Lahaina Sets New Records for 2nd Quarter Ending March 2001 for Mortgage Loan Closings, Revenue and Net Income

Business Wire, May 3, 2001

Business Editors

ALPHARETTA, Ga.--(BUSINESS WIRE)--May 3, 2001

LAHAINA ACQUISITIONS, INC. (OTCBB: LAHA) today announced record mortgage loan closings, revenue and net income for its 2nd quarter ended March 2001.

Revenue for the three-month period ended March 2001, totaled $5,003,537 compared to $2,174,126 for the quarter ended March 2000. A significant portion of this increase of $2,829,411 or 130% was due to the recent acquisition of United Capital Mortgage Corporation (UCMC). The Company reported net income of $825,353 for the March 2001 quarter compared to $103,782 for March 2000.

"We are extremely pleased with the results of our second quarter," said Scott Demerau, President and CEO of Lahaina. Mr. Demerau continues, "The first quarter of the calendar year is typically the weakest for the mortgage industry, yet we were able to realize record loan closings, net income and earning per share. Both UCMC and Accent Mortgage have seized the opportunity presented by the current refinance boom. We have had 3 record months of loan closings for January, February and March and our pipeline indicates that this growth should continue into the foreseeable future."

Betty Sullivan, Executive VP & COO said, "We are indebted to our employees and management for their hard work and dedication that made this record breaking quarter possible. We appreciate their extraordinary efforts to cope with our high number of loan applications taken, loans processed and loans closed. We believe that our new management team, combined with the positive impact of the refinancing market and our renewed dedication to integrate Internet-based technology into our lending operations, will enable our Company to successfully execute our growth strategy and achieve year-over-year growth."

                         FINANCIAL HIGHLIGHTS

                         Three Months Ended        Three Months Ended
                           March 31, 2001            March 31, 2000
                         ------------------        ------------------

Revenue                      5,003,537                  2,774,126

Operating expenses           5,821,118                  3,156,508

Other income                 1,642,934                    486,164
                             ---------                  ---------
Net income                  $  825,353                 $  103,782
                             =========                  =========
Basic earnings per share    $     0.04                 $     0.01
                             =========                  =========

About the Company

Lahaina currently operates a multi-state brokerage and banking operation through The Accent Group, Accent Mortgage Services, Inc., United Capital Mortgage Corporation and Cross Keys Capital Corporation, wholly-owned subsidiaries, and has a national on-line mortgage presence at www.accentmortgage.com and www.ucmc.net. The goal of the mortgage part of the Company is to become a national leader in the mortgage brokerage and banking industry by continuing to (i) expand its business internally by increasing same branch originations and opening new branches; (ii) expand externally by acquiring existing mortgage operations and (iii) increase overall loan productivity by employing new and conventional Internet-based technology.

Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the `safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Lahaina Acquisitions, Inc. actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors, including those identified in Lahaina Acquisitions, Inc. Annual Report on Form 10-K for the fiscal year ended September 30, 2000 and its Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.