Earnings are finally out.
Tuesday April 15 9:45 AM EDT
1996 Results Announced by Westmark Group Holdings,
Inc.
DELRAY BEACH, Fla., April 15 /PRNewswire/ -- Westmark Group Holdings Inc announced
today that it released its 1996 year-end earnings results and filed form 10-KSB with the U.S.
Securities and Exchange Commission.
Year Ended 12/31/96
(000s omitted)
1996 1995
Total Revenue $2,904 $3,107
Total Expenses $6,829 $10,595
Other Income, Tax Benefit & One-Time Gain$124 $450
Net Loss ($3,801) ($7,038)
Nonrecurring Loss $1,233 $2,188
Net Loss From Operations ($2,692) ($5,300)
Loss Per Share ($1.04) ($6.50)
Weighted Avg. Shares Outstanding 3,660 1,082
Operating Results Breakdown is as follows:
Net Loss Nonrecurring Net Loss From Operations
WGHI ($.55) ($.32) ($.23)
Westmark Mortgage ($.46) ($.02) ($.44)
Greenworld Tech. ($.03) --- ($.03)
Total ($1.04) ($.34) ($.70)
Mark Schaftlein, CEO of Westmark Group Holdings, Inc., stated, "The first step in the
corporate turnaround was completed in 1996. The company successfully exceeded its stated
cost containment goal of a $2.0 million reduction in expenses by reducing general and
administrative cost by approximately $2.6 million, which is a 35% overall reduction in expenses
year to year. The next step was bringing in institutional investors to purchase loans from
Westmark on a bulk-acquisition basis. The third step was restructuring the operation to
accommodate the resulting production increases of 313% previously announced during the first
quarter of 1997."
Westmark Group Holdings, Inc., is a diversified financial services holding company which owns
two subsidiaries. Westmark Mortgage Corp. is actively engaged in the nationwide origination,
purchase and sale to investors of primarily non-conforming loans secured by residential
properties. Green World Technologies, Inc. markets and manufactures the Talon Refrigerant
Management System. The system is an energy saving add-on to air cooled condensers found in
air conditioners, heat pumps and refrigeration systems. SOURCE Westmark Group Holdings,
Inc. |
