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Thornburg Mortgage Advances In Pre-Market On Higher Q2 EPS

Tue Aug 26 08:28:00 2008 EDT

(RTTNews) - Thornburg Mortgage (TMA) rose in pre-market trading, after the company reported a surge in second quarter earnings.

The stock was up 10 cents just after 8:25 am ET, climbing to 50 cents. If pre-market gains hold, the stock will open at its highest level since mid-June.

Thornburg Mortgage reported net income before preferred stock dividends for the second quarter of $412.3 million or $0.84 per share, compared to $83.4 million or $0.66 per share for the year-ago quarter.

The increase in net income was mainly due to decreases in the fair value of the Principal Participation Agreement and Additional Warrant Liability and the Senior Subordinated Notes of $536.9 million and $24.9 million, respectively, and a gain on the extinguishment of the company's remaining asset-backed commercial paper debt of $23.0 million, partially offset by a net loss on ARM Assets of $195.2 million.

Excluding items, the company's adjusted net income for the second quarter was $22.7 million.

Analysts polled by First Call / Thomson Financial expected the company to earn $0.07 per share for the second quarter.

Net interest income for the quarter fell 48% to $53.3 million from $102.3 million in the same quarter last year. Net non-interest income for the quarter rose to $377.8 million from $6.8 million a year ago.

For comments and feedback: contact editorial@rttnews.com

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