Financial Restatement Boosts AmericanHome Mortgage

April 20, 2005, 1:00 a.m. EDT 1 Min Read

MELLVILLE, N.Y. - (04/20/05) -- American Home Mortgage InvestmentCorp., a real estate investment trust that recently entered thecredit union market, said first quarter earnings more than doubledto $125.4 million, or $3.03 a share, because of a restatement of2004 earnings that required it to move $71.4 million of net incomefrom the fourth quarter of 2004 to the first quarter of 2005.Otherwise, the company reported an 11% increase in earnings,compared to last year's first quarter, of $54 million, or $1.24 ashare. The company said comparable revenues rose 8% for the firstquarter to $164 million. American Home announced last month it hasagreed to acquire Irwin Mortgage which originates mortgages at 45credit unions.

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