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SEC Filings

424B1
DITECH HOLDING CORP filed this Form 424B1 on 09/16/1997
Entire Document
 
<PAGE>   111
 
                 HANOVER CAPITAL PARTNERS LTD. AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
        AND FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
 

<TABLE>
<CAPTION>
                                       SIX MONTHS ENDED
                                           JUNE 30,
                                    -----------------------
                                       1997         1996         1996          1995          1994
                                    ----------   ----------   -----------   -----------   -----------
                                          (UNAUDITED)
<S>                                 <C>          <C>          <C>           <C>           <C>
REVENUES:
  Due diligence fees..............  $2,363,328   $2,723,276   $ 8,323,789   $ 7,525,620   $10,194,293
  Loan brokering/asset management
     fees.........................   1,073,845    1,469,843     2,469,378     1,770,665       658,922
  Mortgage sales and servicing....     537,387      656,129       970,757     2,289,440     2,527,183
  Other income....................     259,298      335,083       355,715       295,944       188,162
                                    -----------  -----------  -----------   -----------   -----------
          Total revenues..........   4,233,858    5,184,331    12,119,639    11,881,669    13,568,560
                                    -----------  -----------  -----------   -----------   -----------
EXPENSES:
  Personnel expense...............   2,116,267    2,002,153     4,227,226     3,831,426     4,002,179
  Appraisal, inspection and other
     professional fees............     526,574      580,335     3,128,225     2,593,001     5,244,176
  Subcontractor expense...........     852,785    1,205,592     2,919,509     2,738,903     2,170,514
  Travel and subsistence..........     112,662      518,486       616,795       860,253       315,496
  Occupancy expense...............     250,533      276,081       536,520       437,830       414,894
  General and administrative
     expense......................     193,124      299,998       525,143     1,066,220     1,161,752
  Reversal of reserve for IRS
     assessment...................     (22,400)          --      (277,600)           --            --
  Interest expense................      66,967       56,127       134,393       160,439       101,764
  Depreciation and amortization...      64,686       43,753       125,928       114,174        84,023
                                    -----------  -----------  -----------   -----------   -----------
          Total expenses..........   4,161,198    4,982,525    11,936,139    11,802,246    13,494,798
                                    -----------  -----------  -----------   -----------   -----------
INCOME BEFORE INCOME TAX
  PROVISION.......................      72,660      201,806       183,500        79,423        73,762
INCOME TAX PROVISION..............      37,391       91,886        73,870        51,165       127,681
                                    -----------  -----------  -----------   -----------   -----------
NET INCOME (LOSS).................  $   35,269   $  109,920   $   109,630   $    28,258   $   (53,919)
                                    ===========  ===========  ===========   ===========   ===========
NET INCOME (LOSS) PER SHARE.......  $   211.92   $   660.48   $    658.74   $    169.80   $   (323.99)
                                    ===========  ===========  ===========   ===========   ===========
</TABLE>

 
                See notes to consolidated financial statements.
 
                                       F-7