IMH

Na, dann hoffen wir mal... :wink:
Gruss Rich

The Company€™s liquidity position is strong. At December 31, 2006, the Company reported approximately $180.0 million in cash and cash equivalents. Further, the Company has additional liquidity of approximately $75.0 million in equity invested in mortgage loans held-for-sale and other liquidity sources at the Company€™s disposal.
3) Estimated taxable income is the primary indicator for common stock dividends. During 2006, the Company had estimated taxable income of $79.5 million, or $1.05 per diluted common share. During 2006, we paid common stock dividends of $72.3 million, or $0.95 per diluted common share.
4) Estimated taxable income during the fourth quarter 2006 was generated entirely from the balance sheet at the REIT and did not include a dividend from our taxable REIT subsidiary.
5) The Company believes it has sufficient financing under its reverse repurchase agreements to meet its ongoing origination and funding needs.
6) The Company continues to meet all of its loan repurchase obligations. In the future we expect loan repurchase obligations to decline based on a reduction in whole loan sales and improved credit and duration characteristics. Since January 2006, we have tightened our underwriting guidelines 20 times, which resulted in a 40% decline in total production primarily related to bulk acquisitions. Although, total acquisitions and originations declined, we believe we have benefited from an improved credit risk and duration profile. We believe this was validated by the securitization market where despite one of the more turbulent credit spread environments in recent history, Impac executed its most recent securitization with the tightest bond spreads it has experienced in over a year.
7) The restatements for 2004 - 2005, as previously described in our Form 8-K filed on February 23, 2007 has no effect on the Company€™s net earnings, cash position, stockholders€™ equity or taxable income.
In summary:
Mr. Tomkinson commented, It is unfortunate for our stockholders that the Company continues to be put in the same category as subprime lenders, when essentially we have no exposure to subprime loans. In anticipation of a downturn in the industry, Impac, since January 2006, began increasing its loan loss reserves, preserving capital, increasing its pricing and tightening its underwriting guidelines with the intent to further improve the performance of our Alt A mortgage portfolio.€






Mr. Tomkinson concluded, We believe that the Company has adequately prepared for this challenging market. We believe that the Company is well capitalized, diversified in its business segments and has the expertise to manage through this lending cycle.€
Safe Harbor
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as may,€ will,€ believe,€ expect,€ likely,€ should,€ could,€ anticipate,€ or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on management expectations. Actual results may differ materially as a result of several factors, including, but not limited to, failure to achieve projected earnings levels; unexpected or greater than anticipated increases in credit and bond spreads; the ability to generate sufficient liquidity; the ability to access the equity markets; continued increase in price competition; inability to sell Option ARM product based on pricing or other factors; risks related to the Company€™s restatements; risk related to the inability to maintain effective disclosure and internal controls; risks of delays in raising, or the inability to raise on acceptable terms, additional capital, either through equity offerings, lines of credit or otherwise; the ability to generate taxable income and to pay dividends; interest rate fluctuations on our assets that unexpectedly differ from those on our liabilities; unanticipated interest rate fluctuations; changes in expectations of future interest rates; unexpected increase in our loan repurchase obligations; inability to originate an increased amount of commercial loans due to lack of interest in our product; unexpected increase in prepayment rates on our mortgages; changes in assumptions regarding estimated loan losses or an increase in loan losses; continued ability to access the securitization markets or other funding sources, the availability of financing and, if available, the terms of any financing; changes in markets which the Company serves, such as mortgage refinancing activity and housing price appreciation; the inability to expand our Alt-A wholesale and commercial platforms due to market conditions; the adoption of new laws that affect our business or the business of people with whom we do business; changes in laws that affect our products and our business; volatility in the mortgage industry that effects the Company although the changes in the industry are not directly applicable to the Company; and other general market and economic conditions that may effect the mortgage industry.
For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see Item 1A Risk Factors€ and Item 7. Management€™s Discussion and Analysis of Financial Condition and Results of Operations€ in our annual report on Form 10-K for the year ended December 31, 2005 and our subsequent Form 10-Q filings during 2006. This document speaks only as of its date and we do not undertake, and specifically disclaim any obligation, to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
About the Company
Impac Mortgage Holdings, Inc. is a mortgage REIT, which operates four core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage Operations, (3) the Warehouse Lending Operations and (4) the Commercial Operations. The Long-Term Investment Operations invests primarily in non-conforming Alt-A (Alt-A€) mortgage loans and to a lesser extent small-balance commercial loans originated by the Commercial Operations. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A residential mortgage loans, the Warehouse Lending Operations provides short-term financing to mortgage loan originators and the Commercial Operations originates small-balance commercial loans for sale to the Long-Term Investment Operations or to third parties. The Company is organized as a REIT for tax purposes, which generally allows it to pass through earnings to stockholders without federal income tax at the corporate level.
For additional information, questions or comments, please call Tania Jernigan, VP of Investor Relations at (949) 475-3722 or email tjernigan@impaccompanies.com. Web site: www.impaccompanies.com
###





