Exhibit 99

Contacts:

 

           The Washtenaw Group, Inc. - Howard Nathan — P:800 242-6698

           Marcotte Financial Relations - Mike Marcotte — P:248 656-3873

 

The Washtenaw Group, Inc.

 

 

Reports Q1 Results.

 

 

Net Loss Narrowed Despite

 

 

Lower Mortgage Volume

 

For Immediate Release

 

                ANN, ARBOR, Mich., May 6, 2005 —

The Washtenaw Group, Inc. (Amex:TWH), the holding company for Washtenaw Mortgage Company, narrowed its net loss, despite lower mortgage volume for the first quarter of 2005, Charles C. Huffman, Chairman and CEO, reported today.

 

                Washtenaw Mortgage Company, one of the nation’s leading wholesale mortgage companies, originates, acquires, sells and services mortgage loans. The Company is headquartered in Ann Arbor, Michigan, and conducts business through some 2,000 mortgage brokers in approximately 40 states.

 

                Mortgage-origination volume for the first quarter of 2005 was $169 million, off 57% from year-earlier volume of $394 million, reflecting rising interest rates and the industry-wide downturn in mortgage-refinance activity. Aided by across-the-board cost-cutting steps, the company reduced the net loss to $1.67 million, or $0.37 per diluted share, from $3.10 million, or $0.69 per diluted share, for the first quarter of 2004.

 

Net interest income improved 85%, reflecting the credit received for custodial deposits maintained at the warehouse lender. Noninterest income was down 61% due to a substantial decrease in gains from the sale of loans and mortgage-servicing rights. Operating expenses were successfully reduced by 48%, including a 36% dip in compensation and employee benefits. Headcount has been reduced to 138 from 215 a year ago. Results for the quarter were aided by a $51,541 credit for a valuation adjustment to the mortgage-servicing-rights portfolio. This adjustment was a charge of $2,902,314 for the first quarter of 2004.

 

Mr. Huffman said, “We are doing everything possible to generate mortgage volume and reduce operating expenses. We have introduced many of the newest mortgage products, such as zero-down, interest-only and Alt. A. In fact, we are expanding the criteria for Alt. A. mortgages to cast a wider net and attract additional borrowers. We are well positioned from product, personnel and technology standpoints to take advantage of any up-tick in business activity.

 

more

 


The following information was filed by Washtenaw Group Inc (TWHR) on Monday, May 9, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Washtenaw Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Washtenaw Group Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account