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CAPSTEAD MORTGAGE CORPORATION ANNOUNCES RECORD EARNINGS

 DALLAS, April 15 /PRNewswire/ -- Capstead Mortgage Corporation (NYSE: CMO) today reported record earnings for the quarter ended March 31, 1993 of $22,904,000, or 88 cents per common share (86 cents per fully diluted share), up from $11,207,000, or 81 cents per common share (76 cents per fully diluted share), for the same quarter in 1992.
 In commenting on the results, Ronn K. Lytle, chairman and chief executive officer, said, "Net income benefited from growth in mortgage assets, favorable borrowing costs and gains on sales of mortgage investments. Purchases of first mortgage loans were only $688.0 million compared to $1.4 billion in the first quarter of 1992. The recent decline in interest rates should result in increased volume in the second quarter."
 Mr. Lytle went on to announce, "Because of the gains recognized on sales of mortgage investments during the quarter, amendments negotiated with Lomas Mortgage USA to shorten the term of two agreements related to the management of the company did not disrupt Capstead's trend of continued earnings growth. The amended agreements called for a March 31, 1993 payment of $4.5 million which represented a discount of $1.5 million to payments aggregating $6.0 million required under the original agreements during 1995, 1996 and 1997. The management agreement will now terminate Dec. 31, 1994 rather than Dec. 31, 1996, after which Capstead will be fully self-administered. Capstead also agreed with Lomas that it will not be required to deliver mortgage loans to Lomas for servicing after Sept. 30, 1993 instead of Dec. 31, 1994."
 The comparative results of operations are as follows (in thousands, except per share amounts):
 CAPSTEAD MORTGAGE CORPORATION
 Quarter ended March 31 1993 1992
 Interest income $ 149,566 $ 100,791
 Interest expense 121,441 82,783
 Other revenues 9,609 1,112
 Other expenses 14,830 7,913
 Net income 22,904 11,207
 Net income per share:
 Primary $0.88 $0.81
 Fully diluted 0.86 0.76
 Average number of shares:
 Primary 15,036 13,179
 Fully diluted 15,868 14,773
 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- 4/15/93
 /CONTACT: Ronn K. Lytle, 214-999-2301, or Andrew F. Jacobs, 214-999-2350, both of Capstead Mortgage Corporation/
 (CMO)


CO: Capstead Mortgage Corporation ST: Texas IN: FIN SU: ERN

WB -- NY066 -- 6270 04/15/93 12:45 EDT
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Date:Apr 15, 1993
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