Willy:You earnings are out!!!!!
First Quarter Results Announced By Westmark Group
Holdings, Inc.
PR Newswire - May 13, 1997 09:57
FINANCIAL WGHI FIN ERN V%PRN P%PRN
DELRAY BEACH, Fla., May 13 /PRNewswire/ -- Westmark Group Holdings, Inc.
(Nasdaq: WGHI) announced today that it released its 1997 first quarter
earnings results and filed form 10-QSB with the U.S. Securities Exchange
Commission.
Quarter Ended 3/31/97
(000s omitted)
1997 1996
Total Revenue $1,305 $677
Total Expenses $1,607 $1,267
Other Income, Tax Benefit &
One-Time Gain $35 $0
Loss From Operations ($267) ($589)
Nonrecurring Loss $302 $0
Net Gain (Loss) From Operations $35 ($589)
Loss Per Share ($.05) ($.21)
Weighted Avg. Shares
outstanding 4,988,894 2,637,772
Operating Results Breakdown is as follows:
Net Gain (Loss) Nonrecurring NetGain (Loss)
From Operations
WGHI ($.08) $.06 ($.02)
Westmark Mortgage $.05 --- $.05
Greenworld Tech. ($.02) --- ($.02)
Total ($.05) $.06 $.01
Mark Schaftlein, CEO of Westmark Group Holdings, Inc., stated, "The
company is pleased to report that its subsidiary, Westmark Mortgage
Corporation, is reporting the first quarterly profit in its history. The
profit exceeded internal estimates based on revenue growth accelerating more
rapidly than budgeted. The 93% revenue growth, coupled with a 313% increase
in loan production in the first quarter, has allowed the company to reduce the
amount of new equity required to meet its future growth needs and expansion
plans."
Westmark Group Holdings, Inc. is a diversified financial services holding
company which covers 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.
CONTACT: Alan Adelson, Investor Relations of Westmark Group Holdings,
800-240-2014; or Ira W. Miller or Omar Sanchez, of I.W. Miller & Co.,
714-833-9001
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