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Impac Mortgage Holdings, Inc. Announces Results Of Third Quarter 2013

Impac Mortgage Holdings, Inc. (NYSE MKT: IMH) announces financial results for the quarter and nine months ended September 30, 2013. For the third quarter of 2013, the Company reported a net loss of $(4.9) million or $(0.56) per diluted common share, as compared to a net loss of $(2.3) million or $(0.29) per diluted common share in the third quarter of 2012. For the nine months ended September 30, 2013, the Company reported a net loss of $(4.5) million or $(0.52) per diluted common share, as compared to a net loss of $(2.9) million or $(0.36) per diluted common share for the nine months ended September 30, 2012.

                   
Results by Segment Q3 2013 Q2 2013 Q3 2012 YTD 2013 YTD 2012
(in thousands)

Net earnings (loss)

   

Diluted EPS

Net earnings (loss)

   

Diluted EPS

Net earnings (loss)

   

Diluted EPS

Net earnings (loss)

   

Diluted EPS

Net earnings (loss)

   

Diluted EPS

Mortgage Lending $ (4,067 ) $ (0.46 ) $ 3,426 $ 0.33 $ 8,268 $ 1.05 $ 29 $ 0.00 $ 12,319 $ 1.57
Real Estate Services 3,963 0.45 3,355 0.33 3,137 0.40 9,614 1.10 9,495 1.21
Long-term Mortgage Portfolio   (4,576 )   (0.52 )   (4,563 )   (0.42 )   (4,655 )   (0.59 )   (13,125 )   (1.50 )   (11,225 )   (1.43 )
Continuing Operations $ (4,680 ) $ (0.53 ) $ 2,218 $ 0.24 $ 6,750 $ 0.86 $ (3,482 ) $ (0.40 ) $ 10,589 $ 1.35
Income tax (expense) benefit from continuing operations   9     0.00     (32 )   0.00     (8 )   0.00     1,065     0.12     (44 ) $ 0.00  
Continuing Operations, net of tax $ (4,671 ) $ (0.53 ) $ 2,186 $ 0.24 $ 6,742 $ 0.86 $ (2,417 ) $ (0.28 ) $ 10,545 $ 1.35
Discontinued Operations, net of tax   (277 )   (0.03 )   (968 )   (0.10 )   (9,021 )   (1.15 )   (2,051 )   (0.24 )   (13,402 )   (1.71 )
Net (loss) earnings attributable to IMH $ (4,948 ) $ (0.56 ) $ 1,218   $ 0.14   $ (2,279 ) $ (0.29 ) $ (4,468 ) $ (0.52 ) $ (2,857 ) $ (0.36 )
 

The Company’s continuing operations, which include the mortgage lending, real estate services and long-term mortgage portfolio segments, had a net loss of $(4.7) million in the third quarter of 2013, as compared to net earnings of $2.2 million in the second quarter of 2013 and $6.8 million in the third quarter of 2012, primarily due to a loss in mortgage lending.

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