American Mortgage Acceptance Company Reports a 43% Increase in Net Income Per Share.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 6, 2002 American Mortgage Acceptance Company ("AMAC AMAC Adults Molested As Children AMAC Assistance to Mine-Affected Communities AMAC Aircraft Monitor And Control AMAC Approximate Message Authentication Code AMAC American Military Arms Corporation AMAC Asset Management Assistance Center " or the "Company") (AMEX AMEX See: American Stock Exchange :AMC (Advanced Mezzanine Card) See AdvancedTCA. ) today announced financial results for the third quarter ended September 30, 2002. "We are pleased to report another quarter of extremely strong operations and consistent earnings growth," commented Stuart Boesky, President and Chief Executive Officer of AMAC. "AMAC continues to find solid investment opportunities while maintaining a conservative capital structure." Financial Highlights For the three months ended September 30, 2002, AMAC had net income of approximately $2.6 million, representing an increase of approximately 137.4% compared to net income of approximately $1.1 million for the three months ended September 30, 2001, which was impacted by a $212,000 net loss on repayments of GNMA GNMA abbr. Government National Mortgage Association certificates and mortgage loans in the prior period. On a per share basis (basic and 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. ), net income was $0.41 for the three months ended September 30, 2002, representing an increase in net income per share of approximately 43.2% as compared to $0.28 for the three months ended September 30, 2001. AMAC had total revenues of approximately $3.3 million for the three months ended September 30, 2002, as compared to $2.0 million for the three months ended September 30, 2001, representing an increase of approximately 65.7%. AMAC's present quarterly dividend 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 $1.50 per share, representing an 11.30% dividend yield on the $13.27 per share closing price on November 5, 2002. Commitments In July 2002, AMAC granted a standby standby Medtalk adjective Referring to the immediate availability of a certain specialist–anesthesiologist, surgeon, who can be deployed in a medical emergency. Cf Concurrent. bridge loan commitment in the approximate amount of $1.7 million for Clark's Crossing, a 160-unit apartment complex to be constructed in Laredo, Texas. The loan is expected to be funded in February 2003 and, if funded, will have a term of 11 months and will bear interest at 12%. AMAC received a bridge 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. fee of 2%. In addition, AMAC also guaranteed a construction loan of approximately $4.8 million on Clark's Crossing, providing credit support for the period beginning with construction completion until the property reaches stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders . AMAC received an up-front construction loan guarantee fee of 0.625% and a 0.50% construction loan administration fee, which will be received on a monthly basis after construction completion, up until the date at which permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. takes place. In August 2002, AMAC issued a standby permanent loan commitment of up to approximately $4.3 million for the rehabilitation rehabilitation: see physical therapy. of Highland Park Highland Park. 1 City (1990 pop. 30,575), Lake co., NE Ill., a suburb of Chicago on Lake Michigan; inc. 1869. It is a retail business and medical center for the North Shore area. , a 200-unit complex located in Topeka, Kansas This article is about the state capital of Kansas. For other uses, see Topeka (disambiguation). Topeka is the capital of the U.S. state of Kansas and the county seat of Shawnee County, which is named after the Shawnee Indians. . The loan, if funded, will bear interest at a rate of 9.5%. AMAC received an upfront standby commitment Standby commitment An agreement between a corporation and investment firm that the firm will purchase whatever part of a stock issue that is offered in a rights offering that is not subscribed to in the two- to four- week standby period. fee of 2.0% for issuing the commitment. AMAC will also receive a loan origination fee of 1.0%, if the loan is funded. Subsequent Portfolio Activity In October 2002, AMAC guaranteed a construction loan of approximately $3.7 million for Village of Meadowbend Apartments, a proposed 138-unit affordable multifamily apartment complex located in Temple, Texas, in exchange for an up-front construction loan guarantee fee of 0.75%. AMAC will also receive 0.50% construction loan administration fee, which will be paid on a monthly basis after construction completion, up until the date at which permanent financing takes place. The construction loan guarantee will provide credit support for the period beginning with construction completion until property stabilization. In November 2002, AMAC purchased a $6.8 million GNMA Permanent Loan Certificate (PLC) secured by Burlington Apartments, a 427-unit multifamily apartment complex located in St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minnesota. The PLC yields 5.90% to AMAC. The loan is a HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. 223(f) and is fully amortizing,
with a final maturity date of April 2031.In November 2002, AMAC closed its first transaction under its recently introduced Acquisition/Rehabilitation Bridge Program with Fleet National Bank, funding a $6.3 million acquisition bridge loan for Del Mar Del Mar is the name of several places in the United States of America:
The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . The bridge loan, which matures April 2004, carries an interest rate of the one-month London Inter-Bank Offer Rate ("LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). ") plus 462.5 basis points. Payments on the loan are interest only for the full 18-month term. AMAC received an origination fee 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. of 1.5% and will receive an exit fee of 0.5%-1.5%, depending upon the timing and source of the repayment of the loan. About the Company AMAC is a real estate investment trust that specializes in multifamily housing finance. AMAC originates and acquires mezzanine loans A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). , bridge loans, and government insured first mortgages secured by multifamily housing properties throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For more information, please visit our website at http://www.americanmortgageco.com or contact the Shareholder Services Department directly at (800) 831-4826.
AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands)
----------------------------------
September 30, December 31,
2002 2001
------------ -----------
(Unaudited)
ASSETS
Investments in mortgage loans $20,406 $17,799
Investments in GNMA certificates
available for sale 99,439 50,060
Investment in ARCap 20,240 20,246
Cash and cash equivalents 2,759 1,018
Notes receivable 14,997 11,373
Accrued interest receivable 900 570
Other assets 436 916
------------ -----------
Total assets $159,177 $101,982
============ ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Repurchase facilities payable $62,412 $43,610
Accrued interest payable 49 22
Accounts payable and accrued
expenses 503 1,348
Due to Advisor and affiliates 441 331
Distributions payable 2,386 1,392
------------ -----------
Total liabilities 65,791 46,703
------------ -----------
Commitments and contingencies
Shareholders' equity:
Shares of beneficial interest; $.10 par
value; 25,000,000 shares authorized;
6,738,826 issued and 6,363,630
outstanding and 4,213,826 issued and
3,838,630 outstanding in 2002 and
2001, respectively 674 421
Treasury shares of beneficial
interest; 375,196 shares (38) (38)
Additional paid-in capital 99,470 68,841
Distributions in excess of
net income (14,399) (14,505)
Accumulated other comprehensive
income 7,679 560
------------ -----------
Total shareholders' equity 93,386 55,279
------------ -----------
Total liabilities and shareholders'
equity $159,177 $101,982
============ ===========
AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Dollars in the thousands except per share amounts)
(Unaudited)
-------------------- -------------------
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- -------------------
2002 2001 2002 2001
-------------------- -------------------
Revenues:
Interest income:
Mortgage loans $536 $350 $1,546 $2,257
GNMA certificates 1,548 859 4,002 1,354
Notes receivable 548 127 1,662 234
Temporary investments 16 20 40 47
Equity in earnings of
ARCap 600 604 1,800 1,788
Other income 67 40 203 70
------- ------- ------- -------
Total revenues 3,315 2,000 9,253 5,750
------- ------- ------- -------
Expenses:
Interest 290 463 869 1,100
General and
administrative 119 113 409 375
Fees to Advisor 318 122 1,046 418
FNMA loan program -- -- 358 --
------- ------- ------- -------
Total expenses 727 698 2,682 1,893
Net gain (loss) on
repayments of GNMA
certificates and
mortgage loans -- (212) 614 (212)
------- ------- ------- -------
Net income $2,588 $1,090 $7,185 $3,645
======= ======= ======= =======
Net income per share
(basic and diluted) $.41 $.28 $1.22 $.95
======= ======= ======= =======
Weighted average shares
outstanding
(basic and diluted) 6,363,630 3,838,630 5,901,176 3,838,630
========= ========= ========= =========
Certain items in this press release may constitute 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. within the meaning of 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. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. or change in events, conditions or circumstances on which any statement is based. |
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