LOS ANGELES, May 7 /PRNewswire-FirstCall/ -- Apex Mortgage Capital, Inc. (Amex: AXM, news, msgs) today reported operating earnings for the quarter ended March 31, 2002 of $11,432,000, or $0.62 per basic share, compared to $3,863,000, or $0.67 per basic share, for the quarter ended March 31, 2001. The Company recorded net income of $9,728,000, or $0.53 per basic share, for the current quarter after the effect of a net loss of $1.7 million on the investment portfolio, compared to net income of $974,000, or $0.17 per basic share, for the year ago quarter. The Company increased its dividend during the first quarter of 2002 to $0.50 per share and declared a dividend for the first quarter on March 28, 2002 payable to shareholders of record on April 26, 2002. The current quarterly dividend represents a 15% annual dividend yield based on yesterday's closing price of $12.99 per share.
During the most recent quarter, the Company's total assets increased significantly from $1,535,425,000 to $2,598,317,000. At March 31, 2002, 99.79% of the Company's assets were U.S. Government Agency guaranteed or AAA-rated. The average yield for the portfolio during the first quarter of 2002 was 6.47% and the average book cost was $100.49. The average cost of borrowing for the quarter was 3.24%, resulting in a net interest margin of approximately 3.23%. At the end of the first quarter, leverage was approximately 10.7 to 1, down from 11.8 to 1 in the fourth quarter of 2001. Book value per common share increased during the most recent quarter to $8.66 at March 31, 2002 from $8.36 at December 31, 2001. Commenting on the Company's operating earnings, Philip A. Barach, Chief Executive Officer, stated, "The Company continues to benefit from low funding costs
sehr solide,aber so schrecklich langweilig,sorry hast ja recht,man will ja nicht verlieren,aber phantasievoll find ich die nicht