American Home Mortgage Announces Fourth Quarter and Full Year Results.Earnings are $1.21 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 for the fourth quarter and $4.96 for the full year 2006 Origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volumes are a record $15.5 billion for the fourth quarter and a record $58.9 billion for the full year 2006 Common stock dividend policy increased to $1.12 per share per quarter, or $4.48 per share 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 2007 earnings guidance is $5.40 to $5.70 per diluted share 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 and full year ended December December: see month. 31, 2006. FINANCIAL HIGHLIGHTS Comparison of the Three Months Ended December 31, 2006 and 2005 * Revenue for the fourth quarter of 2006 was $257.7 million, compared to revenue of $150.5 million for the fourth quarter of 2005, an increase of 71.3%. * Net earnings for the fourth quarter of 2006 were $64.7 million, compared to net earnings of $16.7 million for the fourth quarter of 2005, an increase of 287.5%. * Earnings per diluted share for the fourth quarter of 2006 were $1.21, compared to earnings per diluted share of $0.27 for the fourth quarter of 2005, an increase of 348.1%. * Dividends declared per common share for the fourth quarter of 2006 were $1.06, compared to $0.91 for the fourth quarter of 2005, an increase of 16.5%. * 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 $22.64 at December 31, 2006, compared to book value per common share of $21.62 at December 31, 2005, an increase of 4.7%. Comparison of the Three Months Ended December 31, 2006 and September 30, 2006 * Revenue for the fourth quarter of 2006 was $257.7 million, compared to revenue of $258.9 million for the third quarter of 2006, a decrease of 0.5%. * Net earnings for the fourth quarter of 2006 were $64.7 million, compared to net earnings of $72.0 million for the third quarter of 2006, a decrease of 10.2%. * Earnings per diluted share for the fourth quarter of 2006 were $1.21, compared to earnings per diluted share of $1.36 for the third quarter of 2006, a decrease of 11.0%. * Dividends declared per common share for the fourth quarter of 2006 were $1.06, compared to $1.01 for the third quarter of 2006, an increase of 5.0%. * Book value per common share was $22.64 at December 31, 2006, compared to book value per common share of $22.52 at September 30, 2006, an increase of 0.5%. Comparison of the Year Ended December 31, 2006 and 2005 * Revenue for the year ended December 31, 2006 was $1.03 billion, compared to adjusted revenue of $722.6 million for the year ended December 31, 2005, an increase of 42.0%. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). revenue for the year ended December 31, 2005 was $793.9 million. * Net earnings for the year ended December 31, 2006 were $263.5 million compared to adjusted net earnings of $189.4 million for the year ended December 31, 2005, an increase of 39.1%. GAAP net earnings for the year ended December 31, 2005 were $260.8 million. * Earnings per diluted share for the year ended December 31, 2006 were $4.96 compared to adjusted earnings per diluted share of $3.97 for the year ended December 31, 2005, an increase of 24.9%. GAAP earnings per diluted share for the year ended December 31, 2005 were $5.58. * Dividends per common share for the year ended December 31, 2006 were $3.94, compared to $3.24 for the year ended December 31, 2005, an increase of 21.6%. Michael Strauss, American Home's Chief Executive Officer commented, "The fourth quarter was highly successful for our company with earnings of $1.21 per diluted share. During the quarter, we added $1.0 billion of recently originated loans to our portfolio, which are carried at cost. Loan origination 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. volume was a record $15.5 billion due to our company achieving a record market share of 2.48% of national originations. Net interest income was stable while our servicing portfolio produced record revenues. During the quarter, our company did however experience its highest 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 to date, which reduced our quarterly earnings. The fourth quarter concluded a very successful year for our company, with earnings per diluted share reaching a record $4.96. By comparison, diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $3.97 in 2005, $3.74 in 2004, $4.07 in 2003 and $2.65 in 2002*. A key financial goal for our company in 2007 is to continue our multi-year growth trend in earnings per share. During 2006, our company's return on average common equity was 22.7%, which surpassed our target of 20%, and compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to 2005 when our adjusted return on average common equity was 19.7%. Also during 2006 our company originated $58.9 billion of loans compared to $45.3 billion in 2005. Finally, during 2006, our company reached a milestone as, for the first time; its revenues exceeded $1.0 billion. In this earnings release, our company is providing 2007 earnings guidance of $5.40 to $5.70 per fully diluted share with the earnings