American Residential Increases Fourth Quarter Earnings Guidance.Business Editors SAN DIEGO--(BUSINESS WIRE)--Dec. 23, 2002 American Residential Investment Trust, Inc. (NYSE NYSE See: New York Stock Exchange : INV INV abbr. in vitro fertilization ) announced today that its consolidated earnings for the quarter ending December 31, 2002 are expected to substantially surpass previous earnings guidance. In November, the Company estimated that fourth quarter earnings would be $0.20-$0.30 per share based on consolidated net income of between $1.6 million and $2.4 million. The Company is adjusting its fourth quarter earnings guidance to be at least double that previously given. In commenting on expectations for the fourth quarter, John M. Robbins, Jr., Chief Executive Officer, said, "The expected increase in consolidated earnings for the quarter is being driven by better than expected gross margins and strong productivity throughout AmNet's network of regional centers. Our success can also be attributed to careful execution of our operating strategy during a robust housing market." The Company also increased its expectations of fourth quarter mortgage loan fundings to approximately $1.8 billion through its subsidiary, American Mortgage Network (AmNet). This funding level would bring total volume for 2002 to approximately $4 billion. The Company plans to report fourth quarter financial results in early February. AmNet began operations in November 2001 to serve the wholesale lending channel. AmNet has $710 million in warehouse credit capacity and is currently approved to do business in 45 states either by license or exemption. About American Mortgage Network Headquartered in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , American Mortgage Network is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of regional centers and over the Internet. AmNet has regional centers in Ontario, California Ontario is a city located in San Bernardino County, California, United States. As of the 2000 Census, the city had a total population of 170,373. It is the home of LA/Ontario International Airport and the huge Ontario Mills shopping mall (the largest in Southern California and one ; Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. ; San Diego, California; Denver, Colorado; New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Connecticut; Atlanta, Georgia; Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. ; Cherry Hill, New Jersey; and Portland, Oregon as well as offices in Mission Viejo, California “Mission Viejo” redirects here. For other uses, see Mission Viejo (disambiguation). Mission Viejo (anglicized pronunciation IPA: /ˈmɪʃənviːˈeɪhoʊ/ ; Tampa, Florida; and Kirkland, Washington. For more information, please visit www.amnetmortgage.com. About American Residential Investment Trust American Residential Investment Trust, Inc. is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that has, in the past, invested in subprime residential mortgage assets. The Company intends to terminate its status as a mortgage REIT Mortgage REIT An REIT that invests in loans secured by real estate which derive income from mortgage interest and fees. mortgage REIT in the first quarter of 2003. Prior to that time, American Residential Investment Trust plans to move to another national equity market exchange. For more information, please visit www.amerreit.com. Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding the Company's expected net earnings for the quarter ended December 31, 2002; expected loan funding volumes for the fourth quarter and 2002; the timing of reporting financial results; the timing of removing the Company's status as a REIT; and plans to move to another national stock exchange. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: uncertainty as to the percentage of the pipeline that will result in mortgage loan fundings; fluctuation in the margins, net of hedging, of loans in the Company's pipeline; the predictability of the Company's expenses; the future correlation of volatility in forward mortgage sale instruments to the Company's loan lock commitments; general economic conditions; interest rate volatility and the level of interest rates generally; the availability of suitable mortgage assets; the availability of financing for the origination of mortgage loans; the impact of leverage; the Company's liquidity position; the effects of terminating the Company's REIT status; the ability of the Company to qualify for listing on another exchange; and other risk factors outlined in American Residential Investment Trust's SEC reports. |
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