The company has announced net earnings of $15.6 million, or $0.43 per diluted share, for the first quarter of 2002. These figures reflect an increase of more than $14 million from the first quarter of last year, when net earnings of $1.1 million, or $0.04 per diluted share, were reported. According to the recently released company announcement, "net earnings rose as net interest income increased by $6.8 million and equity in net earnings of Impac Funding Corp., the company's taxable REIT subsidiary, increased by $3.3 million."
Due to the company's successful first quarter, Impac officials have revised the original 2002 year-end projections of $3.7 billion in total assets to $4.2 billion. In addition, they have increased the company's 2002 earnings estimates to $1.55 - $1.65 per share, says Joseph R. Tomkinson, Impac's chairman and CEO.
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