Here are the 1st qtr 1998 earnings of the
Imperial Credit Commercial Mortgage Investment
Corp subsidiary. Note the overlapping relationships
with ICMI buying securities issued by FMAX, another
subsidiary.
Imperial Credit Commercial Mortgage Investment Corp.
Announces First Quarter 1998 Results
LOS ANGELES, May 6 /PRNewswire/ -- Imperial Credit Commercial Mortgage Investment Corp.
(Nasdaq: ICMI - news) today reported net earnings of $7.8 million, or $0.23 per share (on both a
basic and diluted basis) for the quarter ended March 31, 1998.
Mark S. Karlan, the President and CEO of the Company, stated, ''We are extremely pleased with our
first quarter results. During the quarter, our Company made approximately $156 million of additional
investments. In addition, we entered into a warehouse line of credit for $500 million with Morgan
Guaranty Trust Company of New York (a subsidiary of J.P. Morgan & Co. Incorporated) and a
reverse repurchase loan facility for $25 million with Merrill Lynch Mortgage Capital Inc. The process
of leveraging our investments has now begun.''
The Company's first quarter results and financial position can be summarized as follows (dollars in
thousands, except per share data):
Operating Results: Amount Per Share(a)Per Diluted Share(b)
Net earnings $ 7,848 $0.23 $0.23
Funds from operations $ 7,848 $0.23 $0.23
Dividends (c) $ 8,280 $0.24 n/a
Summary of Financial Position:
Cash and cash equivalents $ 24,339
Securities available-for-sale 64,925
Mortgage loans, net 414,967
Other assets 5,421
Total Assets $509,652
Liabilities $ 30,077
Total Stockholders'
Equity 479,575
Total Liabilities and
Stockholders' Equity $509,652
Per share amounts are based on (a) basic weighted average common shares outstanding and (b)
diluted weighted average common shares outstanding, including common stock equivalents. The
Company declared a dividend (c) in March 1998 for the first quarter and for the remaining portion of
undistributed taxable income for 1997, which was paid on April 14, 1998.
Annualized asset yields for the first quarter were 8.74% for mortgage loans, net of servicing fees,
10.63% for securities available-for-sale and 5.56% for repurchase agreements and interest bearing
deposits. The overall annualized portfolio yield for the quarter was 7.83 %.
The value of the Company's portfolio of commercial asset and mortgage- backed securities of
approximately $60 million increased from the end of 1997 by approximately $0.3 million for the mark
to market adjustment at the end of the quarter. During the quarter, the Company acquired
approximately $6 million of asset-backed securities issued by Franchise Mortgage Acceptance Corp.
(''FMAC'')(NYSE: FMAX - news), an affiliate of Imperial Credit Industries, Inc. (''Imperial Credit
Industries'')(Nasdaq: ICII - news). The Company has not invested in any residential mortgage-backed
securities.
Subsequent to the end of the first quarter, the Company acquired approximately $49 million of loans
from FMAC and borrowed $29 million under the warehouse line and approximately $14 million under
the reverse repurchase line. On April 30, 1998, the Company completed a forward swap transaction
whereby approximately $77 million of anticipated borrowings at LIBOR were exchanged for fixed
rate borrowings at approximately 5.99% pursuant to a declining notional balance schedule over ten
years.
Imperial Credit Commercial Mortgage Investment Corp. is a real estate investment trust that invests
primarily in performing multifamily and commercial mortgage loans, real property and interests in
commercial mortgage- backed securities. The manager of the Company is a wholly-owned subsidiary
of Imperial Credit Industries.
Set forth below are the Company's consolidated balance sheet and income statement as of and for the
quarter ended March 31, 1998.
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
Consolidated Balance Sheet
March 31, 1998
Assets
Cash and interest bearing deposits $ 24,339
Securities available-for-sale, at market value 64,925
Mortgage loans, net 414,967
Accrued interest receivable 4,305
Other assets 1,116
Total Assets $509,652
Liabilities
Dividends and distributions payable $8,280
Accrued expenses, payables and other liabilities 21,797
Total Liabilities 30,077
Stockholders' Equity
Common stock, $.0001 par value,
Authorized 500,000,000 shares,
34,500,000 shares issued and outstanding 3
Additional paid-in capital 481,856
Unrealized gain on securities available for sale 474
Distributions in excess of earnings (2,758)
Total Stockholders' Equity 479,575
Total Liabilities and Stockholders' Equity $509,652
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
Consolidated Statement of Income
For The Quarter Ended March 31, 1998
Interest Income
Repurchase agreements and interest bearing deposits $ 2,119
Securities available for sale 1,454
Mortgage loans 5,973
Total Interest Income 9,546
Operating Expenses
Management fees 1,200
Due diligence expenses 150
Other 348
Total Expenses 1,698
Net Earnings $ 7,848
Earnings per share
Basic $ 0.23
Diluted $ 0.23
Weighted average common shares outstanding
Basic 34,500,000
Diluted 34,570,167
Certain statements contained herein are ''forward-looking statements'' within the meaning of the
Private Securities Litigation Reform Act of 1995, 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 ''may,'' ''will,'' ''intend,'' ''should,'' ''expect,'' ''anticipate,'' ''estimate'' or
''continue'' or the negatives thereof or other comparable terminology. The Company's actual results
could differ materially from those anticipated in such forward-looking statements due to a variety of
factors, including, but not limited to, changes in national, regional or local economic environments,
competitive products and pricing, government fiscal and monetary policies, changes in prevailing
interest rates, the course of negotiations, the fulfillment of contractual conditions, factors inherent to
the valuation and pricing of interests in commercial mortgage-backed securities, other factors
generally understood to affect the real estate acquisition, mortgage and leasing markets and security
investments, the other risks detailed in the Company's Registration Statement on Form S-11, as
amended, filed with the Securities and Exchange Commission (the ''SEC''), the Company's 1997
Annual Report on Form 10-K filed with the SEC on March 31, 1998 and other filings made by the
Company with the SEC.
The Company will hold a teleconference on Wednesday, May 6, 1998 at 9:00 AM, Pacific Time,
12:00 P.M. Eastern Time. The phone number for the teleconference is (719) 457-2647 and
confirmation code is 471467. To access a replay of the teleconference, please call (402) 220-0150 on
or before May 8, 1998.
SOURCE: Imperial Credit Commercial Mortgage Investment Corp.
More Quotes
and News:
Franchise Mortgage Acceptance Co (Nasdaq:FMAX - news)
Imperial Credit Commercial Mortgage Investment Corp (Nasdaq:ICMI -
news)
Imperial Credit Industries Inc (Nasdaq:ICII - news)
|
