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Impac Mortgage Holdings, Inc. Announces Year End 2013 Results

Impac Mortgage Holdings, Inc. (NYSE MKT: IMH) announces a net loss for the year ended 2013 of $(8.2) million, or $(0.94) per diluted common share, as compared to a net loss of $(3.4) million, or $(0.42) per diluted common share for the year ended 2012.

 
Results by Segment For the year ended December 31,
(in thousands) 2013   2012
Net earnings

(loss)

 

Diluted EPS

Net earnings

(loss)

 

Diluted EPS

Mortgage Lending $ (1,237 ) $ (0.14 ) $ 17,612 $ 2.23
Real Estate Services 13,250 1.51 12,581 1.59
Long-term Mortgage Portfolio (4,251 ) (0.49 ) (3,727 ) (0.47 )
Corporate   (13,940 )   (1.59 )   (13,048 )   (1.65 )
Continuing Operations $ (6,178 ) $ (0.71 ) $ 13,418 $ 1.70
Income tax (benefit) expense from continuing operations   (1,031 )   (0.12 )   1,244   $ 0.16  
Continuing Operations, net of tax $ (5,147 ) $ (0.59 ) $ 12,174 $ 1.54
Discontinued Operations, net of tax   (3,037 )   (0.35 )   (15,549 )   (1.96 )
Net loss attributable to IMH $ (8,184 ) $ (0.94 ) $ (3,375 ) $ (0.42 )
 

The Company’s continuing operations, which include the mortgage lending, real estate services, long-term mortgage portfolio and corporate segments, had a net loss before taxes of $(6.2) million in 2013, as compared to net earnings before taxes of $13.4 million in the in 2012, primarily due to a significant decline in mortgage lending earnings.

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