American Mortgage Acceptance Company Revises Financial Guidance for Second Quarter and Year.Business Editors NEW YORK--(BUSINESS WIRE)--July 17, 2003 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 stated that it has revised its second quarter and full-year earnings guidance for 2003. AMAC has revised its second quarter earnings estimate to $0.32-$0.33 per share, which is lower than the Company's initial guidance of $0.37 per share for the quarter ended June 30, 2003. AMAC has also revised its full-year estimate to $1.58-$1.60 per share, from the Company's initial guidance of $1.65-$1.70 per share. AMAC's revised earnings guidance is based upon its expectation that it will not receive interest on four mezzanine loans that are currently in default. The mezzanine loans have an aggregate principal amount of $10.5 million, which comprises approximately 4% of the Company's total assets. The Company adds that it is taking steps to preserve its investment in these loans and believes that it is adequately collateralized and does not expect to experience a loss of principal. More information will be provided on its upcoming conference call to discuss second quarter financial results. Although the declaration of dividends is subject to the continued discretion of AMAC's Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. , the inability to collect interest on these loans will not affect the Company's ability to continue to pay a quarterly dividend at a rate equal to the most recently declared dividend declared dividend A dividend authorized by a firm's board of directors. At the time a dividend is declared, the firm creates a liability for the dividend's payment. of $0.40 per share. About the Company AMAC is a real estate investment trust that specializes in multifamily housing finance. AMAC originates and acquires mezzanine loans, 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. Certain statements in this press release may constitute forward-looking statements within the meaning of the "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. " provisions 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 risks 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. AMAC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in AMAC's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based. |
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