RYMAC Mortgage Investment Corp.
RYMAC Mortgage Investment Corp. of Germantown said that its net income rose 10.6 percent last year, although profits were down in the fourth quarter.
The real estate investment trust said that earnings rose because it was better able to balance its portfolio, meaning it now has a better mix of investments that do well when interest rates fall and other instruments that appreciate when interest rates rise. Ron Temple, a RYMAC vice president, added that the company's portfolio also now has more securities that are closer to maturity, which raises net income, and that it benefited by taking profits on some securities.
Earnings were down during the most recent quarter. The company said that it earned $1,186,000 during the fourth quarter, to bring 1990's total to $5.15 million, or 97 cents a share. The company earned $1,216,000 during the fourth quarter of 1989. Per-share earnings stayed steady at 23 cents because the company bought back some shares during the year.
RYMAC also said that it had authorized a special dividend of 6 cents a share in addition to its regular quarterly dividend of 40 cents. The dividend will be paid April 15 to holders of record on March 29.
Continuing spending on antibody research pushed this Gaithersburg-based biomedical company into the red last year.
Genex announced yesterday that it lost $5.7 million last year, a slight improvement over 1989's $6.3 million loss.
Sales worsened, however, falling from $5 million in 1989 to $3.6 million last year. And Nancy Hutnik, a company spokeswoman, said that this year's sales numbers will probably look worse since the company last month sold a division that was selling surgical adhesives.