Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market:
BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”),
today reported that the Company’s stockholders elected three directors -
Albert Maddox, Daniel Medina and Virgil Roberts and approved all of the
proposals presented at the Company’s Annual Meeting held on September
17, including the proposals to amend the Company’s Certificate of
Incorporation to increase the number of authorized shares of non-voting
Common Stock to 25,000,000 shares, authorize the Company to sell up to
9,000,000 shares of Common Stock in a private placement, and authorize
the Company to sell shares to certain directors, an executive officer
and the Broadway Federal Bank, f.s.b. Employee Stock Ownership Plan as
part of the private placement.
Q3 Highlights: Booked $66 million in new orders; backlog rises to $228 million Operating loss of $1.8 million fell short of plan due to operational challenges in tower plant Gearing and Services operating losses halved compared to Q3 2013 Cash assets rose to $27.9 million in Q3 2014, an increase of $16.4 million from Q2 2014—cash assets in excess of debt rise to $23.7 million Board authorizes share repurchase program for up to $10 million of common stock over the next six months
CICERO, Ill., Oct.
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