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COUNTRYWIDE MORTGAGE INVESTMENTS INC. DECLARES CASH DIVIDEND

 PASADENA, Calif., July 9 /PRNewswire/ -- Countrywide Mortgage Investments Inc. (NYSE: CWM) today announced unaudited earnings of $54,000, or $0.00 per share, for the second quarter ended June 30, 1993. Earnings per share for the comparable quarter last year were $1,653,000, or $0.12 per share. For the quarter ended March 31, 1993, earnings per share were $0.01.
 The company's board of directors declared a cash dividend of $0.12 per share for the quarter, payable Aug. 19, 1993, to shareholders of record on Aug. 6, 1993. The company paid a cash dividend of $0.12 per share for the comparable quarter in 1992.
 During 1993, Countrywide Mortgage began implementation of a new operating plan under which it principally conducts jumbo mortgage conduit and warehouse lending operations. The operating plan has been implemented by individuals with experience in mortgage banking, secondary marketing and mortgage loan purchase operations. Historically, the company has been a long-term investor in residential mortgage loans and in mortgage securities representing interests in such loans.
 Earnings from the second quarter of 1993 include profits generated from the new operations. However, these profits were offset by losses of $0.22 per share from the portfolio of fixed-rate mortgages financed with collateralized mortgage obligations (CMOs) that were in existence prior to the implementation of the new operating plan (the Pre-1993 CMO Portfolio). Earnings from the jumbo mortgage conduit and warehouse lending operations were $3,817,000, or $0.27 per share, for the second quarter. These earnings and the company's overall earnings, however, did not include personnel and other operating costs associated with the implementation of the new plan which are currently being absorbed by Countrywide Asset Management Corp., the manager of the company. If these costs were included, earnings for the company's new and overall operations would have been reduced by $0.04 per share for the quarter ended June 30, 1993. Under the current management agreement, the company anticipates it will begin paying all costs of the new operations during the third quarter of 1993. During the quarter ended June 30, 1993, mortgage interest rates fell to historically low levels and mortgage refinancings continued to adversely impact the Pre-1993 CMO portfolio. The aggregate principal amount of the Pre-1993 CMO portfolio was $337 million as of June 30, 1993, representing a significant decrease from the $417 million and $507 million as of March 31, 1993, and Dec. 31, 1992, respectively.
 As a mortgage loan conduit, the company (including its subsidiaries) purchases jumbo and other non-conforming mortgage loans from mortgage bankers, banks, savings and loans and other financial entities who generally retain the mortgage loan servicing rights. In general, the company will sell the loans as multiclass mortgage-backed securities in the form of real estate mortgage investment conduits (REMICs) or, alternatively, invest in the loans on a long-term basis using financing provided by CMOs. The company anticipates utilizing various forms of credit enhancement in connection with this securitization process. During the second quarter of 1993, the company purchased approximately $633 million in loans under the new conduit operations. In addition, since the commencement of the new plan, the mortgage loan conduit has issued master commitments to purchase loans from various sellers aggregating approximately $2.1 billion over the next 12 months. Also during the second quarter of 1993, the company issued a $98 million series of CMOs, settled a $182 million REMIC and committed to settle $275 million in additional REMIC securities (in July 1993). All of these were primarily collateralized with jumbo mortgage loans.
 The new operating plan also includes a warehouse lending program for small- and medium-size mortgage bankers. This program will provide short-term revolving financing to mortgage bankers to finance mortgage loans during the period beginning with the closing of the loan until it is sold to an investor. As of June 30, 1993, the company had extended lines of credit under this program in the aggregate amount of approximately $17 million.
 On May 20, 1993, the company filed a registration statement to issue an additional 9 million shares of common stock. Proceeds of this offering will be used to expand loan acquisition and warehouse lending activities under the new operating plan.
 Countrywide Mortgage Investments Inc. is a real estate investment trust that conducts jumbo mortgage loan conduit and warehouse lending operations.
 COUNTRYWIDE MORTGAGE INVESTMENTS INC.
 Financial Highlights
 (Unaudited)
 Second Quarter Ended
 June 30,
 1993 1992
 Net earnings $54,000 $1,653,000
 Earnings per share $0.00 $0.12
 Dividend per share(a) $0.12 $0.12
 Weighted average number
 of shares outstanding 13,981,423 13,978,250
 Quarter Ended
 June 30, March 31,
 1993 1993
 Net earnings $54,000 $118,000
 Earnings per share $0.00 $0.01
 Dividend per share(a) $0.12 $0.12
 Weighted average number
 of shares outstanding 13,981,423 13,980,792
 Six Months Ended
 June 30,
 1993 1992
 Net earnings $172,000 $2,908,000
 Earnings per share $0.01 $0.21
 Dividend per share(a) $0.24 $0.24
 Weighted average number
 of shares outstanding 13,981,063 13,977,941
 (a) Declared for earnings of the period.
 Second Quarter Ended
 June 30, 1993
 Net Earnings EPS
 Jumbo conduit &
 warehouse lending
 Net interest income $2,928,000 $0.21
 Gain on sale of loans & securities 889,000 0.06
 Total jumbo conduit &
 warehouse lending 3,817,000 0.27
 Net interest expense on
 pre-1993 CMO portfolio (3,131,000) (0.22)
 Fixed operational expenses - CMI (632,000) (0.05)
 Total $54,000 $0.00
 -0- 7/9/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Mortgage Investments/
 (CWM)


CO: Countrywide Mortgage Investments Inc. ST: California IN: FIN SU: ERN DIV

JL -- NYON2 -- 9775 07/09/93 08:02 EDT
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Date:Jul 9, 1993
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