EXHIBIT 99.1
[LOGO - GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
- ---------------------
American Home Mortgage Investment Corp.
Announces Commencement of a Proposed Offering of
10 Million Shares of Common Stock
Declares Special Dividends of $0.36 and $0.19 Per Share
Melville, NY - February 12, 2004 - American Home Mortgage Investment Corp.
(NYSE: AHH) today announced that it is commencing a proposed offering of 10
million shares of its common stock pursuant to its shelf registration statement.
In addition, the company has granted the underwriters an option to purchase from
it up to 1.5 million additional shares to cover over-allotments, if any.
The company is also announcing today that, due to the timing of the offering,
its Board of Directors has declared two special dividends in lieu of one regular
dividend at the end of the first quarter. The first dividend of $0.36 per share
is payable on March 10, 2004, to stockholders of record as of February 25, 2004.
The second dividend of $0.19 per share is payable on April 14, 2004 to
stockholders of record as of March 31, 2004.
The offering is being lead managed by Friedman, Billings, Ramsey & Co., Inc. and
Lehman Brothers Inc. Flagstone Securities, LLC will serve as a co-manager. When
available, copies of the preliminary prospectus supplement for the offering may
be obtained by contacting one of the underwriters. A registration statement
relating to these securities has been filed with the Securities and Exchange
Commission and has been declared effective.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under securities laws of any such state. Any offer, if at all,
will be made only by the means of the prospectus, including the prospectus
supplement, which forms a part of the effective registration statement.
-1-
ABOUT AMERICAN HOME MORTGAGE INVESTMENT CORP.
American Home Mortgage Investment Corp. (NYSE: AHH) is a mortgage real estate
investment trust focused on earning net interest income from self-originated
mortgage backed securities, and through its taxable subsidiaries, on originating
and servicing mortgage loans for institutional investors. Mortgages are
originated though a network of 272 loan production offices as well as through
mortgage brokers and are serviced at the Company's Columbia, Maryland servicing
center.
###
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: This news release contains statements about future events and
expectations, which are "forward-looking statements." Any statement in this
release that is not a statement of historical fact, including, but not limited
to earnings guidance and forecasts, projections of financial results, and
expected future financial position, dividends and dividend plans or business
strategy, is a forward-looking statement. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause American Home Mortgage Investment Corp.'s actual results to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Specific factors that might cause
such a difference include, but are not limited to: the potential fluctuations in
American Home Mortgage Investment Corp.'s operating results; American Home
Mortgage Investment Corp.'s potential need for additional capital; the direction
of interest rates and their subsequent effect on American Home Mortgage
Investment Corp.'s business and the business of its subsidiaries; federal and
state regulation of mortgage banking; and those risks and uncertainties
discussed in filings made by American Home Mortgage Investment Corp. with the
Securities and Exchange Commission. Such forward-looking statements are
inherently uncertain, and stockholders must recognize that actual results may
differ from expectations. American Home Mortgage Investment Corp. does not
assume any responsibility to issue updates to any forward-looking statements
discussed in this press release.
AMERICAN HOME MORTGAGE CONTACT:
John D. Lovallo, SVP
Ogilvy Public Relations Worldwide
212-880-5216
john.lovallo@ogilvypr.com
- -------------------------
-2-