CAPSTEAD MORTGAGE ANNOUNCES INCREASE IN DIVIDEND
CAPSTEAD MORTGAGE ANNOUNCES INCREASE IN DIVIDEND DALLAS, Dec. 9 /PRNewswire/ -- Capstead Mortgage Corporation
(NYSE: CMO) announced today that it will pay quarterly dividends of 70 cents per common share and 40 cents per share on the $1.60 cumulative preferred stock, Series A on Dec. 31, 1991, to stockholders of record as of Dec. 20, 1991.
In commenting on the dividend increase, Ronn Lytle, president, said, "The fourth quarter dividend is 23 percent higher than the dividend for the same period in 1990 and represents the fourth consecutive increase in 1991. Dividends on the common shares in 1991 will be $2.56 per share, compared to $2.27 per share in 1990, an increase of 12.8 percent." Lytle went on to say "Operating results continue to benefit from increased purchase volume of first mortgage loans and favorable short- term borrowing costs. Purchases of first mortgage loans and CMO issuances by quarter in 1991 are as follows: Loan CMO 1991 Purchases Issuances First Quarter $ 149,417,000 $ -- Second Quarter 214,735,000 200,000,000 Third Quarter 641,195,000 325,000,000 Fourth Quarter 1,100,000,000(A) 950,000,000 $2,105,347,000 $1,475,000,000 (A) estimated The excellent return on the company's recent CMOs and the decision to retain for investment its purchases of adjustable-rate mortgages should provide earnings' momentum into 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. -0- 12/9/91 /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: DIV SH -- NY055 -- 0624 12/09/91 14:21 EST
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|Date:||Dec 9, 1991|
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