American Home Mortgage Provides Third Quarter 2002 Business Update.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 4, 2002 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 Holdings, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AHMH AHMH American Home Mortgage Holdings, Inc. ): -- Realizes Higher Than Projected Application and Closing Volume -- -- Raises Full-Year 2002 EPS Guidance To Between $2.10 and $2.20 -- American Home Mortgage Holdings, Inc. (NASDAQ: AHMH), one of the nation's largest independent retail mortgage bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. , today provided an update for the third quarter ending September September: see month. 30, 2002. For the first two months of the third quarter ending September 30, 2002, American Home Mortgage realized higher than projected application and closing volume. Based upon the first two months of the quarter, applications for American Home, including Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. National, rose to approximately $4.2 billion, a 133% increase over the same period in 2001. The benefits from this higher than expected volume were partially offset by higher than projected servicing amortization expense, expenses for hedging the servicing portfolio to create an offset for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. , and higher production costs associated with operating above normal capacity.
OPERATING STATISTICS
Two Months Ended August 30th
2002 2001 % Change
Applications (in millions)
American Home Mortgage (excl. Columbia National)3,182 1,782 79%
Columbia National 977
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Total 4,159 1,782 133%
Closings (in millions)
American Home Mortgage (excl. Columbia National)1,684 1,236 36%
Columbia National 551
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Total 2,235 1,236 81%
Two Months Ended August 30th
2002 2001 % Change
Loans in Process (in billions)
American Home Mortgage (excl. Columbia National) 3.9 1.8 117%
Columbia National 1.0
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Total 4.9 1.8 172%
Michael Strauss, chairman and chief executive commented, "We are extremely pleased with the volume of business during the first two months of the third quarter. Based on this higher than projected activity, we expect earnings for the balance of 2002 will be higher than originally projected and are revising our earnings guidance accordingly. We now expect 2002 EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. will be between $2.10 and $2.20 per share, an increase from $1.95 to $2.00 per share provided in the second quarter 2002 earnings release." American Home is proceeding with the integration of Columbia National. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis including Columbia National, American Home would have been the 18th largest retail mortgage loan originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting in the U.S. based on the National Mortgage News survey for the second quarter 2002. ABOUT AMERICAN HOME MORTGAGE American Home Mortgage Holdings, Inc. is an independent retail originator of residential mortgage loans both online and offline. Its online operation, MortgageSelect.com is a leader in online closed loan volume, and has outperformed its online competitors in terms of profitability. Offline, the Company has grown organically and by acquisition and now has 131 community loan offices across the country. For additional information, please visit the Company's Web site at www.americanhm.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains statements about future events and expectations, which are "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. ." Any statement in this release that is not a statement of historical fact, including, but not limited to earnings guidance and forecasts, and projections of financial results, may be deemed to be a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results to be materially different from any future results, performance or achievements expresses or implied by such forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: the potential fluctuations in the Company's operating results; the Company's potential need for additional capital, the direction of interest rates and their subsequent effect on the Company's business, federal and state regulation of mortgage banking; the Company's competition; the Company's ability to attract and retain skilled personnel; and those risks and uncertainties discussed in filings made by the Company with the Securities and Exchange Commission, including those risks and uncertainties contained under the heading "Risk Factors" in the Company's Registration Statement on Form S-3 as filed with the Securities and Exchange Commission. |
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