Luminent Mortgage Capital lowers Q2 earnings
Luminent Mortgage Capital, Inc. (NYSE: LUM) announced before the opening that its reported second-quarter earnings have been reduced by $0.10 to $0.20 per share, compared with $0.45 a year earlier.
Due to the deterioration of the mortgage market, the San Francisco-based firm said "significant losses" from the sale of assets at distressed prices and seizure of certain assets by creditors reduced its earnings for the three months ended June 30. Net income for the quarter fell 50% to $8.8 million, from $17.6 million during the same period of 2006.
In pre-market trading, LUM shares were up $0.11, or 8.21%, at $1.45. Over the last 52 weeks, shares have ranged between $0.36 and $10.84.
