OWHC - Ocean West Holdings (fka OWHC)

[slow_feet]

Q ending 3/31/04


another loss...looks like a sinking ship, and I'm the bartender on this Titanic cruise.

"Ocean West had a net loss of $395,000 for the quarter ended March 31, 2004 compared to a net income of $23,095 for the same quarter of 2003. The significant decrease in income for the March 31, 2004 quarter was due to a decrease in loan volume partially offset by a decrease in general and administrative expenses."

http://www.sec.gov/Archives/edgar/data/1104538/000095012904003409/a99165ntnt10vq.htm

"During the quarter ended March 31, 2004, in anticipation of completing the agreement with Freedom, the Company transferred its loan origination operations to Freedom. All revenues and expenses associated with the transferred operations were considered to be Freedom’s. Upon termination of the agreement the loan operations were transferred back.

During the quarter ended March 31, 2004, Ocean West Enterprises funded 770 loans with an aggregate dollar value of approximately $134 million compared to 1,169 loans with an aggregate dollar value of approximately $215 million in the quarter ended March 31, 2003. The average loan size for the quarter ended March 31, 2004 was approximately $175,000, which was an decrease from an average loan size of $185,000 for the quarter ended March 31, 2003.

Net revenues from origination and/or sale of loans decreased to $1.6 million for the quarter ended March 31, 2004 from $3.1 million for the quarter ended March 31, 2003. The decrease in revenues can be attributed to the loan production to Freedom, which then paid expenses relating to such.

Total operating expenses decreased by $1.0 million to $2.0 million for the quarter ended March 31, 2004 from $3.0 million for the quarter ended March 31, 2003. Salary, wages and payroll taxes were $736,000 for the quarter ended March 31, 2004 compared to $1.6 million for the March 31, 2003. The decrease of $633,000 was primarily due to the transfer of loan production to Freedom. Other general and administrative expenses were primarily made up of rent, advertising services, fees for professional services, insurance and office expenses. These expenses decreased $191,000 to $1.3 million for the quarter ended March 31, 2004 from $1.4 million for the same period in 2003.

Ocean West had a net loss of $395,000 for the quarter ended March 31, 2004 compared to a net income of $23,095 for the same quarter of 2003. The significant decrease in income for the March 31, 2004 quarter was due to a decrease in loan volume partially offset by a decrease in general and administrative expenses."