Approved Financial Corp., Virginia Beach, Va., has reported a net loss of $60,000 ($0.01 per share) for the first quarter, compared with a net loss of $1.2 million ($0.23 per share) a year earlier. The company attributed the reduction in net loss to its expense-reduction efforts and a whole loan sale of approximately $18.5 million that was deferred to January at the request of the investor as a result of year-2000 considerations. If the sale had occurred in December 1999, the net loss for the first quarter would have been $650,000 ($0.12 per share), the company said. Loan volume totaled $82.6 million for the quarter, down 15% from $97.2 million a year earlier.
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