_______________________________________________
Created by 10KWizard www.10KWizard.comSource: IMPAC MORTGAGE HOLDI, 8-

Immerhin gibt es noch etwas. Umgerechnet aufs Jahr eine Rendite von 4.4%
Gruss Rich

Impac Mortgage Holdings, Inc. Declares First Quarter Dividend Payment of $0.10 per Common Share Completes $1.4 Billion Securitization of Loans Totaling $2.4 Billion for First Quarter 2007
Announces Formation of Arch Bay Group LLC Announces Upcoming Posting of Unaudited February Monthly Fact Sheet

IRVINE, Calif., March 29 /PRNewswire-FirstCall/ -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (NYSE: IMH), or the "Company," a Maryland corporation, being taxed as a real estate investment trust ("REIT"), announces the Board of Director's approval of the first quarter 2007 dividend of $0.10 per common share. The first quarter dividend will be paid on April 17, 2007 to stockholders of record on April 9, 2007. The ex-dividend date will be April 3, 2007. As a REIT, the Company is required to distribute 90% of its taxable income for the calendar year. To the extent that taxable income exceeds dividends paid during the year, the Company may be required to make a special dividend of undistributed taxable income for the year. The Company is also pleased to announce that it has completed two securitizations in the first quarter with a combined total of $2.2 billion of Alt-A residential loans and $235 million of commercial and multi-family loans.

(Logo: https://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)

Mr. Tomkinson commented, "These two securitizations demonstrate the Company's ability to attract bond investors despite the unusually volatile mortgage market. Further, these securitizations along with whole loan sales completed during the first quarter positioned the Company with a preliminary projection heading into quarter-end of $130 million in cash and cash equivalents and reduced inventory of primarily newly originated or acquired unsold loans of approximately $800 million at the end of the first quarter 2007 as compared to $1.6 billion at December 31, 2006. With approximately $5.8 billion in warehouse capacity, including $800 million which will expire by its terms in June 2007, the Company has greatly reduced its exposure to margin calls while creating opportunity to grow as market conditions improve."

"In addition, we are pleased to report that our outstanding repurchase requests at end of the first quarter have been substantially reduced as compared to year end 2006. We believe that the strategies implemented since January of 2006, which included tightening of our underwriting guidelines, strategically reducing our loan volume and utilizing our proprietary and third party analytical technology has allowed the Company to navigate through this difficult credit environment."

Mr. Tomkinson further commented, "While the REIT continues to generate positive estimated taxable income which may exceed our dividend rate, operating losses at the taxable REIT subsidiary are expected to continue until investor confidence returns to the mortgage markets. Given the uncertainty as to the duration of these trends, the Company believes that it is prudent to preserve liquidity and be in a position to take advantage of market conditions that may result in attractive opportunities for the Company."

"In anticipation of a deterioration in the mortgage market, the Company formed Arch Bay Group LLC ("ArchBay") for the purpose of acquiring, restructuring and remarketing non-performing mortgage loans and real estate property. With the dramatic increase in the number of mortgage defaults and the pressure warehouse lenders are giving their clients to sell mortgage loans, we believe there is an attractive opportunity to be a buyer of these non-performing loans," commented Mr. Tomkinson.

