Vestin Estimates '03 Loss

Vestin Group Inc., a Las Vegas-based commercial mortgage lender, has announced that it will report a net loss of approximately $5.2 million ($1.16 per share) for 2003, compared with a net loss of $3.8 million ($0.54 per share) in 2002.The company said its final audited results will be delayed because of a recent change in auditors. For the fourth quarter, Vestin said it will report a net loss of approximately $2.4 million ($0.50 per share), compared with a net loss of $1.0 million ($0.23 per share) a year earlier. The losses were attributed to "a significant increase" in Vestin's sales and marketing expenses, increases in valuation losses and reserves, and "significantly lower loan demand due to economic conditions and increased competition from traditional lenders." Vestin recently engaged Moore, Stephens, Wurth, Frazer & Torbet LLP as its independent auditor to succeed Ernst & Young LLP.