JHM MORTGAGE SECURITIES L.P. REPORTS THIRD QUARTER EARNINGS
MCLEAN, Va., Nov. 13 /PRNewswire/ -- JHM Mortgage Securities L.P. (NYSE: JHM) today announced that its net income for the three months ended Sept. 30, 1991, was $1,874,000, or 37 cents per unit, compared to $719,000, or 14 cents per unit, for the three months ended Sept. 30, 1990. Taxable income to unitholders for the three months ended Sept. 30, 1991, was $1,886,000, or 38 cents per unit, compared to $1,508,000, or 30 cents per unit, for the three months ended Sept. 30, 1990.
Net income for the nine months ended Sept. 30, 1991, was $5,038,000, or $1.01 per unit, compared to $2,879,000, or 57 cents per unit, for the nine months ended Sept. 30, 1990(A).
The company's third quarter distribution of 34 cents per unit was paid on Oct. 8, 1991, to unitholders of record on Sept. 30, 1991.
JHM Mortgage Securities L.P. is a publicly traded partnership whose objective is to provide high quarterly income through the active management of mortgage-related assets. The partnership is managed by JHM Mortgage Capital Corporation and is affiliated with The JHM Group of McLean.
JHM MORTGAGE SECURITIES L.P.
Summary of Results (unaudited)
Period ended Three Months Nine Months
Sept. 30, 1991 1990 1991 1990(A)
Net income $1,874,000 $719,000 $5,038,000 $2,879,000(A)
Net income per unit $.37 $.14 $1.01 $.57(A)
per unit .38 .30 1.09 .95
per unit (B) .34 .30 .99 .90
(A) Net income for the nine months ended Sept. 30, 1990, included a one-time charge against earnings of $926,000, or 19 cents, per unit as a result of a change in accounting principle. The change in accounting principle had no effect on taxable income or distributions during the period.
(B) Represents cash distributions based on taxable net profit for the periods indicated.
/CONTACT: Stephen P. Gavula or C. Thomas Williamson of JHM Mortgage Securities L.P., 703-883-2900/
(JHM) CO: JHM Mortgage Securities L.P. ST: Virginia IN: FIN SU: ERN SB-MK -- DC003 -- 3760 11/13/91 08:33 EST