | |||||
| Salaries and wages | 2,118,609 | 1,767,153 | 351,456 | 19.9 | % | |||||
| Commissions | 1,449,676 | 1,150,746 | 298,930 | 26.0 | % | |||||
| Provision for credit losses | 1,254,525 | 950,815 | 303,710 | 31.9 | % | |||||
| Professional fees | 372,162 | 310,951 | 61,211 | 19.7 | % | |||||
| Postage | 113,529 | 114,980 | (1,451 | ) | (1.3 | %) | ||||
| Insurance | 170,959 | 124,484 | 46,475 | 37.3 | % | |||||
| Other operating expenses | 935,891 | 792,942 | 142,949 | 18.0 | % | |||||
| Total costs and expenses | 10,823,004 | 9,010,117 | 1,812,887 | 20.1 | % | |||||
| Income before income taxes | 1,320,139 | 712,893 | 607,246 | 85.2 | % | |||||
| Provision for income taxes | 340,146 | 180,491 | 159,655 | 88.5 | % | |||||
| Net income | 979,993 | 532,402 | 447,591 | 84.1 | % | |||||
About Standard Premium Finance Holdings, Inc.
Standard Premium Finance Holdings, Inc. (OTCQX: SPFX) is an industry-specific holding company pursuing merger and acquisition opportunities of synergistic businesses to take advantage of the economies of scale within the specialty finance industry. SPFX companies have provided financing solutions in excess of $2 Billion to businesses and individuals securing coverage for their property and casualty insurance policies. SPFX companies currently operate in more than thirty-five states throughout the U.S. With a market exceeding $80 Billion in total premiums financed annually, SPFX continuously seeks advantages of roll-up opportunities in a historically consolidating industry while providing maximum value for its shareholders.
Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to, statements regarding our outlook on the future performance of Standard. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "expect", "will", "opportunity" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; growth opportunities; assumptions; risks; future performance; business; and results of operations, including revenue, and net income. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Standard undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. More information about factors that could affect our results of operations and risks and uncertainties are provided in our public filings with the Securities and Exchange Commission, copies of which may be obtained by visiting our investor relations website at www.standardpremium.com/investors or the SEC's website at www.sec.gov.
For more information, contact Media Relations at info@standardpremium.com
