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twitterFirm reports quarterly loss
Monday, March 3, 2003 | 11:13 a.m.
A big Las Vegas commercial mortgage company today reported a fourth-quarter loss, citing a loan guarantee that is in litigation.
Vestin Group Inc., owner of Vestin Mortgage, reported a loss of $1 million, 15 cents per share, on revenue of $9.2 million for the quarter ended Dec. 31 compared with earnings of $1.9 million or 27 cents on revenue of $7.7 million for the same period a year earlier.
Vestin said the results include an allowance of $3.2 million for the proceeds of a loan guarantee that is in litigation. The company said it expects to collect the full amount of the loan guarantee, plus interest, but took the adjustment because of the uncertainty of the judgment.
Company officials could not be reached for comment on details of the court case.
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