Mr. Shawn Miller and Mr. Steven Davis, co-founders of ArchBay, will lead the organization as President and Chief Financial Officer, respectively. Mr. Miller and Mr. Davis have extensive experience with defaulted mortgages, default timeline management and non-performing assets. Prior to this venture, Mr. Miller and Mr. Davis were the founders of 3 Arch Financial Services ("3 Arch") which specialized in providing national default services for banks and mortgage servicers. 3 Arch was sold in 2004 to Land America Financial Group, one of the leading national title and information service companies.

The formation of ArchBay was designed to take advantage of third party capital and Impac's infrastructure to purchase non-performing mortgage loans and employ proprietary modeling and loss mitigation strategies to restructure or refinance these non-performing loans. For loans that are not restructured or refinanced, ArchBay will use its expertise in default processing to effectively liquidate the loan.

Unaudited Monthly Fact Sheet

The February 2007 unaudited monthly fact sheet will be posted after the market closes on Monday, April 2, 2007. The Company generally posts to its web site an unaudited monthly fact sheet upon the end of the following month or concurrent with the release or filing of quarterly or annual earnings. You can subscribe to receive instant notification of conference calls, news releases and the unaudited monthly fact sheets by using our e-mail alert feature located at the website www.impaccompanies.com under Stockholder Relations / Contact IR / Email Alerts.

Safe Harbor

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "likely," "should," "could," "anticipate," "projected", or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on management expectations. Actual results may differ materially as a result of several factors, including, but not limited to, failure to achieve projected earnings and taxable income levels; unexpected or greater than anticipated increases in credit and bond spreads; the ability to generate sufficient liquidity; uncertainty in the secondary market and the inability to sell or securitize loans; unexpected decrease in value of loans underlying finance facilities due to oversupply of mortgage loans or other market conditions; continued ability to access the securitization markets or other funding sources; the availability of financing, including the renewal of finance facilities, and, if available, the terms of any financing; lenders' unwillingness to provide further financing based on general market conditions; failure to comply with our existing finance facilities; continued increase in price competition; risks of delays in raising, or the inability to raise on acceptable terms, additional capital, either through equity offerings, lines of credit or otherwise; the ability to generate taxable income and to pay dividends; the failure to sell non-performing loans in the secondary market due to lack of interest, interest rate fluctuations on our assets that unexpectedly differ from those on our liabilities; unanticipated interest rate fluctuations; unexpected increase in our loan repurchase obligations; unexpected increase in prepayment rates on our mortgages; changes in assumptions regarding estimated loan losses or an increase in loan losses; continued ability to access the securitization markets or other funding sources, the availability of financing and, if available, the terms of any financing; changes in markets which the Company serves, such as mortgage refinancing activity and housing price appreciation; the adoption of new laws that affect our business or the business of people with whom we do business; changes in laws that affect our products and our business; and other general market and economic conditions.

[quote="cybercrash"]
Nach dem Blitz-Bankrott von New Century, getraut man sich fast nicht mehr hinzuschauen?

Geht mir auch so. Nächster Termin 3 Mai. Div. Declaration for NFI..... wenn die dann noch existieren.... :cry:
Immerhin ein kleines "Trösterli betr. Div. IMH. Die machen noch Gewinn.
Gruss Rich

Heute ex. Div.
Ja, nu, macht den Braten auch nicht mehr feiss.... :cry:
Gruss Rich

Sehr volatiler Markt. Tagesschwankungen von 10% ohne irgendwelche News. Heute wieder 10% plus..... und morgen....?
Gruss Rich

Das ist wohl der Grund der Kurssteigerung.
Gruss Rich

Impac Mortgage Holdings, Inc. Reaches Preliminary Settlement Agreement for Federal and State Derivative Lawsuit
IRVINE, Calif., April 23 /PRNewswire-FirstCall/ -- Impac Mortgage Holding, Inc. (NYSE: IMH), or the "Company," a Maryland corporation, being taxed as a real estate investment trust ("REIT"), announced today that it has entered into a preliminary agreement to settle the currently pending federal and state derivative actions against the Company. The settlement is subject to certain conditions including the execution of a definitive agreement and court approval. Under the proposed settlement, all claims asserted against the officers and directors named as defendants in those actions will be dismissed with prejudice with no admission of wrongdoing on the part of any defendant and the Company will agree to certain corporate governance practices. In addition, the proposed settlement will provide for an aggregate cash payment of up to $300,000 in attorney's fees subject to plaintiff's application to and approval by the court, which will be paid entirely by the Company's insurance carriers and will have no effect on the financial position of the Company.

