Business Services Industry
American Home Mortgage Reports Fourth Quarter Results; Achieves Record EPS, Revenues and Loan Production for the Quarter and Year
Business Wire, Jan 29, 2002
-0-
AMERICAN HOME MORTGAGE HOLDINGS, INC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------- ------------
2001 2000 2001 2000
---- ---- ---- ----
Gain on sale of
mortgage loans $ 38,722 $ 19,449 $ 118,551 $ 52,731
Interest income - net 2,826 659 9,098 3,271
Other 107 244 403 2,278
------ ------ -------- ------
41,655 20,352 128,052 58,280
------ ------ -------- ------
Salaries, commissions
and benefits, net 16,477 10,338 55,778 27,894
Occupancy and equipment 2,168 1,606 8,250 5,584
Marketing and promotion 1,627 1,334 6,313 4,058
Data processing and
communications 1,443 995 4,442 2,826
Provision for loss 168 29 352 127
Other 4,180 2,807 13,359 8,133
-------- ------- -------- --------
26,063 17,109 88,494 48,622
-------- ------- -------- --------
Net income before
income taxes 15,592 3,243 39,558 9,658
Income taxes 5,996 1,444 16,253 4,267
-------- ------- --------- --------
Net income before income
taxes and cumulative
effect of change in
accounting principle 9,596 1,799 23,305 5,391
Cumulative effect of change
in accounting principle
net of income taxes - - 2,143 -
------ ------ ------ --------
Net income $ 9,596 $ 1,799 $ 25,448 $ 5,391
========= ========== ========= ==========
Per share data:
Basic before cumulative
effect of change in
accounting principle $ 0.80 $ 0.20 $ 2.25 $ 0.63
Basic after cumulative
effect of change in
accounting principle $ 0.80 $ 0.20 $ 2.45 $ 0.63
Diluted before cumulative
effect of change in
accounting principle $ 0.77 $ 0.20 $ 2.14 $ 0.63
Diluted after cumulative
effect of change in
accounting principle $ 0.77 $ 0.20 $ 2.34 $ 0.63
Weighted average number
of shares - basic 11,944,516 8,955,001 10,373,858 8,579,859
Weighted average number
of shares - diluted 12,537,910 8,955,001 10,883,403 8,579,859
AMERICAN HOME MORTGAGE HOLDINGS, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31 December 31,
2001 2000
----------- ------------
Assets
Cash and cash equivalents $ 26,393 $ 6,005
Mortgage loans held
for sale - net 419,240 143,967
Other assets 57,992 33,560
----------- ------------
Total assets $ 503,625 $ 183,532
=========== =============
Liabilities
Warehouse lines of credit $ 351,454 $ 130,484
Other liabilities 74,993 26,437
Stockholders' equity 77,178 26,611
------------ ---------------
Total liabilities
and stockholders' equity $ 503,625 $ 183,532
============= ================
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