Westar Financial Reports Revenues More Than Triple in 4Q01

    TUMWATER, Wash.--April 11, 2001--Westar Financial Services Incorporated (OTC:WEST), the leading automobile e-finance portal, today reported revenues more than tripled in the fourth quarter to $100 million and grew 278% to $302 million for the year, as the company's financial portal generated record volumes of auto finance contracts in both periods. The company generated strong growth in its consumer finance portfolio, which exceeded $400 million at year end, while continuing to improve average credit quality.
    "In the fourth quarter, we came very close to matching our third quarter top line record of $108 million in a seasonally weak quarter and a declining auto market. This accomplishment is noteworthy for many reasons, but especially for the speed at which we have ramped revenues in our e-commerce business," said R.W. Christensen, Jr. President and CEO. "Another significant accomplishment this quarter was the continued strength in credit quality with FICO scores averaging 737 on contracts produced during the quarter. Delinquencies declined at the end of the year to 1.17% for the portfolio compared to 1.71% at March 31, 2000."
    "Our private label portal is growing at an extraordinary pace," stated Darcy Huffman of Westar's Strategic Alliance Group. "We launched the portal last April in Florida for the nation's 19th largest bank and within the first 90 days had more than 5% of the market. Our second private label portal bank, the nation's 22nd largest institution, launched in August and achieved similar success in its first quarter of operation. Last month, we announced the agreement to provide private label services to USAA Federal Savings Bank, headquartered in San Antonio, and have already begun originations for its members. We believe our success in creating alliances, particularly with the significant volume growth generated from the first three private label institutions, will allow us to generate $1 billion of private label revenues annually."
    The company expects to report full year-end results later in the quarter.