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CAPSTEAD MORTGAGE CORPORATION ANNOUNCES 31 PERCENT EARNINGS INCREASE

 CAPSTEAD MORTGAGE CORPORATION ANNOUNCES 31 PERCENT EARNINGS INCREASE
 DALLAS, Oct. 14 /PRNewswire/ -- Capstead Mortgage Corporation (NYSE: CMO) announced today earnings of $13,234,000, or 84 cents per fully diluted share (87 cents per primary share), for the quarter ended Sept. 30, 1992, up from $8,748,000, or 64 cents per fully diluted share (75 cents per primary share) for the quarter ended Sept. 30, 1991. Fully diluted earnings per share were up 31 percent over the third quarter of 1991.
 In commenting on the quarter, Ronn K. Lytle, chairman, said, "Results benefitted from the substantial increase in purchase volume together with very favorable short-term borrowing costs from that of the previous year. Purchases of mortgage loans were $1.177 billion in the third quarter, and $4.197 billion for the nine months ended Sept. 30, 1992. Commitment volume has increased in recent weeks in response to lower interest rates beginning in early July. Purchase volume should be higher in the fourth quarter and purchases of $5.4 billion seem achievable for the year." The company also announced today that it recently priced two collateralized mortgage obligations ("CMOs") totalling $450 million. The first CMO (Series 1992-A) was priced Sept. 1, 1992 for $200 million and will be collateralized by 30- year, fixed-rate jumbo first mortgage loans. The second CMO (Series 1992-B) was priced Oct. 1, 1992 for $250 million and will be collateralized by 30-year and 15-year, fixed-rate jumbo first mortgage loans. The transactions are expected to close Oct. 30 and Nov. 30, respectively. These transactions bring the amount of CMOs to be closed in 1992 to $4.0 billion.
 Commenting on these two transactions, Lytle said, "The company sold its interest in the collateral on both CMOs and will elect Real Estate Mortgage Investment Conduit ("REMIC") status for tax purposes."
 The comparative results of operations are as follows (in thousands, except per share amounts):
 CAPSTEAD MORTGAGE CORPORATION
 Periods ended Quarter Nine months
 Sept. 30 1992 1991 1992 1991
 Interest income $133,329 $ 59,901 $358,100 $158,480
 Interest expense 110,692 48,323 296,099 126,924
 Other revenues 1,095 1,155 2,108 1,691
 Other expenses 10,498 3,985 27,114 9,052
 Net income 13,234 8,748 36,995 24,195
 Net income per share:
 Primary $ .87 $ .75 $ 2.50 $ 2.02
 Fully Diluted $ .84 $ .64 $ 2.39 $ 1.78
 Average number of shares:
 Primary 14,733 8,726 14,215 8,712
 Fully Diluted 15,728 13,645 15,469 13,631
 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.
 -0- 10/14/92
 /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


SH -- NY071 -- 9987 10/14/92 14:53 EDT
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Date:Oct 14, 1992
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