Q2 Dividends of Hanover Capital Mortgage Decline

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.