(Logo: https://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)

Mr. Joseph R. Tomkinson, Chairman and Chief Executive Officer of Impac Mortgage Holdings, Inc. commented, "The settlement of these derivative lawsuits are a positive step towards resolving the issues and will allow us to continue to focus our time and efforts on creating value for our stockholders."

Forward Looking Statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "likely," "should," "could," "anticipate," "projected", or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on current expectations. Actual results may differ materially as a result of several factors, including, but not limited to, the court's rejection of the proposed settlement, inability to agree upon a definitive agreement, the Company's or plaintiff's inability or unwillingness to satisfy conditions to the proposed settlement, refusal by the Company; insurance carrier to pay for attorney's fees, and failure to reach final agreement generally.

About the Company

Impac Mortgage Holdings, Inc. is a mortgage REIT, which operates four core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage Operations, (3) the Warehouse Lending Operations and (4) the Commercial Operations. The Long -Term Investment Operations invests primarily in non-conforming Alt -A ("Alt-A") mortgage loans and to a lesser extent small-balance commercial and multi-family loans originated by the Commercial Operations. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A mortgage loans, the Warehouse Lending Operations provides short-term financing to mortgage loan originators and the Commercial Operations originates small-balance commercial and multi-family loans for sale to the Long-Term Investment Operations or to third parties. The Company is organized as a REIT for tax purposes, which generally allows it to pass through earnings to stockholders without federal income tax at the corporate level.

Habe da ein bisschen Mühe ob die nun Gewinn oder Verlust gemacht. haben. Warten auf 1530h und sehen wie der Kurs darauf reagiert, ist immer noch das Beste Mittel etwas zu verstehen... :lol:
Gruss Rich

Impac Mortgage Holdings, Inc. Announces Results of First Quarter 2007
First Quarter Form 10-Q Available on Corporate Website

IRVINE, Calif., May 10 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH) ("IMH" or the "Company"), a real estate investment trust ("REIT"), reports first quarter 2007 net loss of $121.7 million, or $1.65 per diluted common share, as compared to net earnings of $85.6 million, or $1.07 per diluted common share for the first quarter 2006. Included in the net (loss) earnings was a mark-to-market loss in the fair value of derivatives whereby the Company records a change in fair value of its derivatives as a loss or gain in the current period, which during the first quarter 2007 increased to a loss of $58.7 million as compared to a gain of $51.4 million during the first quarter 2006.

(Logo: https://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)

First quarter 2007 estimated taxable income available to common stockholders was $18.9 million or $0.25 per diluted common share, as compared to $27.1 million or $0.36 per diluted common share for the first quarter 2006. As a REIT, we pay dividends to our stockholders based on estimated taxable income. For differences between net (loss) earnings as determined by generally accepted accounting principles ("GAAP") and estimated taxable income, please refer to the enclosed reconciliation schedule. The Company has filed its Form 10-Q with the Securities Exchange Commission ("SEC") which includes additional financial information for the first quarter 2007. The Company's Form 10-Q is also available on our website at www.impaccompanies.com under stockholder relations.

