American Home Mortgage Announces First Quarter Results.First Quarter Earnings Are $0.54 Per Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. Share Earnings Guidance Revised to $3.25 to $3.75 Per Diluted Share Earnings Expected to Gradually Improve Quarter over Quarter Through Year-End year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. Dividend Policy Reaffirmed MELVILLE, N.Y. -- American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. Mortgage Investment Corp. (NYSE NYSE See: New York Stock Exchange : AHM AHM Automated Hacking Machines AHM All Hands Meeting AHM Academy for Healthcare Management AHM Atom Heart Mother (Pink Floyd album) AHM Airport Handling Manual AHM Acutely Hazardous Material AHM Anti-Helicopter Mine ) announced today results for the quarter ended March 31, 2007. FINANCIAL HIGHLIGHTS Comparison of the Three Months Ended March 31, 2007 and 2006 * Revenue for the first quarter of 2007 was $197.2 million, compared to revenue of $233.1 million for the first quarter of 2006, a decrease of 15.4%. * Net earnings for the first quarter of 2007 were $30.7 million, compared to net earnings of $54.5 million for the first quarter of 2006, a decrease of 43.7%. * Earnings per diluted share for the first quarter of 2007 were $0.54, compared to earnings per diluted share of $1.02 for the first quarter of 2006, a decrease of 47.1%. * Dividends declared per common share for the first quarter of 2007 were $1.12, compared to $0.91 for the first quarter of 2006, an increase of 23.1%. * Book value per common share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: was $21.68 at March 31, 2007, compared to book value per common share of $22.01 at March 31, 2006, a decrease of 1.5%. Comparison of the Three Months Ended March 31, 2007 and December December: see month. 31, 2006 * Revenue for the first quarter of 2007 was $197.2 million, compared to revenue of $257.7 million for the fourth quarter of 2006, a decrease of 23.4%. * Net earnings for the first quarter of 2007 were $30.7 million, compared to net earnings of $64.7 million for the fourth quarter of 2006, a decrease of 52.6%. * Earnings per diluted share for the first quarter of 2007 were $0.54, compared to earnings per diluted share of $1.21 for the fourth quarter of 2006, a decrease of 55.4%. * Dividends declared per common share for the first quarter of 2007 were $1.12, compared to $1.06 for the fourth quarter of 2006, an increase of 5.7%. * Book value per common share was $21.68 at March 31, 2007, compared to book value per common share of $22.64 at December 31, 2006, a decrease of 4.2%. Michael Strauss, American Home's Chief Executive Officer commented, "As has been well publicized pub·li·cize tr.v. pub·li·cized, pub·li·ciz·ing, pub·li·ciz·es To give publicity to. Adj. 1. publicized - made known; especially made widely known publicised , the first quarter was a difficult period for mortgage lenders. Our company also found the first quarter to be challenging. During the quarter, a severe disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. in the secondary mortgage market caused the prices we received for our loan production to be far less than in previous quarters. Specifically, our company's gain on sale margin excluding delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. related charges was 1.09% during the first quarter compared to 1.52% during the fourth quarter of 2006. Also, during the first quarter our company set aside a record level of reserves for delinquency related charges including $60.5 million of reserving associated with our loans held for sale. This high level of reserving caused our gain on sale margin net of loans held for sale delinquency reserves to be 0.74% in the first quarter compared to 1.42% in the fourth quarter of 2006. Finally, during the first quarter our company experienced a loss in the value of the mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. and hedges in our mortgage holdings segment. These factors caused our company's first quarter income to be significantly reduced despite gains in net interest income stemming from improved portfolio and warehouse spreads and despite strong revenue from mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. . While I am disappointed by our company's results, our company will always be susceptible to significant disruptions in the secondary mortgage market. It does appear that the secondary market is stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. . During April, more loan buyers have been bidding to buy our loan pools. Additionally, spreads on some junior mortgage securities have retraced a portion of the sharp widening that occurred in March, junior mortgage securities are trading in a more orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. fashion, and the ABX ABX Antibiotics ABX Airborne Express ABX Abstracting ABX Albury, New South Wales, Australia - Albury (Airport Code) ABX Automatic Branch Exchange ABx Non-Antibiotics ABX Asset Backed Securities Index ABX Acoustic Bass Extension index is off its lows. We will have to see how market conditions develop as the year progresses. For now, however, our company's working assumption, which is incorporated into our earnings guidance, is that our gain on sale margins, excluding delinquency related charges, will continue near the low levels we experienced during the first quarter. While our company remains susceptible to disruptions in the secondary mortgage market, we can and have taken actions to reduce our delinquency related charges. It is important to note that most of our company's delinquency related expenses are not due to delinquency in our portfolio, but instead