Impac Mortgage Holdings Inc.:

The Newport Beach real estate investment trust reported net earnings of $3.9 million, or 14 cents a share, for the fourth quarter, contrasted with a net loss of $8.1 million, or 33 cents a share, for the fourth quarter of 1998. For the year, Impac earned $22.3 million, or 76 cents a share, contrasted with a net loss of $5.9 million, or 25 cents a share, for 1998.