EXHIBIT 99
RENET FINANCIAL CORP.
BALANCE SHEET
June 30, 1996
ASSETS
Current Assets
Cash $ 56,168.95
Due to/from Parent Company (196,000.00)
Franchise Receivables - Net 925,847.29
Secured Fundings 2,398,837.27
Other Receivables 44,450.00
Notes Receivable 11,199.00
Prepaid Expenses 19,696.97
Prepaid Postage - Corporate 228.16
_______________
Total Current Assets $3,260,427.64
Plant and Equipment
Computer Equipment 127,145.05
Furniture and Fixtures 341,559.94
Computer Software 46,895.82
Accumulated Depreciation (402,009.46)
Net Plant and Equipment $ 113,591.35
Other Assets
Goodwill 101,807.00
Deposits 3,678.34
Total Other Assets $ 105,485.34
_____________
TOTAL ASSETS $3,479,504.33
=============
RENET FINANCIAL CORP
BALANCE SHEET
June 30, 1996
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Bank Credit Line $ 250,000.00
Contracts Payable 17,535.14
Settlements,Payable 16,145.39
Outstanding on Warehouse Line 2,398,837.27
Accounts Payable - Trade 347,164.93
Accrued Expenses 251,318.75
Accrued Vacation 2,669.35
Dividends Payable 29,436.58
Accrued Salaries & Wages 45,664.17
Customer Deposits 9,657.39
______________
Total Current Liabilities 3,368,428.97
Long Term Liabilities
Note Payable 34,229.74
Contracts Payable 13,5O6.17
______________
Total Long Term Liabilities 47,735.91
_____________
TOTAL LIABILITIES $3,416,164.88
STOCKHOLDERS' EQUITY
Preferred Stock 741,849.00
Common Stock 534,972.50
Dividends Paid (159,690.99)
Retained earnings (1,053,791.06)
_______________
TOTAL STOCKHOLDERS' EQUITY $ 63,339.45
_____________
TOTAL LIABILITIES AND EQUITY $3,479,504.33
=============
RENET FINANCIAL CORP.
STATEMENT OF INCOME
June 30, 1996
Fourth
Quarter
______________
REVENUES
Franchise Origination Fee
Origination Fees Franchise $ 66,982.32
_______________
66,982.32
In House Origination Fees
Origination Fees-Conv. 176,384.06
Gain on Sale-Funding 133,695.63
Funding Fees 45,345.00
Appraisal Review Fees 75.00
Origination Fees-FHA/V 105,394.35
Escrow Fees (60.00)
Document Fees 18,825.00
_______________
Total In House Fees 479,659.04
Franchise Services
Franchise Sales 16,800.00
Processing/Admin. Fees 32,430.00
Other Fees 31,415.35
Funding Division Inc. 18,212.09
_______________
Total Franchise Services 98,857.44
Less Franchise Commission
Franchise Commissions (54,959.52)
_______________
(54,959.52)
_______________
Net Revenue 590,539.28
Operating Expenses
Advertising 1,471.44
Loan Officer Commissions 261,084.04
Marketing Overrides 1,602.50
Quality Control 10.00
Escrow Fees 476.41
Warehousing Fees -Funding 7,500.00
Sales Expense- entertainment 200.77
Marketing 4,346.64
Salaries 189,902.72
Auto Expenses 731.21
Appraisal/Credit Expense 13,620.93
Flood Certs. 3,233.00
Refunds to Borrowers 4,395.17
Training Center Costs 300.00
Travel 1,348.36
Courier Services 13,169.49
Title Fees - Anaheim 160.00
Title Fees - Lancaster 163.00
Document Service 6,894.00
Officers Salaries 41,218.65
Office Rent / Storage 26,037.23
Legal 2,366.22
Accounting 6,375.00
Insurance - General 9,004.61
Auto Allowance 1,500.00
Office Expense 9,541.41
Bank Charges 2,456.25
Office Supplies 6,089.47
Postage 2,853.60
Equipment Lease / Rental 438.22
Dues & Subscription 1,799.89
Computer/Copier Maint. 937.18
Outside Services 10,908.16
Employee Benefits 10,927.57
Depreciation 27,249.90
Amortization of Goodwill 2,994.00
Late fees - Orange 183.64
Late fees - Bakersfield 5.65
Late fees - Riverside 128.35
Late fees - Funding 476.46
Late fees - Corporate 804.67
Bad debts 23,000.00
Property Taxes 22.64
Taxes & Licenses 3,082.15
Payroll Taxes 19,148.30
Printing 1,662.69
Telephone Exp. 20,018.56
Utilities 4,122.15
_____________
Total Operating Expense 738,962.30
Other Income/Expense
Interest Income 36,714.42
Interest Expense (48,811.62)
_____________
Total Other (12,097.20)
RENET FINANCIAL CORPORATION
STATEMENT OF INCOME (Continued)
June 30, 1996
Fourth
Quarter
____________
Income Before Taxes (160,520.22)
Net Income or Loss (160,520.22)
____________
Retained Earnings-End (160,520.22)
============