Article: Impac Mortgage Holdings, Inc. Reports Net Earnings Per Diluted Common Share of $3.72 for 2004 Compared to $2.88 for 2003.

Estimated Taxable Income Per Diluted Common Share Increased 21% to $2.97 for 2004 Compared to $2.46 for 2003

Impac Mortgage Holdings, Inc. Announces Expected Delay in Completion of Its Audit of Internal Control Under the Sarbanes-Oxley Act

Impac Mortgage Holdings, Inc. ("IMH") , a real estate investment trust ("REIT"), today reported net earnings of $257.6 million, or $3.72 per diluted common share, for 2004 as compared to net earnings of $149.0 million, or $2.88 per diluted common share, for 2003. Net earnings may fluctuate significantly when comparing year-over-year financial results as we record the change in the fair value of derivative instruments ...

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