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Donnerstag, 28.04.2016 22:05 von PR Newswire | Aufrufe: 75

Impac Mortgage Holdings, Inc. Announces First Quarter 2016 Results

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PR Newswire

IRVINE, Calif., April 28, 2016

IRVINE, Calif., April 28, 2016 /PRNewswire/ -- Impac Mortgage Holdings, Inc. (NYSE MKT: IMH) announces the financial results for the quarter ended March 31, 2016. In the first quarter of 2016, operating income, excluding the changes in contingent consideration, increased to $7.0 million as compared to a loss of $(593) thousand in the fourth quarter of 2015. For the first quarter 2016, the Company reported net earnings of $981 thousand or $0.08 per diluted common share, as compared to net earnings of $34.0 million or $2.94 per diluted common share for the first quarter of 2015, and $10.7 million or $0.85 per diluted common share for the fourth quarter of 2015.

Results of Operations

For the Three Months Ended

(in thousands, except share data)
(unaudited)

March 31,
2016

December 31,
2015

ARIVA.DE Börsen-Geflüster

Kurse

Impac Mortgage Holdings

0,02286 $

-8,38%

March 31,
2015

Revenues:

Gain on sale of loans, net

$ 53,869

$ 36,188

$ 37,398

Real estate services fees, net

2,100

1,978

2,742

Servicing income, net

2,088

2,019

635

Loss on mortgage servicing rights

(10,910)

(4,422)

(6,568)

Other

152

113

136

Total revenues

47,299

35,876

34,343

Expenses:

Personnel expense

23,965

20,939

11,490

Business promotion

9,191

8,021

215

General, administrative and other

7,162

7,509

5,436

Accretion of contingent consideration

1,895

2,671

Change in fair value of contingent consideration

2,942

(17,697)

Total expenses

45,155

21,443

17,141

Operating income:

2,144

14,433

17,202

Other income (expense):

Net interest income (expense)

(101)

(189)

1,058

Change in fair value of long-term debt

(7,116)

Change in fair value of net trust assets

(627)

(2,560)

(876)

Total other income (expense)

(728)

(2,749)

(6,934)

Net earnings before income taxes

1,416

11,684

10,268

Income tax expense (benefit)

435

975

(23,704)

Net earnings

$ 981

$ 10,709

$ 33,972

Diluted earnings per share

$ 0.08

$ 0.85

$ 2.94

Net earnings includes fair value adjustments for changes in the contingent consideration, long-term debt and net trust assets. The contingent consideration is related to the CashCall Mortgage ("CCM") acquisition transaction, while the other fair value adjustments are related to our legacy portfolio. These fair value adjustments are non-cash items and are not related to current operating results. Although we are required by GAAP to record a change in fair value and accretion of the contingent consideration, management believes operating income excluding contingent consideration changes and the related accretion is more useful to discuss the ongoing and future operations of the Company. The table below shows operating income excluding these items:

Operating income (loss)

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