OWHC - Ocean West Holdings (fka OWHC)

[slow_feet]

Earnings Projection for Q2 03 (7/9/2003)


Welcome TFN! Here's my projection for next Q. Please give me your feedback, thanks.

Using the last (2) PRs (appended at the bottom of this post) one can do a projection for a possible earnings result for the second quarter (Apr.1 - June 30).

Q1 2003: 215M loan funding w/ 3.1M revenue implies 3.1/215 = .0144
Q1 2002: 160M loan funding w/ 1.8M revenue implies 1.8/160 = .01125

This quarter:
April 2003: 90.9M
May 2003: 94.15M
June 2003: <94.15M> (conservative projection)
=> a Q2 2003 projection of ~280M loan funding w/ ~4.2M revenue (280*.015 = 4.2).
Here, I assumed a slightly better run company when using .015 instead of .0144.

Total operating expenses for Q1 were 3.03M, so I will project 3.2M for Q2. This implies
an income of 4.2M - 3.2M = 1M or 1M/5.585M = .18 cents per share.

The projected variables are (1) 94.15M for June, (2) .015 (a 1.5% revenue from loan funding ), and a (3) 3.2M operating expense. Tweaking all (3) variables gives a rough 50% error. My projection is therefore .09-.27 cents per share with .18 as the average.

best regards
sf


http://biz.yahoo.com/bw/030707/75253_1.html
Ocean West Achieves Record Funding
Monday July 7, 9:07 am ET
TUSTIN, Calif.--(BUSINESS WIRE)--July 7, 2003--Ocean West Holding Corporation (OTCBB:OWHC - News), a mortgage banking company, reported funding a record $94,153,951 in mortgage loans in (May 2003), nearly double the May 2002 amount of $54 million.
The Company funded mortgage loans of $90,948,714 in April 2003, the second highest funding in the Company's operating history. (Year-to-date fundings have surpassed $410,446,332 million for the five months ended May 31, 2003, as compared to $268,383,542 million in fundings for the five months ended May 31, 2002.)
Ocean West's CEO, Mark Stewart, said, "I am pleased to report this solid progress to our shareholders. The Company will continue its efforts to achieve increases in loan production at such levels, which has outperformed managements' prior expectations. I believe our new business plan is being validated by our results."
About Ocean West
Ocean West Holding is a publicly traded mortgage banking company (OTCBB:OWHC - News). Ocean West Enterprises, its operating subsidiary, was founded in 1988, and shares of Ocean West Holding Corporation have been publicly traded since 2002. Ocean West currently operates over 100 branch offices and is licensed to do business in 42 states. In fiscal 2002, the Company funded over $669 million in mortgage loans. For more information about the Company, visit Ocean West's website at www.oceanwest.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these forward-looking statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new production, and the unpredictable nature of interest rates; and other risks detailed in documents filed by the Company with the Securities and Exchange Commission from time to time. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and the Company cautions readers not to place undue reliance on such statements. Words like "believe," "expect," "anticipate," "promise," "plan," and other expressions or words of similar meanings, as well as future or conditional verbs such as "will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. The Company assumes no obligation to update the statements contained in this release.

Contact:
Shareholder Relations
Laurie Roop, 435/652-3884
[e-mail]




http://biz.yahoo.com/bw/030521/215350_1.html
Ocean West Reports Second Profitable Quarterly Results
Wednesday May 21, 9:41 am ET
TUSTIN, Calif.--(BUSINESS WIRE)--May 21, 2003--Ocean West Holding Corporation (OTCBB:OWHC - News) a mortgage banking company, reported net income of $23,095 for the quarter ended March 31, 2003 compared to a net loss of $773,007 for the same quarter of 2002.
During the quarter ended March 31, 2003, Ocean West funded 1,169 loans with an aggregate dollar value of approximately $215 million compared to 953 loans with an aggregate dollar value of approximately $160 million in the comparable quarter.
Net revenues from origination and/or sale of loans increased to $3.1 million for the quarter ended March 31, 2003 from $1.8 million for the quarter ended March 31, 2002.
Ocean West CEO, Mr. Mark Stewart, said, "The jump in revenues are attributed to increased loan volume from the growth of the Company's branch system and favorable market conditions."
OCEAN WEST HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Revenues from
origination
and sale
of mortgage
loans, net $3,055,379 $1,805,062 $6,354,029 $4,683,269
---------- ---------- ---------- ----------
Operating expenses:
Salaries and wages 1,306,253 1,218,836 2,638,689 2,684,304
Payroll taxes 262,805 194,582 441,370 377,402
Other general and
administrative
expenses 1,446,580 1,137,688 2,844,515 2,280,545
Depreciation &
amortization 15,646 26,963 62,273 61,976
---------- ---------- ---------- ----------
Total operating
expenses 3,031,284 2,578,069 5,986,847 5,404,227
---------- ---------- ---------- ----------
Income (Loss)
from operations 23,895 (773,007) 367,232 (720,958)
---------- ---------- ---------- ----------
Provision for
income taxes 0 0 0 0
---------- ---------- ---------- ----------
Net income (loss) 23,095 (773,007) 367,182 (720,958)
Dividends on
preferred shares 50,010 49,526 110,454 104,264
---------- ---------- ---------- ----------
Net (loss) income
applicable to common
shareholders $(26,915) $(822,533) $256,728 $(825,222)
========== ========== ========== ==========
Net income (loss)
applicable to common
shareholders per
common share
basic and diluted $ 0.00 $ (0.18) $ 0.05 $ (0.19)
========== ========== ========== ==========
Weighted average
number of common
shares outstanding
basic and diluted 5,585,104 4,507,204 5,585,104 4,444,314
========== ========== ========== ==========
About Ocean West
Ocean West Holdings is a publicly traded mortgage company (symbol: OWHC traded OTC BB, Web site: oceanwest.com). Ocean West Enterprises was founded in 1988, and its public entity, Ocean West Holdings, was formed in 2000. Ocean West currently operates over 100 branch offices and is licensed to do business in 42 states. Last fiscal year the Company funded $669 million in mortgage loans.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these forward-looking statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new production, and the unpredictable nature of interest rates; as well as other factors set forth in the Company's most recently filed Form 10-KSB and Form 10-QSB reports. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The Company assumes no obligation to update the statements contained in this release.

Contact:
Ocean West Holdings
Shareholder Relations
Laurie Roop, 435/652-3884
[e-mail]