Impac Mortgage Holdings, Inc. (IMH) has reported a 14.56 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $16.50 million, or $1.18 a share in the quarter, compared with $19.31 million, or $1.48 a share for the same period last year.
Revenue during the quarter surged 118.23 percent to $103.99 million from $47.65 million in the previous year period.
Total expenses were $81.36 million for the quarter, up 229.70 percent or $56.68 million from year-ago period. Operating margin for the quarter contracted 2645 basis points over the previous year period to 21.76 percent.
Operating income for the quarter was $22.63 million, compared with $22.98 million in the previous year period.
Mr. Joseph Tomkinson, chairman and chief executive officer of Impac Mortgage Holdings, Inc., commented, "After being out of the public equity markets for ten years and spending six years after the financial crisis restructuring the balance sheet and resolving many of our legacy issues, we are pleased to see the strong demand from the institutional investment community in our equity offering. The proceeds from this offering will allow us to execute on our core growth strategies which include continuing to expand our origination and servicing platforms and to retain valuable MSR assets. We are very excited to add new high-quality institutional investor partners in connection with the offering and are pleased that they share in our enthusiasm for the opportunities at IMH."
Net receivables were at $78.65 million as on Sep. 30, 2016, up 90.29 percent or $37.32 million from year-ago.
Total assets went down marginally by 2.41 percent or $135.05 million to $5,459.83 million on Sep. 30, 2016. On the other hand, total liabilities were at $5,246.15 million as on Sep. 30, 2016, down 4.48 percent or $245.82 million from year-ago.
Return on assets moved down 130 basis points to 0.30 percent in the quarter. At the same time, return on equity moved down 1104 basis points to 7.72 percent in the quarter.
Debt increases substantially
Total debt was at $974.78 million as on Sep. 30, 2016, up 66.82 percent or $390.44 million from year-ago. Shareholders equity stood at $213.68 million as on Sep. 30, 2016, up 107.63 percent or $110.77 million from year-ago. As a result, debt to equity ratio went down 112 basis points to 4.56 percent in the quarter.
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