Ocwen Asset Investment Corp. Announces Quarterly Dividend
WEST PALM BEACH, Fla., Dec. 19 /PRNewswire/ -- Ocwen Asset Investment Corp. (Nasdaq: OAIC - news) today declared its fourth quarter cash dividend of
$0.39 per share, an increase of $0.15 per share over the prior quarter. The dividend is payable to shareholders of record on December 31, 1997, with payment on
January 19, 1998. Christine Reich, OAIC President stated, ''We expect dividends per share for the fourth quarter will be higher than earnings per share for three
reasons. First, dividends are based on taxable income and earnings per share are based on net income as determined under Generally Accepted Accounting Principles
(GAAP). Taxable income exceeds GAAP income in the early years of its investments in mortgage related securities. In addition, in the current period certain operating
expenses and the foreign currency mark to market fluctuation are not deductible for tax purposes. Second, a portion of the fourth quarter dividend distribution is for
taxable income produced in prior quarters. Third, earnings per share are based upon weighted average shares outstanding while dividends are based upon outstanding
shares. For OAIC weighted average shares outstanding are greater than the actual shares issued and outstanding.''
For the period of December 1 to December 18, 1997, OAIC has invested an additional $61.1 million bringing its total investments to date to $239.0 million, or 84%
of its cash proceeds from its initial public offering. Of this activity, OAIC invested $47.3 million in subordinated securities; $13.7 million in other mortgage related
securities; and $119,000 in residential whole loans.
Certain statements contained herein are ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Act of 1934, as amended. These forward- looking statements may be identified by reference to a future period(s) or by the use of forward-looking
terminology such as ''anticipates'' or ''expects.'' Actual results could differ materially from those indicated in such statements due to a variety of factors, including,
but not limited to, changes in international, national, regional or local economic environments, competitive products and pricing, government fiscal and monetary
policies, changes in prevailing interest rates, the timing of transaction closings, unsatisfactory due diligence results, borrower failure to satisfy closing conditions and
other factors generally understood to affect the real estate acquisition, mortgage and leasing markets and security investments. |