result from early payment defaults on loans sold that we were required to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. , or on loans we hold pending sale. Indeed, 87% of the first quarter's delinquency related charges stem from our loans held for sale, not our portfolio. Moreover, the vast majority of our delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans held for sale are due to our previously offering a particular type of product, namely stated income loans A stated income loan is a mortgage where the lender does not verify the borrower's income, by looking at their pay stubs, W-2 forms, income tax returns, or other records. Instead, the borrower is simply asked to state their income, and taken at their word. where a high portion of a home's value is borrowed. These types of loans have accounted for approximately 15% of our loan production, but resulted in 73% of our delinquent loans held for sale at March 31, 2007. Our company discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: offering the high loan-to-value, stated income loans that resulted in the great majority of our delinquency related charges, generally in late February. As a result, our company is now in a "tail" period that will include repurchasing loans that were recently sold and are still inside the period in which our sale is subject to repurchase, which is usually three months. As the tail period winds down, our company's delinquency related charges should begin to diminish. During the first quarter, our company's delinquency related charges were increased both due to reserving for new delinquencies and due to reserving because we increased the loss severity assumption for all delinquent loans held for sale. Increased severity assumptions are due to ongoing weakness in home prices and long home marketing periods. This change in assumptions is the reason first quarter delinquency related charges were disproportionately dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por greater than increases to
delinquent loans held for sale. During the first quarter, our company
increased the loss severity assumption associated with our contingent
reserve for repurchases.
One bright note for the first quarter and for April of 2007 is that our loan application volume remains reasonably strong despite our no longer offering those products that resulted in higher delinquency. Our application volume appears to be benefiting from reduced competition and strong demand for refinancing Refinancing An extension and/or increase in amount of existing debt. . Based on current application run rates, our 2007 loan production volume guidance of $68 billion to $74 billion remains unchanged. During the first quarter, our company did achieve a record for loan production of $16.7 billion and for market share of 2.54%. As described in the headline of this earnings release, our company is reducing its full year 2007 earnings guidance to $3.25 to $3.75 per share. The reduction assumes continued weakness in the secondary mortgage markets with little improvement in our company's gain on sale margin. It also assumes a gradual reduction in delinquency related charges associated with selling and repurchasing those loan products our company has discontinued offering. Our projection is that our company's earnings per share will increase sequentially with earnings in the second quarter exceeding those in the first quarter, and earnings in the third and fourth quarter continuing to modestly improve. Our company is reaffirming its $0.70 per share per quarter dividend policy. Please note, however, that our company is only obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay dividends upon dividends being declared by our Board of Directors, and that the dividend policy is subject to change at any time without prior notice." FIRST QUARTER RESULTS During the first quarter, the Company adopted Statement of Financial Accounting Standards No. 159, "The Fair Value Option for Financial Assets Financial assets Claims on real assets. and Financial Liabilities" ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 159"). As a result of the adoption of SFAS 159, the Company recorded a reduction to the January 1, 2007 opening balance of retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. and an offsetting decrease to other comprehensive loss of $54.5 million. The net effect of these two entries did not change the Company's book value, but did reduce both retained earnings and other comprehensive loss by a like amount. During the first quarter of 2007, the Company's net interest income, plus the positive carry from interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. , was $64.3 million compared to $48.9 million in the fourth quarter of 2006. Of the $64.3 million, $19.0 million was from portfolio loans, $18.3 million was from mortgage-backed securities, $3.8 million was from swaps associated with mortgage-backed securities, $2.8 million was from American Home Bank, and $33.9 million was from loans in warehouse, reduced by $13.5 million of net interest expense on trust preferred securities, the financing of servicing assets, and other. By comparison, the components of the $48.9 million of net interest income, plus the positive carry from interest rate swaps, earned in the fourth quarter of 2006 were $12.4 million from portfolio loans, $14.7 million from mortgage-backed securities, $6.3 million from swaps associated with mortgage-backed securities, $0.6 million was from American Home Bank and $26.8 million from loans in warehouse, including loans held for investment pending securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. , reduced by $11.9 