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CAPSTEAD MORTGAGE ANNOUNCES EARNINGS

 CAPSTEAD MORTGAGE ANNOUNCES EARNINGS
 DALLAS, Jan. 20 /PRNewswire/ -- Capstead Mortgage Corporation


(NYSE: CMO) announced today earnings of $9,522,000, or 88 cents per share (70 cents per fully diluted share), for the quarter ended Dec. 31, 1991, compared to $7,264,000, or 58 cents per share (53 cents per fully diluted share), for the same quarter in 1990. Net income for the year ended Dec. 31, 1991, was $33,717,000, or $2.92 per share ($2.46 per fully diluted share), compared to $29,082,000, or $2.34 per share ($2.14 per fully diluted share), for the same period in 1990.
 On Dec. 31, 1991, a dividend of 70 cents per common share and 40 cents per share on the $1.60 cumulative preferred stock, Series A was distributed by the company to its stockholders. The company has qualified as a real estate investment trust by distributing at least 95 percent of its net income in the form of dividends to its stockholders.
 The company also announced that the record date for determining stockholders entitled to notice of and to vote at the annual meeting of the company on April 15, 1992 will be the close of business on Feb. 18, 1992. The company's proxy statement and annual report will be mailed to the stockholders on or about Feb. 28, 1992.
 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 collateralized mortgage obligations and other portfolio management strategies. It is managed by Capstead Advisers, a subsidiary of Lomas Mortgage USA.
 The comparative results of operations are as follows (in thousands, except per share amounts):
 CAPSTEAD MORTGAGE CORPORATION
 Periods ended Quarter Year
 Dec. 31; 1991 1990 1991 1990
 Revenues $78,078 $47,540 $238,249 $181,915
 Expenses $68,556 $40,276 $204,532 $152,833
 Net income $9,522 $7,264 $33,717 $29,082
 Net income
 per share:
 Primary $.88(A) $.58 $2.92(A) $2.34
 Fully diluted $.70 $.53 $2.46 $2.14
 Average number
 of shares:
 Primary 9,723 8,700 8,964 8,700
 Fully diluted 13,646 13,619 13,683 13,619
 (A) -- Primary net income per share for the quarter and year ended Dec. 31, 1991, reflect the conversion of 3,140,304 shares of Series A, Preferred Stock into 2,826,256 shares of common stock. The Series A, Preferred Stock is convertible into 9/10 of 1 share of common stock and became convertible after Nov. 6, 1991. If this conversion had occurred at the beginning of the respective periods, the primary net income per share would have been 74 cents and $2.60 per share for the quarter and year ended Dec. 31, 1991, respectively, compared to the actual amounts reported above.
 -0- 1/20/92
 /CONTACT: Ronn Lytle, 214-746-8231, or Andy Jacobs, 214-746-8240, both of Capstead Mortgage/
 (CMO) CO: Capstead Mortgage Corporation ST: Texas IN: FIN SU: ERN FC -- NY056 -- 1562 01/20/92 17:38 EST
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Date:Jan 20, 1992
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