First NLC reports $1.9 million March loss from operations

By Caroline Salls

Pittsburgh, April 21 - First NLC Financial Services, LLC reported a $1.9 million loss from operations for March on negative $352,511 in revenues, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the Southern District of Florida.

The figures showed a decline over a $439,874 February loss from operations on $436,020 in total revenues.

The net loss for March was also $1.9 million, widening from a $1.18 million February net loss.

Cash on March 31 was $7.15 million, compared with $5.86 million at the end of February.

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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