per diluted share for each quarter in 2007 projected to be approximately 9% to 15% higher than for the comparable quarter in 2006. Our earnings guidance is based on stable net interest margins applied to a growing portfolio of loans held for investment, loan production of $68 billion to $74 billion, and a reduction in gain on sale margins of approximately 12 basis points. Lower gain on sale margins are expected in part because delinquency losses on loans held for sale, including losses due to repurchases, are projected to continue at high levels throughout 2007. Projections for continued high losses are based on our company's view that while there are signs that housing prices are starting to stabilize stabilize See peg. , future abatements in foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. activity will lag a recovery in the housing market. As a result, our 2007 earnings guidance anticipates a highly stressed credit environment. Not included in our earnings guidance are potential benefits from new strategies that offer the possibility of higher portfolio income, increased loan production and reduced income tax expense. Our company will keep investors apprised if material benefits from these strategies become likely. I am very pleased to announce that based on our company's results and prospects, our Board of Directors has voted to increase our company's dividend policy by $0.06 to $1.12 per share per quarter or $4.48 per share on an annualized basis. The new dividend policy is expected to take effect with our April dividend payment. Please note, however, that our company is not 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 until such dividends are declared by our Board of Directors, and our Board of Directors may change our company's dividend policy at any time without prior notice." FOURTH QUARTER RESULTS During the fourth quarter, 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 $48.9 million compared to $50.5 million in the third quarter of 2006. Of the $48.9 million, $12.4 million was from portfolio loans, $14.7 million was from mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. , $6.3 million was from swaps associated with mortgage-backed securities, $0.6 million was from Flower Bank, and $26.8 million was from loans in warehouse, reduced by $11.9 million of interest expense on trust preferred securities and the financing of servicing assets. By comparison, the components of the $50.5 million of net interest income, plus the positive carry from interest rate swaps, earned in the third quarter were $11.8 million from portfolio loans, $16.6 million from mortgage-backed securities, $7.5 million from swaps associated with mortgage-backed securities and $25.1 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 $10.5 million of interest expense on trust preferred securities and the financing of servicing assets. During the fourth quarter, portfolio loans earned a net interest margin of 1.42% and had an average balance of $3.5 billion, compared to a net interest margin of 1.27% and an average balance of $3.7 billion in the third quarter of 2006. During the fourth quarter, mortgage-backed securities had an average balance of $9.2 billion, earned a 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%. By comparison, in the third quarter of 2006, mortgage-backed securities had an average balance of $9.3 billion, earned net interest margin on a stand-alone basis of 0.72%, and earned a net interest margin including income from associated swaps of 1.04%. In the fourth quarter, 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%. By comparison, during the third quarter of 2006 loans in warehouse, including loans held for investment pending securitization, had an average balance of $8.1 billion and earned a net interest margin of 1.24%. Delinquencies and delinquency related charges were up sharply in the fourth quarter and are expected to remain at elevated levels throughout 2007. For the fourth quarter, the Company's provision expense associated with loans held for investment was $6.7 million, while its quarter-end allowance for loan loss balance was $14.2 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 $82.4 million. By comparison, for the third quarter of 2006, the Company's provision expense was $5.4 million, while its quarter-end allowance for loan loss balance was $10.9 million and its non-performing loans held for investment were $66.9 million. Additionally, in the fourth quarter, the Company added $14.5 million to its reserves for 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 which include repurchased loans. These added reserves resulted in a charge to the Company's gain on sale which reduced its net gain on sale revenue. At quarter-end, reserves associated with delinquent loans held for sale were $22.0 million, while non-performing loans held for sale were $124.3 million. By comparison, in the third quarter, additions to reserves charged to gain on sale were $2.8 million, reserves associated with loans held for sale were $8.7 million, and non-performing loans held for sale were $50.3 million. During the fourth quarter, the value of