LAS VEGAS, March 24, 2005 (PRIMEZONE) -- Vestin Group, Inc. (Pink Sheets:VSTN) today reported net income of $3,215,653, or $0.99 per common share for the year ended December 31, 2004, compared to a net loss of $5,201,267 or $2.31 per common share for the same period in 2003. The company noted that it had a one-time gain from the settlement of a lawsuit of $5,850,000. Without that gain, the company would have reported a net loss of approximately, $2,100,000.
Revenues for the year ended December 31, 2004 were $27,995,912 compared with $23,080,565 a year earlier.
For the fourth quarter ended December 31, 2004, Vestin reported net income of $60,921, on revenues of $3,128,216, compared with a net loss a year ago of ($2,336,529), or ($0.98) per share on revenues of $5,997,591.
About Vestin Group
Vestin Group, Inc., through its subsidiaries, is engaged in asset management, real estate lending, and other financial services. Its subsidiary, Vestin Mortgage, has facilitated more than $1.5 billion in lending transactions since 1995. Through Vestin Mortgage, Vestin Group manages three funds, Vestin Fund I, LLC, Vestin Fund II, LLC, and Vestin Fund III, LLC. These Funds have assets in the aggregate of approximately $500 million.