TAMPA, Fla., Nov. 1 /PRNewswire/ -- IMC Mortgage Company
(Nasdaq-NNM: IMCC) "IMC" announced record results for the third quarter of
1996.  Pro forma net income increased 318% to $6.1 million from $1.5 million
for the three month period ended September 30, 1996 and September 30, 1995.
The associated pro forma earnings per share are $.52 for 1996 and $.18 for
1995 on average weighted fully diluted shares of 11.8 million and 7.9 million,
respectively.
    For the nine-month period ended September 30, 1996 and 1995, pro forma net
income was $11.3 million and $2.8 million, an increase of 305%.  Pro forma
earnings per share for each period was $1.25 for 1996 and $.35 for 1995 on
average weighted fully diluted shares of 9.1 million and 7.9 million
respectively.
    IMC Mortgage Company, during the third quarter, filed a shelf registration
with the Securities and Exchange Commission for the future issuance of
$1.5 billion in asset-backed securities.  IMC offered the first securitization
from this shelf in July 1996 for $250 million, as reflected in the third
quarter financial results.  An additional $310 million securitization, using
this shelf, closed in October 1996 to be reflected in the fourth quarter.  To
date, the Company has completed eight securitizations totaling $1.4 billion
since November 1994.
    Total loans originated or purchased for the three and nine-month periods
ended September 30, 1996 were $481 million and $1.15 billion compared to
$155 million and $399 million for the respective periods ended September 30,
1995.  This represents an increase of 210% and 188% respectively.
Correspondent originations represented 89% of originations for the third
quarter with direct and broker channels contributing 11%.
    George Nicholas, CEO, commented, "We are very pleased with the overall
expansion in loan originations this year.  Of particular note, direct and
broker originations showed significant improvement during the quarter.  Third
quarter originations from direct and broker sources were $52 million as
compared to $31 million in the previous quarter."  He continuel, "During the
quarter, we opened four new direct origination offices and are on target for
our goal of 17 by the end of the year.  Our intent is to increase the
contribution from the broker and direct channels as we continue aggressively
to develop our core correspondent business."
    The serviced loan portfolio totaled $1.5 billion as of September 30, 1996.
At that time, the percent of loans more than 30 days delinquent inclusive of
foreclosures and bankruptcy was 5.39%, an expected increase from 4.23% in
June.  Annualized net loss experience as a percent of the serviced loan
portfolio for the nine months ended September 30, 1996 was 7 basis points.
This loss experience is well below the loan loss assumption of 50 basis points
per year applied in the valuation of the interest only and residual
certificates from asset-backed securitizations.  Current delinquency and loss
rates are in line with management's expectations.  However, they anticipate
that as the portfolio seasons, these rates will increase to levels consistent
with loan portfolios having similar collateral and credit criteria.
    IMC Mortgage Company is a Tampa-based speciality 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 has operations in the United Kingdom through a joint venture.
    Selected financial tables follow.

                    IMC Mortgage Company and Subsidiaries
               Condensed Consolidated Statements of Operations

                              Three months ended         Nine months ended
                                 September 30,              September 30,
    REVENUES                 1996         1995        1996         1995

     Gain on sale of loans $12,537,421   $4,879,333  $30,570,677   $10,568,606
     Net warehouse
      interest income        3,961,999      615,947    7,744,003     1,197,624
     Servicing fees          1,753,139      423,476    4,215,381       855,207
     Other                   1,513,446      307,425    2,977,691       788,441
     Total revenues         19,766,005    6,226,181   45,507,752    13,409,878

    EXPENSES
     Operating expenses      9,227,730    2,304,377   22,404,090     5,805,750
     Other interest expense    473,202       31,028    1,820,793       139,652
     Sharing of proportionate
      value of equity              ---    1,520,433    2,555,000     2,916,960
        Total expenses       9,700,932    3,855,838   26,779,883 8,862,362

     Income before income
      taxes                 10,065,073    2,370,343   18,727,869 4,547,516

     Non-recurring benefit
      associated with the
      conversion of partnership
      to C Corporation
      tax status                   ---          ---    3,600,000           ---

     Provision for income
      taxes                 (3,975,701)         ---   (3,975,701)          ---

        Net income          $6,089,372   $2,370,343  $18,352,168    $4,547,516

     Pro forma data (giving
      effect to provision for
      income taxes):
        Income before provision
         for income taxes  $10,065,073   $2,370,343  $18,727,869   $4,547,516

     Pro forma provision for
      (actual provision for the
      three months ended
      September 30, 1996)
      income taxes          (3,975,701)    (912,108)  (7,397,508)  (1,749,884)

       Pro forma net income $6,089,372   $1,458,235  $11,330,361   $2,797,632

     Pro forma net income
      per common share:
       Primary                   $0.52        $0.18        $1.28        $0.35
       Fully diluted             $0.52        $0.18        $1.25        $0.35

     Weighted average number
      of shares outstanding:
       Primary              11,715,852    7,935,752    8,841,800    7,935,752
       Fully diluted        11,815,348    7,935,752    9,055,029    7,935,752


                    IMC Mortgage Company and Subsidiaries
                    Condensed Consolidated Balance Sheets

                                      September 30, 1996   December 3l, 1995
    ASSETS
     Cash and equivalents                       $9,555,558          $5,133,718
     Securities purchased under
      agreements to resell                     573,850,000         138,058,262
     Mortgage loans held for sale              625,872,876         193,002,835
     Interest-only and residual certificates    60,295,031          14,072,771
     Other assets                               26,206,921           4,283,848
       Total assets                         $1,295,780,386        $354,551,434

    LIABILITIES AND STOCKHOLDERS' EQUITY
     Warehouse finance facilities             $595,247,351        $189,819,046
     Term debt                                  33,555,145          11,120,642
     Accrued and other liabilities               9,434,553           2,909,902
     Securities sold but not yet purchased     574,767,531         139,200,000
     Accrual for sharing of proportionate
      value of equity                                  ---           5,893,000
       Total liabilities                     1,213,004,580         348,942,590

     Stockholders' equity:
      Common stock, par value $0.1
       per share; 50,000,000
       authorized; 9,834,833 and
       6,000,000 shares issued and
       outstanding                                  98,348              60,000
      Additional paid-in capital                76,588,086           3,844,601
      Retained earnings                          6,089,372           1,704,243
        Total stockholders' equity              82,775,806           5,608,844

        Total liabilities and
         stockholders' equity                $1,295,780,386       $354,551,434

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