TAMPA, Fla., Aug. 13 /PRNewswire/ -- IMC Mortgage Company
(Nasdaq-NNM: IMCC) "IMC" announced record results for the second quarter of
1996.  Pro forma net income increased 462% to $3.7 million from $.6 million
for the three month period ending June 30, 1996 compared to June 30, 1995.
The associated fully diluted pro forma earnings per share are $.43 for 1996
and $.O8 for 1995 on average weighted shares of 8.6 million and 7.9 million
respectively.
    For the six month period ending June 30, 1996 and 1995, pro forma net
income increased 294% to $5.3 million from $1.3 million.  Pro forma fully
diluted earnings per share for the periods were $.63 for 1996 and $.17 for
1995 on average weighted shares of 8.4 million and 7.9 million respectively.
    IMC Mortgage Company completed two public asset-backed securitizations in
the first six months of 1996 for a total of $375 million.  This represented a
240% increase in securitization volume compared to $110 million for the same
period in 1995.  Both the frequency of issuance and the actual size of the
offerings have grown since the Company's first securitization of $90 million
in November of 1994.  To date, the Company has completed a total of seven
securitizations totaling $1.1 billion.  In July 1996, IMC filed a shelf
registration with the Securities and Exchange Commission for the future
issuance of $1.5 billion in asset-backed securities and completed its largest
offering for $250 million.
    Total loans originated or purchased for the three- and six-month period
ending June 30, 1996 were $402.6 million and $666.6 compared to $124.7 and
$244.1 for the respective periods ending June 30, 1995.  This represents an
increase of 223% and 173% respectively.
    The serviced loan portfolio totaled $1.1 billion as of June 30, 1996.  At
that time, the percent of loans over 30 days delinquent was 4.23%.  This was a
reduction from 4.43% in December 1995 and an expected increase from the March
1996 level of 3.52%.  The annualized loss experience for the six months ending
June 30, 1996 was .06% of the serviced loan portfolio.  This loss experience
is well below the annualized loan loss assumption of .5O% used in the
valuation of the interest only and residual certificates.  The current
delinquency and loss rates are in line with management's expectations.
However, they anticipate that over time these rates will increase to levels
consistent with other seasoned loan portfolios having similar collateral and
credit criteria.
    George Nicholas, Chairman, attributes the strong growth in pro forma net
income to the large increase in loan origination volume, the improved
execution of related securitization activity and the elimination of certain
expenses under "Sharing of proportionate value of equity".  He stated that the
Company's strengthened financial position resulting from the offering of 3.5
million common shares on June 25, 1996 enhances the opportunity for
achievement of IMC's growth plans.  Mr. Nicholas commented, "Our goals are to
expand correspondent relationships in addition to growing our direct lending
division and our broker network.  We continue to look for growth through the
development of strategic relationships with other companies and through
acquisitions."  He added, "We credit our talented staff with IMC's success.
We believe good people and their business relationships are the keys to
success."
    IMC Mortgage Company is a Tampa-based specialty consumer finance company
engaged in purchasing, originating, servicing and selling home equity loans
secured primarily by first liens on one-to-four family residential properties.
The company has wholesale and retail operations throughout the United States
and recently began operations in the United Kingdom through a joint venture.

                 IMC Mortgage Company and Subsidiaries
            Condensed Consolidated Statements of Operations

                           Three months ended         Six months ended
                                June 30,                   June 30,
                          1996           1995          1996             1995
    REVENUES
      Gain on sale of
        loans          $9,986,380     $2,646,372    $18,033,256    $5,689,273
      Net warehouse
        interest income 1,996,306        510,387      3,782,004       581,677
      Servicing fees    1,466,803        322,564      2,462,242       431,731
      Other               835,709        272,773      1,464,245       481,016
      Total revenues   14,285,198      3,752,096     25,741,747     7,183,697

    EXPENSES
      Operating
        expenses        7,268,819      1,925,648     13,176,360     3,501,373
      Other interest
        expense         1,005,057         92,540      1,347,591       108,624
      Sharing of
        proportionate
        value of equity       ---        677,575      2,555,000     1,396,527
      Total expenses    8,273,876      2,695,763     17,078,951     5,006,524

    Income before
      income taxes      6,011,322      1,056,333      8,662,796     2,177,173

    Non-recurring benefit
      associated with the
      conversion of
      partnership to
      C Corporation
      tax status        3,600,000            ---      3,600,000           ---
    Net income        $9,611,322     $1,056,333    $12,232,796    $2,177,173

    Pro forma data (giving
      effect to provision for
      income taxes):
      Income before
      income taxes     $6,011,322     $1,056,333     $8,662,796    $2,177,173
    Pro forma provision
      for income taxes  2,358,522        406,477      3,384,522       837,776
    Pro forma net
      income           $3,652,800       $649,856     $5,278,274    $1,339,397
    Pro forma net income
      per common share:
        Primary            $0.44          $0.08          $0.65         $0.17
        Fully diluted       $0.43          $0.08          $0.63         $0.17

    Weighted average number
      of shares outstanding:
        Primary         8,217,193      7,935,752      8,099,666     7,935,752
        Fully diluted   8,551,210      7,935,752      8,389,910     7,935,752

                     IMC Mortgage Company and Subsidiaries
                     Condensed Consolidated Balance Sheets

                                    June 30, 1996        December 31, 1995
     ASSETS
       Cash and equivalents          $19,158,134            $ 5,133,718
       Securities purchased under
         agreements to resell        417,130,000            138,058,262
       Mortgage loans held for sale  433,252,537            193,002,835
       Interest-only and residual
         certificates                 34,185,965             14,072,771
       Other assets                   20,049,294              4,283,848

    Total assets                    $923,775,930           $354,551,434

    LIABILITIES AND STOCKHOLDER'S EQUITY
      Warehouse finance facilities  $404,364,911           $189,819,046
      Term debt                       17,708,582             11,120,642
      Accrued and other liabilities    8,395,078              8,802,902
      Securities sold but not yet
        purchased                    416,620,923            139,200,000
      Total liabilities              847,089,494            348,942,590
      Total stockholders' equity      76,686,436              5,608,844
      Total liabilities and
        stockholders' equity        $923,775,930           $354,551,434

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