million of interest expense on trust preferred securities and the financing of servicing assets. During the first quarter of 2007, portfolio loans earned a net interest margin of 1.56% and had an average balance of $4.9 billion, compared to a net interest margin of 1.42% and an average balance of $3.5 billion in the fourth quarter of 2006. During the first quarter, mortgage-backed securities had an average balance of $8.7 billion, earned a net interest margin on a stand-alone basis of 0.84%, and earned a net interest margin including income from associated swaps of 1.01%. By comparison, in the fourth quarter of 2006, mortgage-backed securities had an average balance of $9.2 billion, earned net interest margin on a stand-alone basis of 0.64%, and earned a net interest margin including income from associated swaps of 0.91%. In the first quarter, loans in warehouse, including loans held for investment pending securitization, had an average balance of $9.9 billion and earned a net interest margin of 1.37%. By comparison, during the fourth quarter of 2006, loans in warehouse, including loans held for investment pending securitization, had an average balance of $10.0 billion and earned a net interest margin of 1.08%. During the first quarter, the Company's provision expense associated with loans held for investment was $9.1 million, while its quarter-end allowance for loan loss balance was $16.6 million and its non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. held for investment were $96.1 million. By comparison, for the fourth quarter of 2006, the Company's provision expense was $6.7 million, while its quarter-end allowance for loan loss balance was $14.2 million and its non-performing loans held for investment were $82.4 million. Additionally, in the first quarter, the Company's gain on sale was reduced by $60.5 million to account for additional reserving against the Company's loans held for sale and additions to its contingent reserve for repurchases. At quarter-end, reserves associated with delinquent loans held for sale were $52.8 million, while non-performing loans held for sale were $242.9 million. By comparison, in the fourth quarter, additions to reserves charged to gain on sale were $14.5 million, reserves associated with loans held for sale were $22.0 million, and non-performing loans held for sale were $124.3 million. Throughout the first quarter, the Company continued to pursue a strategy of matching the duration of its portfolio assets with the duration of its liabilities, net of hedges. At March 31, 2007, the composition of the Company's loans held for investment and loans underlying its mortgage-backed securities was 43.7% 5/1 ARM loans, 28.7% short reset ARMs, 15.8% fixed rate loans, 5.1% 7/1 ARM loans, 1.9% 3/1 ARM loans, 1.4% HELOC HELOC Home Equity Line Of Credit and closed-end seconds, and 3.4% other ARM types. On March 31, 2007, the mortgage-backed securities portfolio's duration, net of liabilities and hedges, was estimated to be 0.01 years and its projected average life was 2.27 years. The composition of the mortgage-backed securities portfolio by credit quality based on Standard & Poor's ratings was 92.1% Agency and AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. , 5.0% AA, A, and BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. and 2.9% BB, B, and unrated. During the first quarter, the Company's loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. were $16.7 billion compared to $15.5 billion in the fourth quarter of last year. During the first quarter, the Company sold $13.3 billion of loans to third parties, and retained $3.8 billion of loans at the end of the quarter which were marked to their fair value in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FAS 159. These loans were carried on the Company's books at quarter-end in part because of adverse market conditions in March. Most of these loans have been sold in April as a result of improved market conditions. During the first quarter, the Company's gross gain on sale excluding reserving for delinquencies was $187.4 million equal to a gross gain on sale margin of 1.09% on loans sold or marked. By comparison, during last year's fourth quarter, the Company sold $14.3 billion of loans to third parties for a gross gain on sale excluding reserving for delinquencies of $217.4 million equal to a gross gain on sale margin of 1.52%. The Company's gain on sale net of additions to its reserves for delinquent loans held for sale of $71.2 million was $126.8 million in the first quarter compared to $202.9 million in the fourth quarter of 2006 which included additions to reserves for delinquent loans held for sale of $29.0 million. During the first quarter of 2007, the Company's loan origination expenses were $161.2 million, or 0.94% of loans sold including the increase in loans carried at fair value, or 0.96% of loans originated, compared to $157.9 million, or 1.11% of loans sold, or 1.02% of loans originated in the fourth quarter of 2006. The Company estimates that its national market share, based on Freddie Mac's recent, revised estimate Revised estimate The third estimate of GDP released about three months after the measurement period. of national market size, was 2.54% in the first quarter compared to 2.21% in last year's fourth quarter and 1.87% during the first quarter of 2006. At the end of the first quarter, the Company employed approximately 2,520 loan officers and account executives, including call center representatives, but excluding sales assistants sales assistant n (BRIT) → dependiente/a m/f sales assistant (US), sales clerk sale n → vendeur/euse , compared to approximately 2,450 on December 