Anworth Announces Second Quarter 2010
July 28, 2010 04:08 PM Eastern Daylight Time
SANTA MONICA, Calif.--(EON: Enhanced Online News)--Anworth Mortgage Asset Corporation (NYSE:
ANH) reported today core earnings available to common stockholders of $24.4 million, or $0.21 per diluted share,
for the quarter ended June 30, 2010, consisting primarily of $25.8 million of net income less $1.4 million of dividends
paid to our preferred stockholders. This compares to core earnings of $31.8 million, or $0.27 per diluted share, for
the quarter ended March 31, 2010. For the six months ended June 30, 2010, core earnings were $56.2 million, or
$0.47 per diluted share, as compared to core earnings of $61.8 million, or $0.61 per diluted share, for the six
months ended June 30, 2009.
“Core earnings” represents a non-GAAP financial measure which we define as GAAP net income excluding
impairment losses or recoveries on mortgage-backed securities, or MBS. For the quarters ended June 30, 2010 and
March 31, 2010, there were no MBS impairment losses or recoveries.
On June 30, 2010, we declared a quarterly common stock dividend of $0.25 per share which was paid on July 27,
2010 to our holders of common stock as of the close of business on July 9, 2010. The annualized dividend yield on
our common stock for the quarter ended June 30, 2010, based on the June 30, 2010 closing price of $7.12, was
On a non-GAAP basis during the six months ended June 30, 2010, our estimated taxable income, on which we base
our dividends, was $59.1 million, or $0.49 per diluted share. The difference between net income and our estimate of
taxable income earned during the six months ended June 30, 2010 reflects the non-deductibility for income tax
purposes of executive compensation of $2.9 million, or $0.02 per diluted share. A reconciliation of taxable earnings
to net income appears at the end of this news release.
At June 30, 2010, our book value was $7.18 per share, taking into account the quarterly divi