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Vestin reports third-quarter loss

Monday, Nov. 8, 2004 | 11:12 a.m.

Las Vegas-based Vestin Group Inc. on Friday reported a third-quarter net loss of $1.9 million, or 74 cents a share, wider than a $1 million, or 45 cents a share, loss a year ago.

Still, revenue was $5 million for the third quarter, up from $3.5 million a year ago.

The company said that it set aside a $3.7 million allowance for a series of Texas loans that are in default. Vestin bought the loans in order to protect its investors, the company said, adding that it expects to recover the funds with interest.

A company spokesman said Vestin would have recorded a $1.1 million profit without the allowance.

Also affecting profitability of the company are expenses related to mounting a defense in an ongoing informal inquiry by the Securities and Exchange Commission, a company statement said.

Vestin did not indicate how much it spent on the SEC inquiry in the third quarter, but founder and chief executive Michael Shustek, at an annual shareholders meeting in July, said the inquiry was expected to cost the company as much as $1.5 million in the second quarter.

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