31, 2006. During the first quarter of 2007, the Company's servicing income and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. fees were $46.1 million gross, and $21.2 million net of $24.9 million of reduction of fair value due to realization of servicing cash flows. By comparison, during the fourth quarter of 2006, servicing income and ancillary fees were $47.3 million gross, and $18.4 million net of $28.9 million reduction of fair value due to realization of servicing cash flows. At the end of the first quarter, the principal amount of the loans underlying the Company's servicing assets was $39.6 billion. By comparison, the amount of loans underlying the Company's servicing assets at the end of last year's fourth quarter was $38.5 billion. The principal amount of the servicing portfolio, including warehouse loans, was $50.4 billion at the end of the first quarter and $46.3 billion at the end of last year's fourth quarter. The Company's total revenues in the first quarter of 2007 were $197.2 million. Of these revenues, $60.5 million was from net interest income, $126.8 million was from gain on mortgage loans including origination fees A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. and net of hedges and additions to loss reserves, $46.1 million was from mortgage servicing fees, $3.8 million was from interest carry on free-standing free-standing Managed care adjective Referring to a physically and, often, financially discrete entity–eg, a surgical center, that is separate from, but may be affiliated with, a hospital; FS facilities may provide ambulatory surgery, emergency or swaps and $3.1 million was from other sources. Revenues were decreased by $24.9 million due to realization of servicing cash flows; $1.1 million due to a decrease in the value of servicing due to changes in assumptions net of hedges; $8.0 million due to realized and unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. on mortgage-backed securities and derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. held, net of hedges and $9.1 million due to provisioning for loan losses. During the first quarter, the Company's expenses were $179.2 million, and the Company's pre-tax income was $18.0 million. Also during the quarter, the Company's tax benefit was $12.7 million. Consequently, net income for the quarter was $30.7 million while preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) were $3.3 million and net income available to common stockholders was $27.4 million, resulting in earnings per diluted share of $0.54. Book value attributable to common stockholders at March 31, 2007 was $1.09 billion, or $21.68 per common share, compared to $1.14 billion, or $22.64 per common share, at December 31, 2006. EARNINGS OUTLOOK As described above, the Company is reducing its full year 2007 earnings guidance to $3.25 to $3.75 per share. The new guidance reflects an expectation that quarterly earnings will modestly increase sequentially throughout the year, with each successive quarter through the year coming in modestly ahead of the previous quarter. Underlying the Company's earnings guidance is the assumption that gain on sale margins will continue near the depressed levels of the first quarter through the balance of the year. Also underlying earnings guidance is the assumption that delinquency related charges on discontinued products will diminish gradually as the year progresses. It is important to note that actual results, which are different than the assumptions, may prevent the Company from achieving its earnings guidance, and may instead result in losses. In addition, factors other than the assumptions listed herein may cause the Company to fail to achieve its earnings guidance and may result in losses as more fully described under Risk Factors in the Company's Annual Report filed on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission. In addition, investors should note that mortgage lending and mortgage investment have recently been adversely affected by a number of factors that have also affected the Company, and which are generally beyond the Company's control. Any one or more of these factors may reduce the Company's income or lead to losses. These factors include poor conditions for securitizing mortgage loans, reduced prices for mortgage loans, falling housing prices, reduced housing activity, rising mortgage delinquencies, downgrades of junior mortgage securities and the potential for additional laws and regulation. The Company cautions that investors should carefully consider each of these factors and should also carefully read each of the Risk Factors in the Company's Annual Report. DIVIDEND POLICY Based on the Company's projections for earnings and cash flow, the Company's dividend policy of $0.70 per quarter or $2.80 on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis is being maintained. The Company's dividend policy does not constitute an obligation to pay dividends, which only occurs when its Board of Directors declares a dividend. The dividend policy is subject to ongoing review by the Board of Directors based on, among other things, the Company's business prospects, financial condition, earnings projections and cash flow projections A Cash Flow Projection is an attempt to forecast the cash flows that will be generated by an asset, often a company, over a specified time frame. Methodology Projections can be made with varying levels of detail, but any cash flow projection for a business entails , and the Board may, when it deems doing so is advisable ad·vis·a·ble adj. Worthy of being recommended or suggested; prudent. ad·vis a·bil , lower or eliminate the
dividend without prior notice.