Financial Highlights for the First Quarter of 2007

* Estimated taxable income per diluted share was $0.25 compared to
$0.19 for the fourth quarter of 2006 and $0.36 for the first quarter
of 2006;

* Cash dividends declared per common share were $0.10 for the first
quarter of 2007 compared to $0.25 for the fourth quarter of 2006 and
$0.25 for the first quarter of 2006;

* Total assets were $23.3 billion as of March 31, 2007 compared to
$23.6 billion as of December 31, 2006 and $24.8 billion as of March 31,
2006;

* Book value per common share was $9.15 as of March 31, 2007 compared to
$11.15 as of December 31, 2006 and $13.87 as of March 31, 2006;

* The mortgage operations acquired and originated $2.2 billion of
primarily Alt-A mortgages compared to $4.1 billion for the fourth
quarter of 2006 and $2.1 billion for the first quarter of 2006;

* The commercial mortgage operations originated $196.9 million of
commercial mortgages compared to $269.6 million for the fourth quarter
of 2006 and $202.8 million for the first quarter of 2006; and

* The long-term investment operations retained for investment
$2.2 billion of primarily Alt-A mortgages and $234.9 million of
commercial mortgages compared to $2.7 billion of primarily Alt-A
mortgages and $411.9 million of commercial mortgages for the fourth
quarter of 2006 and $579.7 million of primarily Alt-A mortgages and
$114.7 million of commercial mortgages for the first quarter of 2006.



First Quarter 2007 vs. Fourth Quarter 2006 GAAP Net Earnings

For the Three Months Ended,
March 31, December 31, Increase %
2007 2006 (Decrease) Change
Interest income $342,821 $327,484 $15,337 5%
Interest expense 329,366 334,393 (5,027) (2)
Net interest income
(expense) 13,455 (6,909) 20,364 295
Provision for loan losses 29,374 44,038 (14,664) (33)
Net interest income
(expense) after
provision for
loan losses (15,919) (50,947) 35,028 69
Total non-interest income (70,562) 15,772 (86,334) (547)
Total non-interest expense 33,321 30,434 2,887 9
Income tax (benefit)
expense 1,866 (6,104) 7,970 131
Net loss $(121,668) $(59,505) $(62,163) (104)%
Net loss per share -
diluted $(1.65) $(0.83) $(0.82) (99)%
Dividends declared per
common share $0.10 $0.25 $(0.15) (60)%



The results of operations for the first quarter of 2007 resulted in a net loss of $121.7 million or $1.65 per share as compared to a net loss of $59.5 million or $0.83 per share, for the fourth quarter of 2006. The decrease was primarily due to the $38.3 million decrease in the change in fair value of the derivative instruments, a $16.7 million decrease from gain on sale of loans, an $11.7 million increase in the provision for repurchases, offset by an increase in net interest income of $20.4 million.

Included in net earnings was a mark-to-market loss in the fair value of derivative instruments. During the first quarter of 2007 the loss increased to $58.7 million as compared to a loss of $20.4 million during the fourth quarter 2006. The change in the fair value of the derivative instruments was primarily the result of $37.5 million in cash receipts from derivatives and partially the result of changes in expectations of future interest rates.

The decrease in gain on sale of loans was the result of a decrease in the execution price of loans sold, as a result of unfavorable market conditions and an increase in the volume of loans for sale in the marketplace. The increase in the provision for repurchases is due to an increase in the actual losses experienced in the first quarter on loans re-sold or re-priced. The decrease in the value of loans is a result of the saturation of loans for sale combined with the decreases in the value of the underlying collateral, as home prices continued to fall in many regions from the fourth quarter of 2006. Also affecting the value of the loans held for sale is the level of non-performing loans and the level of pending foreclosures which makes additional home value decreases more likely.

Net interest income increased primarily as a result of the increases to the interest rates on our adjustable rate mortgages as well as an approximate $9.4 million increase to interest income, resulting from a decrease in the amortization of loan premiums. The amortization of loan premiums decreased as the Company adjusted the amortization based upon the actual prepayments for the first quarter and reduced its expected prepayments for future periods.

Estimated Taxable Income

Because dividend payments are based on estimated taxable income, dividends may be more or less than net earnings. As such, we believe that the disclosure of estimated taxable income available to common stockholders, which is a non-generally accepted accounting principle, or "non-GAAP," financial measurement, is useful information for our investors.

