Printer Friendly

TIS MORTGAGE INVESTMENT ANNOUNCES HIGHER EARNINGS IN THE THIRD QUARTER OF 1991

        TIS MORTGAGE INVESTMENT ANNOUNCES HIGHER EARNINGS IN
                     THE THIRD QUARTER OF 1991
    SAN FRANCISCO, Nov.11 /PRNewswire/ -- TIS Mortgage Investment Co. (NYSE: TIS), today announced net income of $2,518,000, or 31 cents per share, for the quarter ended Sept. 30, 1991, up 28 percent from the $1,972,000, or 24 cents per share, earned in the third quarter of 1990.  Net income for the nine months ended Sept. 30, 1991, was $7,032,000, or 87 cents per share, compared to $5,776,000, or 71 cents per share, for the nine months ended Sept. 30, 1990.
    The increase in net income is due in part to lower short-term interest rates, which contributed to higher income on the company's LIBOR and COFI indexed residuals.  Income also benefitted from the four fixed-rate CMO residuals which were acquired in the second quarter of 1991 at a total cost of $9,554,000.  As these residuals were purchased in the latter half of the second quarter, the full benefit to earnings was not felt until the third quarter.  The company has committed to acquire a principal only CMO bond in the fourth quarter of 1991 at a cost of approximately $2,400,000.  Continued downward pressure on long-term interest rates could result in further increases in mortgage prepayment speeds, which could lead to a reduction of the company's financial statement and taxable income in future quarters.
    As a real estate investment trust, TIS Mortgage Investment Co.'s dividends are based on taxable income calculated under the internal revenue code and not on financial statement income which is computed in accordance with generally accepted accounting principles.  On a cumulative basis, taxable income has exceeded the amount of dividends declared and paid.
    TIS Mortgage Investment Co. is a San Francisco-based REIT which invests in various mortgage assets, including Residual Interests in Collateralized Mortgage Obligation Bonds.  The company commenced operations on Aug. 26, 1988.
          TIS MORTGAGE INVESTMENT CO. AND SUBSIDIARIES
                  Summary of Financial Results
              (In thousands, except per share data)
                         (Unaudited)
                              Quarter Ended    Quarter Ended
                              Sept. 30, 1991   Sept. 30, 1990
    Revenues                     $18,809          $19,470
    Net Income                     2,518            1,972
    Net Income per Share            0.31             0.24
    Dividends Declared per
     Share                          0.34             0.32
    Weighted Average Shares
     Outstanding                   8,100            8,100
                            Nine Months Ended    Nine Months Ended
                              Sept. 30, 1991       Sept. 30, 1990
    Revenues                     $57,061          $59,221
    Net Income                     7,032            5,776
    Net Income per Share            0.87             0.71
    Dividends Declared per
     Share                          1.00             0.96
    Weighted Average Shares
     Outstanding                   8,100            8,100
    -0-                   11/11/91
    /CONTACT:  John E. Castello of TIS Mortgage Investment Co., 415-393-8000; or Maury Healy of Healy & Co., 415-546-6166 for TIS Mortgage Investment Co./
    (TIS) CO:  TIS Mortgage Investment Co. ST:  California IN:  FIN SU:  ERN DB -- SF005 -- 3161 11/11/91 16:41 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1991
Words:477
Previous Article:FLORIDA REGIONAL STOCK REPORT FOR MONDAY, NOV. 11
Next Article:HOLNAM REPORTS THIRD-QUARTER RESULTS
Topics:


Related Articles
COUNTRYWIDE MORTGAGE INVESTMENTS INC. REPORTS CASH DIVIDEND
TIS MORTGAGE INVESTMENT CO. REPORTS 1991 EARNINGS, DECLARES FIRST QUARTER 1992 DIVIDEND
TIS MORTGAGE INVESTMENT REPORTS FIRST QUARTER 1992 EARNINGS
COUNTRYWIDE MORTGAGE INVESTMENTS INC. DECLARES CASH DIVIDEND
TIS MORTGAGE INVESTMENT COMPANY REPORTS SECOND QUARTER 1992 RESULTS
AIM 84 REPORTS SECOND QUARTER NET EARNINGS OF 9 CENTS PER UNIT
COUNTRYWIDE MORTGAGE INVESTMENTS INC. ANNOUNCES THIRD QUARTER EARNINGS; DECLARES CASH DIVIDEND
AIM 85 REPORTS THIRD QUARTER EARNINGS OF 30 CENTS PER INVESTMENT UNIT
TIS MORTGAGE INVESTMENT COMPANY REPORTS THIRD QUARTER 1995 RESULTS
TIS MORTGAGE INVESTMENT COMPANY REPORTS 1995 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters