Exhibit 99.1

 

 

Impac Mortgage Holdings, Inc. Announces Year End 2018 Results

 

Irvine, CA, March 14, 2019 -- Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the Company) announces the financial results for the quarter and year ended December 31, 2018.  

 

For the fourth quarter of 2018, the Company reported a net (loss) of $(6.4) million, or $(0.31) per diluted common share, and adjusted operating (loss) of $(10.3) million, or $(0.49) per diluted common share, as compared to a net (loss) of $(44.9) million, or $(2.14) per diluted common share, and adjusted operating (loss) of $(30.8) million, or $(1.47) per diluted common share, for the fourth quarter of 2017. 

 

For the year ended December 31, 2018, the Company reported a net (loss) of $(145.4) million, or $(6.92) per diluted common share, and adjusted operating (loss) of $(21.4) million, or $(1.02) per diluted common share, as compared to a net (loss) of $(31.5) million, or $(1.62) per diluted common share, and adjusted operating (loss) of $(28.6) million or $(1.47) per diluted common share, for the year ended December 31, 2017. 

 

Adjusted operating income (loss), excluding the changes in contingent consideration and impairment charges (adjusted operating income (loss)) is not considered an accounting principle generally accepted in the United States of America (non-GAAP) financial measurement; see the discussion and reconciliation on non-GAAP financial measures further below.

 

Results of Operations

 

For the Three Months Ended

 

For the Year Ended

 

(in thousands, except share data)

 

December 31, 

 

September 30, 

 

December 31,

 

December 31,

 

December 31, 

 

(unaudited)

 

2018

 

2018

 

2017

 

2018

 

2017

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of loans, net

 

$

12,854

 

$

13,673

 

$

19,545

 

$

66,750

 

$

136,147

 

Servicing fees, net

 

7,807

 

10,124

 

8,327

 

37,257

 

31,902

 

Loss on mortgage servicing rights, net

 

(6,303

)

(5,192

)

(17,721

)

(3,625

)

(35,880

)

Real estate services fees, net

 

1,192

 

711

 

1,364

 

4,327

 

5,856

 

Other

 

15

 

71

 

140

 

291

 

680

 

Total revenues

 

15,565

 

19,387

 

11,655

 

105,000

 

138,705

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

Personnel expense

 

13,661

 

16,061

 

20,294

 

64,143

 

89,647

 

Business promotion

 

3,854

 

4,351

 

9,532

 

26,936

 

40,276

 

General, administrative and other

 

8,323

 

7,897

 

12,580

 

35,339

 

37,424

 

Intangible asset impairment

 

 

4,897

 

 

18,347

 

 

Goodwill impairment

 

 

29,925

 

351

 

104,587

 

351

 

Accretion of contingent consideration

 

 

 

109

 

 

2,058

 

Change in fair value of contingent consideration

 

 

 

(2,273

)

 

(13,326

)

Total expenses

 

25,838

 

63,131

 

40,593

 

249,352

 

156,430

 

Operating loss:

 

(10,273

)

(43,744

)

(28,938

)

(144,352

)

(17,725

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

540

 

411

 

1,253

 

2,517

 

4,343

 

Loss on extinguishment of debt

 

 

 

 

 

(1,265

)

Change in fair value of long-term debt

 

3,281

 

(785

)

(292

)

3,978

 

(2,949

)

Change in fair value of net trust assets

 

687

 

(1,315

)

(365

)

(2,549

)

6,213

 

Total other (expense) income

 

4,508

 

(1,689

)

596

 

3,946

 

6,342

 

Net loss before income taxes

 

(5,765

)

(45,433

)

(28,342

)

(140,406

)

(11,383

)

Income tax expense

 

676

 

12

 

16,563

 

5,004

 

20,138

 

Net loss

 

$

(6,441

)

$

(45,445

)

$

(44,905

)

$

(145,410

)

$

(31,521

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of instrument specific credit risk

 

(1,201

)

25

 

 

(3,141

)

 

Total comprehensive loss

 

$

(7,642

)

$

(45,420

)

$

(44,905

)

$

(148,551

)

$

(31,521

)

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average common shares

 

21,116

 

21,071

 

20,949

 

21,026

 

19,438

 

Diluted loss per share

 

$

(0.31

)

$

(2.16

)

$

(2.14

)

$

(6.92

)

$

(1.62

)

 

1


The following information was filed by Impac Mortgage Holdings Inc (IMH) on Friday, March 15, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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