Search
 

Q2 Dividends of Hanover Capital Mortgage Decline

NEW YORK CITY-Second quarter earnings came in at $699,000, down from $735,000 in Q2 2000. Nonetheless, earnings per share rose 21% over last year thanks to the firm's stock repurchase program.

By John Howe | Updated on July 31, 2001

NEW YORK CITY-A dividend of 20 cents per share has been declared by Hanover Capital Mortgage Holdings Inc. to be paid August 21 to shareholders of record as of August 14. Earnings for the second quarter fell from $735,000 to $699,000 compared to the same quarter last year, a decline from 17 cents per share to 14 cents. Earnings per share rose, however, rose 21% over Q2 2000 because fewer shares are outstanding due to the firm’s stock repurchase program.

CEO John Burchett notes that, excluding the results of its subsidiary, HanoverTrade.com, which suffered net losses in the second quarter of $886,000, up from $679,000 in the Q1, the firm earned 38 cents per share from its investment portfolio. “Although HanoverTrade.com will produce losses for the short term, it is rapidly becoming known in the marketplace as the leading Internet whole loan trading platform,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.