Impac Reports Loss, Will Buy Back Shares
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Impac Commercial Holdings Inc. said Monday that it lost $5.7 million last year and that its board increased the company’s authority to buy back up to 20% of the company’s shares assuming preferred shares are converted.
The loss, 75 cents a share, was an improvement over the previous year’s loss of $11 million, or $1.26 a share. The Newport Beach commercial property finance company did not report revenue or fourth-quarter results.
Impac’s board previously had approved the repurchase of up to 10% of the company’s outstanding stock in the open market, beginning Jan. 1.
The company’s stock fell 13 cents a share Monday to close at $5.13 in American Stock Exchange trading.
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