The following table presents a reconciliation of net (loss) earnings (GAAP) to estimated taxable income available to common stockholders for the periods indicated (in thousands, except per share amounts):



For the Three Months Ended (1)
March 31, December 31, March 31,
2007 2006 2006
Net (loss) earnings $(121,668) $(50,550) $85,566
Adjustments to net (loss)
earnings: (2)
Loan loss provision (3) 38,734 39,766 150
Tax deduction for actual
loan losses (3) (11,262) (11,070) (4,406)
GAAP earnings on REMICs (4) (14,932) (11,766) (1,377)
Taxable income on REMICs (5) 12,843 15,685 6,098
Change in fair value of
derivatives (6) 54,623 19,305 (46,963)
Dividends on preferred stock (3,722) (3,682) (3,672)
Net loss (earnings) of
taxable REIT subsidiaries (7) 58,667 14,997 (1,854)
Dividend from taxable REIT
subsidiaries (8) -- -- --
Elimination of inter-company
loan sales transactions (9) 5,471 1,960 (6,539)
Miscellaneous adjustments 108 (169) 120
Estimated taxable income available
to common stockholders (10) $18,862 $14,476 $27,123
Estimated taxable income per
diluted common share (10) $0.25 $0.19 $0.36
Diluted weighted average
common shares outstanding 76,084 76,084 76,379

(1) Estimated taxable income includes estimates of book to tax
adjustments and can differ from actual taxable income as calculated
when we file our annual corporate tax return. Since estimated taxable
income is a non-GAAP financial measurement, the reconciliation of
estimated taxable income available to common stockholders to net
earnings is intended to meet the requirements of Regulation G as
promulgated by the SEC for the presentation of non-GAAP financial
measurements. To maintain our REIT status, we are required to
distribute a minimum of 90% of our annual taxable income to our
stockholders.
(2) Certain adjustments are made to net earnings in order to calculate
estimated taxable income due to differences in the way revenues and
expenses are recognized under the two methods.
(3) To calculate estimated taxable income, actual loan losses are
deducted. For the calculation of net earnings, GAAP requires a
deduction for estimated losses inherent in our mortgage portfolios
in the form of a provision for loan losses, which are generally not
deductible for tax purposes. Therefore, as the estimated losses
provided for GAAP are realized, the losses will negatively and may
materially impact future taxable income.
(4) Includes GAAP amounts related to the REMIC securitizations, which
were treated as secured borrowings for GAAP purposes and sales for
tax purposes. The REMIC GAAP income excludes the provision for loan
losses recorded that may relate to the REMIC collateral included in
securitized mortgage collateral. The Company does not have any
specific valuation allowances recorded as an offset to the REMIC
collateral.
(5) Includes amounts that are taxable to the Company related to its
residual interest in the securitizations, as the REMICs are
accounted for as sales in its tax filings.
(6) The mark-to-market change for the valuation of derivatives at IMH
is income or expense for GAAP financial reporting but is not included
as an addition or deduction for taxable income calculations until
realized.
(7) Represents net earnings of Impac Funding Corporation (IFC) and Impac
Commercial Capital Corporation (ICCC), our taxable REIT subsidiaries
(TRS), which may not necessarily equal taxable income.
(8) Any dividends paid to IMH by the TRS in excess of their cumulative
undistributed taxable income would be recognized as return of capital
by IMH to the extent of IMH's capital investment in the TRS.
Distributions from the TRS to IMH may not equal the TRS net earnings,
however, IMH can only recognize dividend distributions received from
the TRS as taxable income to the extent that the TRS distributions
are from current or prior period undistributed taxable income. Any
distributions by the TRS in excess of IMH's capital investment in the
TRS would be taxed as capital gains.
(9) Includes the effects to taxable income associated with the
elimination of gains from inter-company loan sales and other
intercompany transactions between IFC, ICCC, and IMH, net of tax and
the related amortization of the deferred charge.
(10) Excludes the deduction for common stock dividends paid and the
availability of a deduction attributable to net operating loss
carry-forwards. As of December 31, 2006, the Company had estimated
Federal net operating loss carry-forwards of $8.2 million that are
expected to be utilized prior to their expiration in the year 2020.



