Call Us 800-597-4101

News Release

<<  Back
Impac Mortgage Holdings, Inc. Announces a 10% Increase in Its Fourth Quarter Dividend Payment to $0.55 per Common Share

NEWPORT BEACH, Calif., Nov. 25 /PRNewswire-FirstCall/ -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (NYSE: IMH), or the "Company", a Maryland corporation, being taxed as a Real Estate Investment Trust ("REIT"), is pleased to announce the Board of Directors' approval and declaration of a fourth quarter dividend of $0.55 per common share. The fourth quarter dividend will be paid on December 24, 2003 to shareholders of record on December 15, 2003. The ex-dividend date will be Thursday, December 11, 2003, therefore, new shareholders interested in receiving the fourth quarter dividend must purchase common stock on or before Wednesday, December 10, 2003.

Mr. Tomkinson commented, "Delivering consistent and reliable dividends continues to be the Company's primary goal." Mr. Tomkinson further commented, "We believe that the fundamentals surrounding the Company's business plan for 2004 continue to remain strong; therefore, we are pleased to be able to increase the dividend to a level that we feel comfortable at maintaining, baring any unanticipated or extraordinary economic circumstances."

Impac Mortgage Holdings, Inc. is a mortgage REIT which operates three core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage Operations, and (3) the Warehouse Lending Operations. The Long-Term Investment Operations invests primarily in Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A mortgage loans and the Warehouse Lending Operations provides short-term financing to mortgage loan originators. The Company is organized as a REIT for tax purposes, which generally allows it to pass through earnings to stockholders without federal income tax at the corporate level.

Safe Harbor

Note: Safe Harbor "Statement under the Private Securities Litigation Reform Act of 1995." This release contains forward-looking statements including statements relating to 2004 dividends and the expected performance of the Company's businesses and earnings expectations. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, among other things, failure to achieve projected earning levels, the timely and successful implementation of strategic initiatives, the ability to generate sufficient liquidity, interest rate fluctuations on our assets that differ from those on our liabilities, increase in prepayment rates on our mortgage assets, changes in assumptions regarding estimated loan losses or interest rates, the availability of financing and, if available, the terms of any financing, changes in estimations of acquisition and origination and resale pricing of mortgage loans, changes in markets which the Company serves, including the market for Alt-A mortgages and fixed rate loans, the inability to originate multi-family or sub-prime mortgages, changes in general market and economic conditions, unanticipated delays in generating reports and other factors described in this press release and under "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2003. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks and other factors not presently identified, the Company's results may differ materially from its expectations and projections. We will update and revise our estimates based on actual conditions experienced, however, it is not practicable to publish all revisions and as a result, no one should assume that results projected in or contemplated by the forward-looking statements included above may continue to be accurate in the future.

For additional information, questions or comments, please call Tania Jernigan, VP of Investor Relations at (949) 475-3722 or email Web site:

SOURCE  Impac Mortgage Holdings, Inc.
    -0-                             11/25/2003
    /CONTACT:  Tania Jernigan, VP of Investor Relations of Impac Mortgage
Holdings, Inc., +1-949-475-3722,
    /Web site: /

CO:  Impac Mortgage Holdings, Inc.
ST:  California

-- LATU047 --
4524 11/25/2003 12:41 EST