American Home Mortgage Investment Corp. Delays Payment of Quarterly Common Stock and Series A and Series B Preferred Stock Divid
27 Julio 2007 - 9:19PM
Business Wire
American Home Mortgage Investment Corp. (NYSE: AHM) announced today
that its Board of Directors has decided to delay payment of its
quarterly cash dividend on the Company�s common stock and
anticipates delaying payment of its quarterly cash dividends on its
Series A Cumulative Redeemable Preferred Stock and Series B
Cumulative Redeemable Preferred Stock in order to preserve
liquidity until it obtains a better understanding of the impact
that current market conditions in the mortgage industry and the
broader credit market will have on the Company�s balance sheet and
overall liquidity. The disruption in the credit markets in the past
few weeks has been unprecedented in the Company�s experience and
has caused major write-downs of its loan and security portfolios
and consequently has caused significant margin calls with respect
to its credit facilities. The quarterly cash dividend of $0.70 per
share on the Company�s common stock had been declared on June 15,
2007 and was to be paid on July 27, 2007 to all shareholders of
record as of July 9, 2007. The Series A Preferred Stock dividend
and Series B Preferred Stock dividend had been declared on June 15,
2007 and are payable on July 31, 2007, to shareholders of record as
of July 9, 2007. American Home Mortgage Investment Corp. is a
mortgage real estate investment trust (REIT) focused on earning net
interest income from self-originated loans and mortgage-backed
securities, and, through its taxable subsidiaries, from originating
and selling mortgage loans and servicing mortgage loans for
institutional investors. Mortgages are originated through a network
of loan production offices and mortgage brokers as well as
purchased from correspondent lenders, and are serviced at the
Company's Irving, Texas servicing center. For additional
information, please visit the Company's website at
www.americanhm.com. This news release contains "forward-looking
statements" that are based upon expectations, estimates, forecasts,
projections and assumptions. Any statement in this news release
that is not a statement of historical fact, including, but not
limited to, earnings guidance and forecasts, projections of
financial results and loan origination volume, expected future
financial position, dividend plans or business strategy, and any
other statements of plans, expectations, objectives, estimates and
beliefs, is a forward-looking statement. Words such as "look
forward," "will," "anticipate," "may," "expect," "plan," "believe,"
"intend," "opportunity," "potential," and similar words, or the
negatives of those words, are intended to identify forward-looking
statements. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that are difficult
to predict, and are not guarantees of future performance. As a
result, actual future events may differ materially from any future
results, performance or achievements expressed in or implied by
this news release. Specific factors that might cause such a
difference include, but are not limited to: American Home's limited
operating history with respect to its portfolio strategy; the
potential fluctuations in American Home's operating results;
American Home's potential need for additional capital; the
direction of interest rates and their subsequent effect on the
business of American Home and its subsidiaries; risks associated
with the use of leverage; changes in federal and state tax laws
affecting REITs; federal and state regulation of mortgage banking;
and those risks and uncertainties discussed in filings made by
American Home with the Securities and Exchange Commission. Such
forward-looking statements are inherently uncertain, and
stockholders must recognize that actual results may differ from
expectations. American Home does not assume any responsibility, and
expressly disclaims any responsibility, to issue updates to any
forward-looking statements discussed in this news release, whether
as a result of new information, future events or otherwise.
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