First Quarter 2007 vs. Fourth Quarter 2006

Estimated taxable income increased $4.4 million to $18.9 million, or $0.25 per diluted common share, for the first quarter 2007, compared to $14.5 million or $0.19 per diluted common share, for the fourth quarter 2006. The increase in estimated taxable income was mainly attributable to an increase in adjusted net interest margin at IMH. The $6.7 million increase in adjusted net interest margin at IMH was primarily the result of a decrease in premium amortization, due to lower prepayments. A decrease in actual prepayments increased interest income and estimated taxable income $4.7 million and a decrease in projected prepayments also increased interest income and estimated taxable income $4.7 million, compared to the amortization rates used in the fourth quarter of 2006. Offsetting the increase to interest income was a non-recurring decrease in estimated taxable income from Real Estate Mortgage Investment Conduits (REMICs) of $2.8 million which was primarily related to a change in the tax accounting for the REMICs from an accrual basis to a cash basis which creates a timing difference between the amounts recorded for GAAP purposes, compared to the amounts recorded for tax purposes.

Mr. Joseph Tomkinson, Chairman and Chief Executive Officer of Impac Mortgage Holdings, Inc. commented, "Given overall market conditions, we are pleased to report strong estimated taxable income generated at the REIT, continued investor appetite for Impac bonds while maintaining solid liquidity in our organization."

"During the first quarter, the market conditions required us to focus on preserving liquidity. As such, we have maintained liquidity levels consistent with year-end balances. We aggressively settled repurchase request claims. We have closely monitored our reverse repurchase facilities to manage our margin call exposure, additionally we have decreased the time the loans are outstanding on the facilities, by selling loans more frequently. During the first quarter of 2007, we liquidated $52.0 million in delinquent loans to both manage any margin call exposure on our reverse repurchase lines as well as convert mortgage loans into cash."

"Also during the first quarter, we added a new reverse repurchase facility with $1.0 billion in capacity and we renewed another reverse repurchase facility with $1.5 billion capacity, extending the maturity to March 2008. We completed securitizations totaling $2.4 billion in the first quarter to minimize exposure to margin calls and keep inventory low on these facilities. The reverse repurchase balance at March 31, 2007 was $1.2 billion with a total capacity of $6.0 billion as compared to $1.9 billion with total capacity of $5.7 billion at year-end 2006."

"We have continued to price our loans for profitability which has resulted in reduced production volumes from the fourth quarter of 2006. Although we expect reduced loan volume as compared to 2006, current market conditions have created other opportunities for the Company. We have seen improvements in our adjusted net interest margin as a result of decreased amortization of loan premiums due to lower actual and expected prepayments and longer duration of the loans in the portfolio, partially offset by increased credit losses. To take advantage of what we believe will be attractive returns in the distressed loan market, we have also invested in an asset management group that will purchase and liquidate distressed assets. In addition, we are reviewing other strategies to protect our adjusted net interest margin, reduce production costs and selectively maintain our mortgage operations infrastructure in preparation for a more favorable market."

Mr. Tomkinson further commented, "We continue to believe that the long-term prospects for our businesses are attractive and that we will be the beneficiary of consolidation in the marketplace. In the interim, the Company will continue to take the steps necessary to protect stockholder value while evaluating opportunities to improve long term performance through diversification of investments, continued robust credit risk management and synergistic growth."

First Quarter 2007 Earnings Conference Call

Verstehe von diesem Text nicht alles... aber never mind, dem Kurs tuts gut. Plus 7%
Gruss Rich

Impac Mortgage Holdings, Inc. (IMH) announced that its wholly-owned subsidiary, Impac Funding Corporation, has entered into a definitive agreement to acquire certain assets comprising the retail and wholesale lending platform of Orlando, Florida based Pinnacle Financial Corporation ("Pinnacle"), in a transaction that will create a retail network for one of the nation's largest residential mortgage lenders. Pinnacle, a prime and Alt-A residential mortgage lender, was founded in 1988 by Douglas F. Long and Jeffrey J. Vratanina and operates more than 133 branches in 26 states.

Heute plus 20% . Wahnsinn.... :lol:
Wenn das so weitergeht ist der EP bald wieder erreicht. Manchmal lohnt es sich, Durststrecken durchzustehen.... Manchmal eben auch nicht..... :cry: (Sprich Swissair)
Gruss Rich