the Company's residual assets Residual assets Assets that remain after sufficient assets are dedicated to meet all senior debtholders' claims in full. decreased approximately $12.1 million due to changes in anticipated credit losses, future interest rates and prepayment speeds Prepayment speed Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. , and consequently resulted in a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. that was charged to income. The Company estimates that approximately half of the write-down in the value of residual securities Residual Security Another way to describe convertibles. Notes: The term residual comes from the fact that convertibles dilute earnings. See also: Convertible Bond, Convertible Debenture, Diluted EPS residual security was attributable to delinquencies. During the fourth quarter, the Company completed foreclosures and sold repossessed real estate for loans with an aggregate unpaid principal balance of $43.4 million. Losses on these loans were $7.0 million, net of mortgage insurance, resulting in a severity rate of 16.2%. By comparison, during the third quarter, the Company completed foreclosures and sold repossessed real estate for loans with an aggregate unpaid principal balance of $29.4 million. Losses on those loans were $4.6 million, net of mortgage insurance, resulting in a severity rate of 15.7%. Throughout the fourth 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 December 31, 2006, the composition of the Company's loans held for investment and loans underlying its mortgage-backed securities was 45.0% 5/1 ARM loans, 26.0% short reset ARMs, 13.7% fixed rate loans, 8.9% 7/1 ARM loans, 2.0% 3/1 ARM loans, 1.3% HELOC HELOC Home Equity Line Of Credit and closed-end seconds, and 3.1% other ARM types. On December 31, 2006, the mortgage-backed securities portfolio's duration, net of liabilities and hedges, was estimated to be 0.07 years and its projected average life was 2.36 years. The composition of the mortgage-backed securities portfolio by credit quality based on Standard & Poor's ratings was 93.9% 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. , 3.8% 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 2.3% BB and unrated. During the fourth quarter, the Company's loan origination business continued to produce strong results. Loan originations reached a record $15.5 billion compared to $15.3 billion in this year's third quarter. During the 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%. By comparison, during this year's third quarter, the Company sold $14.3 billion of loans to third parties for a gross gain on sale of $213.4 million equal to a gain on sale margin of 1.49%. The Company's gain on sale net of additions to its reserves for delinquent loans held for sale was $202.9 million in the fourth quarter compared to $210.6 million in the third quarter of 2006. During the fourth quarter, the Company's loan origination expenses were $157.9 million, or 1.11% of loans sold, or 1.02% of loans originated, compared to $152.6 million, or 1.06% of loans sold, or 1.00% of loans originated in the third quarter. 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 2.48% in the fourth quarter compared to 2.24% in this year's third quarter and 1.69% during the fourth quarter of 2005. At the end of the fourth quarter, the Company employed approximately 2,450 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 2,640 on September 30, 2006. During the fourth quarter, 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 reached a record $47.3 million gross, and $18.4 million net of $28.9 million of reduction of fair value due to realization of servicing cash flows. By comparison, during the third quarter, servicing income and ancillary fees were $43.4 million gross, and $14.6 million net of $28.8 million reduction of fair value due to realization of servicing cash flows. At the end of the fourth quarter, the principal amount of the loans underlying the Company's servicing assets was $38.5 billion. By comparison, the amount of loans underlying the Company's servicing assets at the end of this year's third quarter was $35.9 billion. The principal amount of the servicing portfolio, including warehouse loans, was $46.3 billion at the end of the fourth quarter and $43.0 billion at the end of this year's third quarter. The Company's total revenues in the fourth quarter were $257.7 million. Of these revenues, $42.7 million was from net interest income, $202.9 million was from sales of newly originated 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, $47.3 million was 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. fees, $3.9 million was from an increase in the value of servicing due to changes in assumptions, net of hedges, $6.3 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 $2.9 million was from other sources. Revenues were decreased by $28.9 million due to realization of servicing cash flows, $12.7 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 held, net of hedges and $6.7 million due to provisioning for loan losses. During the fourth quarter, the Company's expenses were $173.4 million, and the