Spoke with the IR department (WGHI) and they will have audited year-end financial results available mid March and IMHO will be most positive. The fifth paragraph stipulates the audit report due very soon.
BOCA RATON, Fla., Jan. 7 /PRNewswire/ -- Westmark Group Holdings, Inc. (Nasdaq: WGHI) reported today it had produced $283.2 million in sub-prime mortgage loan production for the calendar year 1998.
Ranked as one of the nation's fastest-growing sub-prime lenders by an independent industry trade journal, Westmark extended its trend of triple digit percentage growth in loan volume this past year. Indeed, the year-end total represents a 121% increase over loan volume of $128.2 million for the full year 1997.
Moreover, in 1998 Westmark exceeded analysts' and internal projections for year-end loan production, which were both originally established at $250 million, and were revised upward to $280 million at mid-year.
"Despite the widespread credit crisis that resulted in a general downturn for most sub-prime lenders industry wide, Westmark again topped projections by setting new all-time records for loan volume, loan sales and revenue. This should enable our Company to ultimately report the best-ever year-end earnings in our history," said Mark D. Schaftlein, President & Chief Executive Officer of Westmark.
Westmark anticipates filing audited year-end financial results with the U.S. Securities & Exchange Commission by mid-March.
Half-Billion In 1999 Loan Volume:
Looking ahead, Schaftlein noted that Westmark capped off the year by completing its best month ever in December, producing in excess of $35 million in monthly production for the first time in its history. This run-rate, coupled with Westmark's expected growth -- and additional production capacity recently acquired from Credit Depot Corporation and Prestige Financial Services Corporation -- has Westmark anticipating total loan volume in excess of $500 million for 1999.
Though Westmark plans to announce audited year-end financial results well within the 90-day window provided by the SEC (through March 31), Schaftlein explained that the Company is reporting operational results in January in response to shareholder inquiries concerning loan production trends. Westmark, which had previously announced loan volume on a monthly basis, is now reporting all results -- financial as well as operational -- on a quarterly basis pursuant to standard SEC practice.
Therefore in advance of filing its Annual Report on Form 10-KSB with the SEC, Westmark is providing the following unaudited detail to facilitate trend analysis and historical tracking:
Annual Sub-Prime Loan Volume:
(Dollars In Millions) 1999 (E) 1998 1997 1996
Actual: -- $283.1 $128.2 $40.7
Revised Projection: $500.0 $280.0 $120.0 --
Original Projection: $420.0 $250.0 $96.0 --
Increase Over Prior Year: 77% 121% 215% 63%
Quarterly Sub-Prime Loan Volume:
(Dollars In Millions,
% over prior year) 1998 1997 1996
1st Quarter: $46.2 (+133%) $19.8 (+313%) $4.8
2nd Quarter: $73.7 (+149%) $29.5 (+244%) $8.6
3rd Quarter: $81.3 (+142%) $33.6 (+182%) $11.9
4th Quarter: $81.9 (+81%) $45.3 (+194%) $15.4
Year-End: $283.1 (+121%) $128.2 (+215%) $40.7
Monthly Sub-Prime Loan Volume:
(Dollars In Millions,
% over prior year) 1998 1997
January: $13.5 (+114%) $6.3 (+214%)
February: $13.9 (+146%) $5.7 (+273%)
March: $18.8 (+139%) $7.9 (+518%)
April: $23.2 (+137%) $9.8 (+246%)
May: $22.8 (+138%) $9.6 (+158%)
June: $27.6 (+172%) $10.1 (+397%)
July: $28.4 (+166%) $10.7 (+129%)
August: $25.0 (+120%) $11.4 (+205%)
Septembe $27.9 (+142%) $11.5 (+229%)
October: $20.7 (+24%) $16.8 (+330%)
Novembe $25.6 (+90%) $13.5 (+207%)
December: $35.6 (+137%) $15.0 (+111%)
Year-End: $283.1 (+121%) $128.2 (+215%)
Westmark Group Holdings, Inc., through its wholly-owned subsidiary, Westmark Mortgage Corporation, is primarily engaged in the origination and purchase of non-conforming, residential mortgage loans secured by a first or second lien on the borrower's primary place of residence. The majority of these loans are made to borrowers with "A-minus, B and C" rated (sub-prime) credit histories who might not qualify for agency-conforming mortgage loans under traditional banking guidelines. Westmark pools these loans and sells them on a bulk basis to institutional investors. Westmark distinguishes itself from many of its peers in that it does not retain servicing rights on its loans, and all of its loans are sold monthly on a whole loan, cash basis, with revenues recognized only after the cash sale is completed.
CONTACT: Louis J. Resweber, 888-389-2266, Christina B. Domingue, 225-927-9330, or Amy M. Varisco, 800-240-2014, or lou@wghi.com, all of Westmark Group Holdings, Inc.
SOURCE Westmark Group Holdings, Inc.
PS... There are married folks whom do not have good credit that need to pay a little more on interest in this instant gratification society we presently live in. This company fulfills this service IMHO. I sincerely do not envision a reason why this company can not become a $ 15.00 dollar stock this year (Luv to hear your reasons why not!) and, IMHO this company could be a buy out.
Best wishes:) |
