First NLC reports $439,874 February loss from operations

By Caroline Salls

Pittsburgh, March 20 - First NLC Financial Services, LLC reported a $439,874 loss from operations for February on $436,020 in total revenues, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the Southern District of Florida.

The figures showed a decline over $21.61 million in earnings from operations for the period of Jan. 18 to Jan. 31 on $5.51 million in total revenues.

The net loss for February was $1.18 million, down from $21.06 million in net earnings for the previous period.

Cash on Feb. 29 was $5.86 million, compared with $6.24 million on Jan. 31.

First NLC, Friedman, Billings, Ramsey Group, Inc.'s mortgage origination subsidiary, filed for bankruptcy on Jan. 18. Its Chapter 11 case number is 08-10632.

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