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 New Century Announces August Loan Production of $3.2 BillionCompany on Track to Achieve $10 to $12 Billion Quarterly Volume Targets for 2004
   Wednesday, September 08, 2004 6:55:58 AM ET

IRVINE, Calif., Sep 8, 2004 /PRNewswire-FirstCall / -- New Century Financial Corporation (NCEN ), one of the nation’s largest non-prime mortgage finance companies, announced today loan production volume for August 2004 of $3.2 billion, an increase of 7 percent compared with the same period last year. On a year-to-date basis, production is up 75 percent over last year’s production for the same period.

August Loan Production

The following table compares the loan production volume for August 2004 with the same periods in 2003:


     $’s in billions                                     2004
                                             $ Vol.     Funding     Average
                                                          Days       Daily
                                                                     $ Vol.
     July                                     $3.6        21        $0.171
     August                                   $3.2        22        $0.145
     YTD                                     $27.5       169        $0.163


     $’s in billions                                     2003
                                             $ Vol.     Funding     Average
                                                          Days       Daily
                                                                     $ Vol.
     July                                     $2.2         22        $0.100
     August                                   $3.0         21        $0.143
     YTD                                     $15.7        168        $0.093


                                                       % change
                                      % change        in Average
                                       in Vol.         Daily Vol.
     July                                64%              71%
     August                               7%               1%
     YTD                                 75%              75%

"August’s production keeps us on track to meet our third quarter volume target. Year-to-date through August, we’ve already exceeded all of last year’s production volume and still have the last third of fiscal 2004 ahead of us," said Robert K. Cole, chairman and chief executive officer. "We remain confident that we will deliver production volume in the range of $10 billion to $12 billion in both the third and fourth quarter and earnings-per-share in the range of $8.25 and $8.75 for the year."

About New Century

New Century Financial Corporation is one of the nation’s largest non-prime mortgage finance companies, providing first and second mortgage products to borrowers nationwide through its operating subsidiaries. New Century is committed to serving the communities in which it operates with fair and responsible lending practices. To find out more about New Century, please visit www.ncen.com.

Safe Harbor Regarding Forward-Looking Statements

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws and New Century intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to, (i) New Century’s third and fourth quarter production targets in the range of $10 billion to $12 billion per quarter, and (ii) earnings-per-share guidance of $8.25 to $8.75 for 2004. New Century cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Such factors include, but are not limited to, (i) the condition of the U.S. economy and financial system, (ii) the interest rate environment, (iii) the stability of residential property values, (iv) the potential effect of new state or federal laws or regulations, (v) the effect of increasing competition in New Century’s sector, (vi) New Century’s ability to maintain adequate financing facilities, (vii) the outcome of litigation or regulatory actions pending against New Century, and (viii) the risks identified in New Century’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2003, and its other periodic filings with the Securities and Exchange Commission. New Century assumes no obligation to update the forward-looking statements contained in this press release.

SOURCE New Century Financial Corporation

CONTACT:          Carrie Marrelli, VP of Investor Relations, +1-949-224-5745; or
                  Erin Freeman, VP of Corporate Communications, +1-949-862-7624, both of New
                  Century Financial Corporation

              

Copyright (C) 2004 PR Newswire. All rights reserved.



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