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December 1, 2009

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Split with Namath costs Vestin Group $1.8 million

Wednesday, May 5, 2004 | 11:15 a.m.

Vestin Group Inc., a Las Vegas commercial lender, reported this morning that it took a $1.8 million charge for expensing stock warrants associated with the termination of its contract with former football star and company spokesman Joe Namath.

The company declined to comment further on the end of the contract with Namath.

Vestin also cited $6 million in income from a foreclosure in Mesquite as a key factor in reporting first-quarter net income of $4.7 million, or 60 cents per share.

The profit was expected, based on Vestin disclosures last month.

The results are up from a $1.1 million, or 25 cents a share, loss in the same 2003 quarter. Vestin reported first-quarter revenue of $14.4 million, up from $7.8 million reported for the year-ago quarter.

The company also said it revalued the unit price for its lending Fund I to $10, the price investors paid to buy into the fund. Fund II remains under the $10 benchmark at $9.82, Vestin said.

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