UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934
Date of Report (date of earliest event reported) DECEMBER 15, 1998
LASER MORTGAGE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 001-13563 22-353916
(State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
51 JOHN F. KENNEDY PARKWAY, SHORT HILLS, NEW JERSEY 07078
--------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (973) 912-8770
N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On December 15, 1998, the registrant issued a press release announcing
that it has declared a special fourth quarter distribution in cash of $1.00 per
share of common stock. The special distribution is payable on December 30, 1998
to stockholders of record as of December 23, 1998. Depending upon the Company's
final reported taxable income for 1998, this distribution may in whole or in
part be characterized as a return of capital for tax purposes.
The registrant also announced that it's management has estimated that
as of November 30, 1998, the Company's net asset value per share was between
$7.50 and $8.00. Because of the volatility associated with the current interest
rate and mortgage securities market, the net asset value as reported at the end
of the year may differ from this estimate. The registrant's management also
noted that a comparison of the October and November month end estimate for the
securities in the portfolio indicates that market values were stable or slightly
higher.
Furthermore, the registrant announced that as of November 30, 1998,
the Company's portfolio was comprised of approximately $700 million of agency
mortgage pass-through certificates; $95 million of subordinate interests; $16
million of CMOs; $25 million of interest- only certificates and $9 million of
mortgage loans.
The complete text of the press release is set forth as Exhibit 99.1
hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements
None.
(b) Pro Forma Financial Statements
None.
(c) Exhibits
99.1 Press Release, dated December 15, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LASER MORTGAGE MANAGEMENT, INC.
By:
/s/ Robert J. Gartner
--------------------------
Name: Robert J. Gartner
Title: Vice President
Dated: December 16, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
99.1 Press Release, dated December 15, 1998.
EXHIBIT 99.1
LASER MORTGAGE MANAGEMENT, INC.
ANNOUNCES $1.00 PER SHARE SPECIAL DISTRIBUTION
Short Hills, New Jersey, December 15, 1998. The Board of Directors of
LASER Mortgage Management, Inc. (NYSE: LMM) has declared a special fourth
quarter distribution in cash of $1.00 per share of common stock. The special
distribution is payable on December 30, 1998 to stockholders of record as of
December 23, 1998. Depending upon the Company's final reported taxable income
for 1998, this distribution may in whole or in part be characterized as a return
of capital for tax purposes.
The Company's management estimates that as of November 30, 1998, the
Company's net asset value per share was between $7.50 and $8.00. Because of the
volatility associated with the current interest rate and mortgage securities
market, the net asset value as reported at the end of the year may differ from
this estimate. The Company's management notes that a comparison of the October
and November month end estimate for the securities in the portfolio indicates
that market values were stable or slightly higher.
As of November 30, 1998, the Company's portfolio was comprised of
approximately $700 million of agency mortgage pass-through certificates; $95
million of subordinate interests; $16 million of CMOs; $25 million of
interest-only certificates and $9 million of mortgage loans.
LASER Mortgage Management, Inc. is a specialty finance company
investing primarily in mortgage-backed securities and mortgage loans. The
Company has elected to be taxed as a real estate investment trust under the
Internal Revenue Code of 1986, as amended. LASER Advisers Inc., a registered
investment adviser, manages the day-to-day operations of the Company. The
executive offices of LASER Mortgage Management, Inc. are located at 51 John F.
Kennedy Parkway, Short Hills, New Jersey.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: STATEMENTS IN THIS PRESS RELEASE REGARDING LASER MORTGAGE
MANAGEMENT, INC.'S BUSINESS WHICH ARE NOT HISTORICAL FACTS ARE "FORWARD-LOOKING"
STATEMENTS THAT INVOLVE RISK AND UNCERTAINTIES.
Date: December 15, 1998
Contact: LASER Mortgage Management, Inc.
Frederick Khedouri
President
212-272-8005