Company's pre-tax income was $84.3 million. Also during the quarter, the Company's tax expense was $19.6 million. Consequently, net income for the quarter was $64.7 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 $61.4 million, resulting in earnings per diluted share of $1.21. Book value attributable to common stockholders at December 31, 2006 was $1.14 billion, or $22.64 per common share, compared to $1.13 billion, or $22.52 per common share, at September 30, 2006. EARNINGS GUIDANCE The Company is providing earnings guidance for 2007 of $5.40 to $5.70 per diluted share. Quarterly earnings per diluted share are projected to be approximately 9% to 15% higher for each quarter in 2007 compared to the comparable quarter in 2006. Key projections underlying the Company's guidance are that 1) net interest margins will remain stable and the balance of loans held for investment and carried at cost will continue to grow, 2) that loan production will range between $68 billion and $74 billion with higher production in the second and third quarters, and lower production in the first and fourth quarter, 3) that the Company's gain on sale margin from loans sold will decline by approximately 12 basis points, in part due to continued high delinquency charges associated with the Company's loans held for sale, and 4) that the Company will not experience significant losses net of hedges due to write-downs of its portfolio assets and / or its servicing assets. It is important to note that actual results, which are different than any one or more than one of the key projections, may prevent the Company from achieving its earnings guidance, and may instead result in losses. In addition, factors other than the key projections 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. DIVIDEND POLICY Based on the Company's projections for earnings and cash flow, its Board of Directors has raised the Company's common stock dividend policy to $1.12 per share per quarter, or $4.48 per share on an annualized basis. 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. The new dividend policy of $1.12 per share per quarter is
expected to commence beginning in April 2007.OTHER HIGHLIGHTS During the fourth quarter, the Company completed its acquisition of Flower Bank, fsb and consequently became a thrift thrift: see leadwort. holding company. As a result of its acquisition of Flower, a small portion of the Company's liabilities are now deposits. The Company expects to grow Flower slowly at first, but over the long term believes Flower will become a significant contributor to the Company's earnings. In connection with its acquisition of Flower, the Company has hired Lou Dunham to serve as Flower's President. Mr. Dunham has over thirty-two years of banking experience, most recently as President of Ameribank, a Florida based federal thrift. Previously, Mr. Dunham was the Senior EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition and Chief Risk Officer at Republic Security Bank. The Company also elected Tom Wren wren, small, plump perching songbird of the family Troglodytidae. There are about 60 wren species, and all except one are restricted to the New World. The plumage is usually brown or reddish above and white, gray, or buff, often streaked, below. to serve as an independent Director of Flower. Mr. Wren was recently the Treasurer of MBNA MBNA Monument Builders of North America MBNA Mercedes-Benz North America MBNA Maryland Bank, National Association MBNA Maryland Bank North America MBNA Mount Baker Nurses Association (Bellingham, Washington) where he served ten years, and previously was a senior bank regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. in the Office of the Controller of the Currency where he served for eighteen years. ADJUSTED FINANCIAL MEASURES Throughout this news release, the terms adjusted revenues, adjusted net earnings, adjusted earnings per diluted share, adjusted net interest income, adjusted net interest margin and other similar terms are used to identify financial measures that are not prepared 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 Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP"). The Company has been, and expects to continue to be, managed on the basis of the adjusted financial measures. The adjusted financial measures should be read in conjunction with the Company's GAAP results. A reconciliation of the adjusted financial measures to financial measures prepared in accordance with GAAP is included on pages A-1 and A-2 of this release. CONFERENCE CALL TODAY American Home will hold an investor conference call today, January 25, 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 February 8, 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. * 2004 and 2005 As Adjusted. See the section titled "Adjusted Financial Measures" on page 5 of this release. Financial Table Presentation The following financial tables include GAAP, adjusted and reconciling information for the reasons and purposes described under the heading ADJUSTED FINANCIAL MEASURES herein. Financial Tables to Follow on Next Page [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion