Exhibit 99

 

Contacts:

The Washtenaw Group, Inc. - Howard Nathan – P:800 765-5562

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

 

The Washtenaw Group Reports Lower

 

 

2004 Results From Mortgage Slowdown

 

For Immediate Release

 

ANN, ARBOR, Mich., March 4, 2005 —

The Washtenaw Group, Inc. (Amex:TWH), the holding company for Washtenaw Mortgage Company, posted net losses for the fourth quarter and year ended December 31, 2004, from significantly lower mortgage volume, 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 approximately 1,900 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. PFI shareholders received one share of TWH for each share held of PFI.

 

Fourth-quarter results

Fourth-quarter results were off from last year, reflecting appreciably lower mortgage-origination volume, coupled with lower servicing income and gains from the sales of loans and mortgage-servicing rights. The net loss for the fourth quarter was $1,162,172, or $0.26 per diluted share, compared with the year-earlier net loss of $367,518, or $0.08 per diluted share. Mortgage volume was $195,594,907, compared with mortgage volume of $485,087,135 for the final quarter of 2003  — a 60% volume swing.

 

Full-year results

Full-year results were also impacted by the falloff in mortgage volume, which totaled $1.2 billion for all of 2004, compared with record production volume of $3.7 billion for 2003. The net loss for the year was $6,406,723, or $1.43 per diluted share. This compares with year earlier net income of $9,531,442, or $2.14 per diluted share. The 2004 results include a credit of $2,167,904, equivalent to $0.48 per diluted share, for an interest-rate-related valuation adjustment to the mortgage-servicing rights portfolio. The 2003 results include a charge of $1,734,698, equivalent to $0.39 per diluted share, for the accounting adjustment.

 

more

 


The following information was filed by Washtenaw Group Inc (TWHR) on Friday, March 4, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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