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TIS MORTGAGE INVESTMENT CO. REPORTS 1991 EARNINGS, DECLARES FIRST QUARTER 1992 DIVIDEND

 TIS MORTGAGE INVESTMENT CO. REPORTS 1991 EARNINGS,
 DECLARES FIRST QUARTER 1992 DIVIDEND
 SAN FRANCISCO, March 4 /PRNewswire/ -- TIS Mortgage Investment Co. (NYSE: TIS) today reported net income for the year ended Dec. 31, 1991, of $9,165,000, or $1.13 per share. This compares to net income of $7,764,000, or $0.96 per share, for the year ended Dec. 31, 1990. Total revenue for the year ended Dec. 31, 1991, was $75,263,000 as compared to $78,440,000 for the year ended Dec. 31, 1990.
 Net income for the quarter ended Dec. 31, 1991, was $2,133,000 or $0.26 per share, compared to net income for the quarter ended Dec. 31, 1990, of $1,988,000, or $0.25 per share. Total revenue for the quarter ended Dec. 31, 1991, was $18,202,000 as compared to $19,218,000 for the quarter ended Dec. 31, 1990.
 The increase in net income is due to the rapid decrease in short- term interest rates throughout 1991 with the decline in long-term interest rates beginning in the middle of the year. This contributed to higher income on the company's Residuals with floating-rate Bond Classes. Due to a lag between the time long-term rates dropped and mortgage refinancings were completed, mortgage prepayments did not begin to increase significantly until the third quarter of 1991. In 1992, if mortgage prepayments maintain the high levels they reached at the end of 1991, the increase will probably offset the benefit of the lower short-term interest rates, which could result in a decrease of both financial statement and taxable income.
 The company also declared a dividend of $0.28 per share for the quarter ended March 31, 1992, payable on April 15, 1992, to stockholders of record as of March 31, 1992. This compares to a $0.32 dividend for the March 31, 1991, quarter and a $0.34 dividend for each of the last three quarters of 1991. The dividend reflects the lower level of long-term interest rates and maintains the company's spread over the 10-year Treasury rate. As a real estate investment trust (REIT), the company's dividends are based on taxable income calculated under the Internal Revenue Code and not on financial statement income, 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 (CMO) Bonds. The company commenced operations on Aug. 26, 1988.
 TIS MORTGAGE INVESTMENT COMPANY AND SUBSIDIARIES
 SUMMARY OF FINANCIAL RESULTS
 (In thousands, except per share data)
 (Unaudited)
 Year Ended Year Ended
 Dec. 31, 1991 Dec. 31, 1990
 Revenues $75,263 $78,440
 Net Income 9,165 7,764
 Net Income per Share 1.13 0.96
 Dividends Declared per Share 1.34 1.28
 Weighted Average Shares Outstanding 8,100 8,100
 Quarter Ended Quarter Ended
 Dec. 31, 1991 Dec. 31, 1990
 Revenues $18,202 $19,218
 Net Income 2,133 1,988
 Net Income Per Share 0.26 0.25
 Dividends Declared per Share 0.34 0.32
 Weighted Average Shares Outstanding 8,100 8,100
 -0- 3/4/92
 /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: Mortgage Investment Co. ST: California IN: FIN SU: ERN


RF -- SF006 -- 5180 03/04/92 18:13 EST
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Date:Mar 4, 1992
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