American Home Reports 1Q Profits

American Home Mortgage Investment Corp., Melville, N.Y., has reported adjusted net earnings of $54.0 million ($1.24 per share) for the fiscal first quarter, up 154.6% from $21.2 million ($0.70 per share) a year earlier.The adjusted net earnings do not include the effects of the company's previously announced restatement of its 2004 earnings and thus do not conform to generally accepted accounting principles. American Home had to restate its fourth-quarter 2004 net income because it should not have recognized $71.4 million in revenues from a securitization until the first quarter of this year, the company said. Therefore, its GAAP first-quarter earnings are $125.4 million ($2.99 per share). "Our company was highly successful at implementing our business plan during the first quarter as our adjusted net interest income, origination activity, and adjusted servicing revenue all reached new highs," said Michael Strauss, American Home's chairman and chief executive. "During the quarter, our servicing segment became profitable, as higher interest rates slowed amortization and resulted in an impairment recovery."