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To: Dale Baker who wrote (29895)	4/22/2002 7:03:02 PM
From: Dale Baker	Respond to of 118717

IMH beats estimates and raises 2002 guidance: Monday April 22, 6:22 pm Eastern Time Reuters Business Impac REIT Q1 earnings rise, raises 2002 EPS view NEWPORT BEACH, Calif., April 22 (Reuters) - Impac Mortgage Holdings Inc. (AMEX:IMH - news), a real estate investment trust, on Monday reported higher first-quarter net earnings and revised its 2002 earnings guidance higher in part after the company exceeded its first-quarter loan production goals. Impac, which primarily invests in nonconforming Alt-A mortgages, reported first-quarter net earnings of $15.6 million, or 43 cents per diluted share, compared with net earnings of $1.1 million, or 4 cents per diluted share, in the year-earlier quarter. Analysts surveyed by research firm Thomson Financial/First Call on average expected the Newport Beach, California-based company to report earnings of 37 cents per share. Core first-quarter operating earnings excluding charges were $16.7 million, or 46 cents per diluted share, compared with core operating earnings of $9.4 million, or 30 cents per diluted share, a year earlier, Impac said. Impac revised its 2002 projections of its total assets to $4.2 billion and increased its 2002 earnings estimates to a range of $1.55 to $1.65 per share. The new asset projections are partly the result of exceeding loan production goals during the first quarter, the company said, noting it now projects total 2002 loan production from mortgage operations of $4 billion, compared with an original projection of $3.6 billion. Analysts had expected Impac to earn $1.51 this year. The company's shares closed on Monday at $9.90, up 20 cents, or 2 percent