CONFERENCE CALL TODAY American Home will hold an investor conference call today, April 30, 2007, at 10:30 a.m., Eastern Time, to discuss earnings. Interested parties may listen to the live conference call by visiting the investor relations Investor relations The process by which the corporation communicates with its investors. section of American Home's corporate website, www.americanhm.com. A replay of the online broadcast will be available on the site through May 14, 2007. DIVIDEND REINVESTMENT Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. & DIRECT STOCK PURCHASE AND SALE PLAN American Home Mortgage Investment Corp. has established an Investors Choice Dividend Reinvestment & Direct Stock Purchase and Sale Plan for its shareholders. The plan offers affordable alternatives for buying and selling common stock of American Home Mortgage Investment Corp. Participants in the plan may also reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. cash dividends and make periodic supplemental cash payments to purchase additional shares of the Company's common stock. If you have additional questions or would like to enroll in the plan, please contact the plan administrator, American Stock Transfer & Trust Company, at 1-888-777-0319 (toll free) or visit their website at www.amstock.com. ABOUT AMERICAN HOME American Home Mortgage Investment Corp. is a mortgage real estate investment trust ("REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ") focused on earning net interest income from self-originated loans and mortgage-backed securities, and, through its taxable subsidiaries, from originating and selling mortgage loans and servicing mortgage loans for institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Mortgages are originated through a network of loan production offices and mortgage brokers as well as purchased from correspondent lenders, and are serviced at the Company's Irving, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to servicing center. For additional information, please visit the Company's website at www.americanhm.com. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains "forward-looking statements" that are based upon expectations, estimates, forecasts, projections and assumptions. Any statement in this news release that is not a statement of historical fact, including, but not limited to, earnings guidance and forecasts, projections of financial results and loan origination volume, expected future financial position, dividend plans or business strategy, and any other statements of plans, expectations, objectives, estimates and beliefs, is a forward looking statement. Words such as "look forward," "will," "anticipate," "may," "expect," "plan," "believe," "intend," "opportunity," "potential," and similar words, or the negatives of those words, are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict, and are not guarantees of future performance. As a result, actual future events may differ materially from any future results, performance or achievements expressed in or implied by this news release. Specific factors that might cause such a difference include, but are not limited to: American Home's limited operating history with respect to its portfolio strategy; the potential fluctuations in American Home's operating results; American Home's potential need for additional capital; the direction of interest rates and their subsequent effect on the business of American Home and its subsidiaries; risks associated with the use of leverage; changes in federal and state tax laws affecting REITs; federal and state regulation of mortgage banking; and those risks and uncertainties discussed in filings made by American Home with the Securities and Exchange Commission. Such forward-looking statements are inherently uncertain, and stockholders must recognize that actual results may differ from expectations. American Home does not assume any responsibility, and expressly disclaims any responsibility, to issue updates to any forward-looking statements discussed in this news release, whether as a result of new information, future events or otherwise. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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