LION Reports 3Q Loss

LION Inc., a Seattle-based provider of technology aimed at streamlining the mortgage loan fulfillment process, has reported a net loss of $215,000 for the third quarter, compared with a net loss of $535,000 a year earlier.Revenue for the quarter totaled $3.3 million, down from $4.0 million in the third quarter of 2005. "Our third-quarter revenue fell short of our expectations due largely to a decline in overall mortgage origination and its impact on the variable revenue streams we generate," said Randall D. Miles, LION's chairman and chief executive officer. "Despite falling Treasury and mortgage yields in the quarter, mortgage loan production generated by our customers continued to decline. Housing and mortgage markets are under pressure and have increased short-term volatility in our business, particularly in our capital markets business unit, which is sensitive to loan origination volume." LION can be found online at http://www.lioninc.com.