This [1] just posted on the IMH web site.
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Notes and References
[1]: "Impac Mortgage Holdings, Inc. Reports Net (Loss) Earnings of $(66.3) Million for 2006 Compared to $270.3 Million for 2005: Estimated Taxable Income Was $79.5 Million for 2006 Compared to $142.9 Million for 2005", Company Press Release, PRNewswire - Source: Impac, February 22, 2007.
IRVINE, Calif., Feb. 22 /PRNewswire-FirstCall/ — Impac Mortgage Holdings, Inc. (NYSE: IMH) ("IMH", "Impac" or "the Company"), a real estate investment trust ("REIT"), today reported a net (loss) of $(66.3) million or $(1.06) per diluted common share for 2006, as compared to net earnings of $270.3 million, or $3.35 per diluted common share for 2005. The decrease was primarily attributable to a compression of net interest margins which is mainly due to borrowings re-pricing more quickly than the adjustable mortgage assets. Additionally, net interest income decreased as a result of a decrease in the average balance of securitized mortgage collateral. Another primary factor contributing to the decrease in net earnings was the $257.9 million decrease in fair value of derivatives, which was partially offset by a $181.8 million increase in cash receipts from derivatives. Additionally, net earnings decreased by $29.5 million as a result of a lower of cost or market charge primarily related to loans repurchased during the second and fourth quarters of 2006.
