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CAPSTEAD MORTGAGE CORPORATION ANNOUNCES 36 PERCENT INCREASE IN EARNINGS PER SHARE

 CAPSTEAD MORTGAGE CORPORATION ANNOUNCES 36 PERCENT INCREASE
 IN EARNINGS PER SHARE
 DALLAS, April 15 /PRNewswire/ -- Capstead Mortgage Corporation (NYSE: CMO) announced today earnings of $11,207,000, or 76 cents per fully diluted share (81 cents per primary share), for the quarter ended March 31, 1992, up from $7,564,000, or 56 cents per fully diluted share (62 cents per primary share), for the quarter ended March 31, 1991. Fully diluted earnings per share were up 36 percent over the first quarter of 1991.
 In commenting on the results, Ronn K. Lytle, president, said, "Results benefited from the substantial increase in purchase volume together with very favorable short-term borrowing costs. Net interest income on the company's CMOs improved reflecting the volume and profitability of CMOs issued in the last half of 1991. Purchases of mortgages were $1.424 billion in the first quarter, the best in the company's history. Commitment volume continues at a very high level and it appears that April purchases will approximate $500 million."
 CAPSTEAD MORTGAGE CORPORATION
 Comparative Results of Operation
 Quarter Ended March 31 1992 1991
 Interest income $100,708,000 $48,232,000
 Interest expense $82,783,000 $38,225,000
 Other revenues $1,195,000 $43,000
 Other expenses $7,913,000 $2,486,000
 Net income $11,207,000 $7,564,000
 Net income per share:
 Primary $.81 $.62
 Fully diluted $.76 $.56
 Average number of shares:
 Common 13,179,000 8,700,000
 Preferred 1,770,000 5,465,000
 Capstead Mortgage Corporation invests in long-term, single-family residential mortgages for the purpose of offering investors the opportunity to participate in the income generated from the management of a portfolio of mortgage loans utilizing pooling and the issuance of CMOs and other portfolio strategies. It is managed by Capstead Advisers, a subsidiary of Lomas Mortgage USA.
 -0- 4/15/92
 /CONTACT: Ronn K. Lytle, 214-746-8231, or Andrew F. Jacobs, 214-746-8240, both of Capstead Mortgage Corporation/
 (CMO) CO: Capstead Mortgage Corporation ST: Texas IN: FIN SU: ERN


AH -- NY087 -- 8774 04/15/92 14:02 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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