Criimi Mae Sees New Opportunities.(company earnings and more)

Criimi Mae has seen a turnaround in its financial performance, based on its fourth-quarter 2003 results. And the commercial mortgage investor and servicer is now contemplating the next step forward.

For the fourth quarter of 2003, the commercial mortgage real estate investment trust has reported net income of $2.6 million ($0.17 per share), compared to a net loss of $34.6 million ($2.48 per share) for the comparative period of 2002.

For the year ended Dec. 31 2003, Criimi Mae reports a net loss of $4.1 million ($0.27 per share), a major improvement from the net loss of $65.5 million ($4.77 per share) reported for the year ended Dec. 31, 2002.

The real estate investment trust attributes the improvement to reductions in impairment charges and interest expenses.

Criimi Mae has taken advantage of the current low interest rate environment to refinance its insured mortgage portfolio and thereby reduced its interest expense. The company also expects to refinance the portfolio further by mid-2004, to achieve additional savings.

In a related teleconference, Barry Blattman, chairman and CEO, Criimi Mae, said that the "dialogue is now shifting from challenges to opportunities" for Criimi Mae. Going forward, one plan that Criimi Mae is contemplating is getting into the "manufacture" of CMBS, by originating or purchasing newly originated commercial mortgage loans and issuing CMBS backed by ...