OWHC PR
Ocean West Reports Record 9-Month Results [CXSPDMC]
Business Editors
TUSTIN, Calif.--(BUSINESS WIRE)--Aug. 12, 2003--Ocean West Holding
Corporation (OTCBB:OWHC), a mortgage banking company, reported record
results for the 9-month period ending June 30, 2003.
During the 3-month period ended June 30, 2003, the Company funded
1,521 loans with an aggregate dollar value of approximately $287
million, compared to 993 loans with an aggregate dollar value of
approximately $151 million in the quarter ended June 30, 2002.
Net revenues from origination and/or sale of loans increased to
$3.3 million for the quarter ended June 30, 2003, from $2.6 million
for the quarter ended June 30, 2002 -- an increase of 27%. The
increased revenues are attributed to increased loan volume, which is
attributed to the continued growth of Ocean West's branch system.
Net income was $239,152 for the quarter ended June 30, 2003,
compared to a net loss of $282,794 for the same quarter of 2002. The
significant increase in income for the June 30, 2003, quarter was due
to increased loan production.
During the 9 months ended June 30, 2003, the Company made 3,912
loans with an aggregate dollar value of approximately $708 million,
compared to 3,479 loans with an aggregate dollar value of
approximately $548 million in the 9 months ended June 30, 2002.
Net revenues from origination and/or sale of loans increased to
$9.7 million for the 9 months ended June 30, 2003, from $7.3 million
for the 9 months ended June 30, 2002.
Ocean West had net income of $606,334 for the 9-month period ended
June 30, 2003, compared to a net loss of $1,003,752 for the same
period of 2002.
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*T
OCEAN WEST HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
Revenues:
Revenues from
origination and sale
of mortgage loans,
net $3,337,055 $2,583,037 $9,691,084 $ 7,266,306
--------- --------- --------- ---------
Operating expenses:
Salaries and wages 1,337,229 1,353,902 3,975,918 4,038,206
Payroll taxes 221,788 179,766 663,158 557,168
Other general and
administrative
expenses 1,501,278 1,297,353 4,345,793 3,577,903
Depreciation &
amortization 37,608 34,810 99,881 96,781
--------- --------- --------- ---------
Total operating expenses 3,097,903 2,865,831 9,084,750 8,270,058
--------- --------- --------- ---------
Income (loss) from
operations 239,152 (282,794) 606,334 (1,003,752)
--------- --------- --------- ---------
Provision for income
taxes -- -- -- --
--------- --------- --------- ---------
Net income (loss) 239,152 (282,794) 606,334 (1,003,752)
Dividends on preferred
shares 49,082 45,193 159,536 149,457
--------- --------- --------- ---------
Net (loss) income
applicable to common
shareholders $ 190,070 $ (327,987) $ 446,798 $(1,153,209)
========= ========= ========= =========
Net income (loss)
applicable to common
shareholders per
common share
basic and diluted $ 0.03 $ (0.06) $ 0.08 $ (0.24)
Weighted average
common shares
outstanding
basic and diluted 5,795,409 5,406,400 5,795,270 4,762,646
========= ========= ========= =========
*T
About Ocean West
Ocean West Holding is a publicly traded mortgage banking company
(OTCBB:OWHC). 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 Web site 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.
--30--AR/se*
CONTACT: Shareholder Relations
Laurie Roop, 435-652-3884
laurie@shareholder-relations.net
scruffy in Maine
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