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The Washtenaw Group, Inc. - Howard Nathan P:800 765-5562
Marcotte Financial Relations - Mike Marcotte P:248 656-3873
The Washtenaw Group, Inc.
Reports Q3 Results
For Immediate Release
ANN, ARBOR, Mich., Nov. 5, 2004 The Washtenaw Group, Inc. (Amex:TWH), the holding company for Washtenaw Mortgage Company, recorded significantly lower mortgage volume and a net loss for the third quarter and nine-months ended September 30, 2004, Charles C. Huffman, Chairman and CEO, reported today.
Washtenaw Mortgage Company, one of the nations leading wholesale mortgage companies, originates, acquires, sells and services mortgage loans. The Company is headquartered in Ann Arbor, Michigan, and conducts business through approximately 2,000 correspondent lenders in approximately 40 states.
The Washtenaw Group, Inc. resulted from the previously announced spin-off of Washtenaw Mortgage Company into a separate, publicly held corporation, from Pelican Financial, Inc. (Amex:PFI). The spin-off was effective at the close of business December 31, 2003.
Mortgage-origination volume fell precipitously to $212.2 million, from record originations of $1.0 billion for the third quarter of 2003. For the first nine months of 2004, mortgage originations were $990.0 million, a sharp downturn from record originations of $3.2 billion for the first nine months of 2003.
As a result of the lower mortgage volume and the continuing losses on loan repurchases and other real estate, the Corporation posted a net loss of $2,258,000, equivalent to $0.50 per share, for the third quarter of 2004, compared with record net income from continuing operations of $3,834,000, or $0.86 per share, for the comparable 2003 period. For the first nine months, the Corporation recorded a net loss of $5,245,000, equivalent to $1.17 per share, compared with record net income from continuing operations of $9,899,000, or $2.22 per share, for the first nine months of 2003.
Losses on loan repurchases and other real estate totaled $1.6 million and $4.4 million for Q3-2004 and the first nine months of 2004, respectively.
The following information was filed by Washtenaw Group Inc (TWHR) on Friday, November 5, 2004 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.
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