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Javelin Mortgage Investment posts 4Q profit of $5.2 million, result tops expectations

VERO BEACH, Fla. (AP) _ Javelin Mortgage Investment Corp. (JMI) on Thursday reported fourth-quarter net income of $5.2 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Vero Beach, Florida-based company said it had profit of 44 cents. Earnings, adjusted for non-recurring gains, were 29 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The investor in mortgage-backed securities posted revenue of $5.9 million in the period.

For the year, the company reported that its loss narrowed to $290,000, or 2 cents per share. Revenue was reported as $25.4 million.

Javelin Mortgage shares have climbed 13 per cent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $7.06, a fall of 21 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on JMI at http://www.zacks.com/ap/JMI

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Keywords: Javelin Mortgage Investment, Earnings Report