Impac Mortgage to Buy Back Stock

Impac Mortgage Holdings Inc. said its board authorized the repurchase of up to $2 million worth of common stock during the fourth quarter.

The Newport Beach company also said it will suspend dividends until it has used its tax loss carry-forwards--an accounting measure allowing a company to use prior losses to offset taxable income.

Impac will have $25 million in tax loss carry-forwards by Dec. 31 that can be used to reduce future taxable income, the company said.

The real estate investment trust last paid a quarterly common dividend of 12 cents Oct. 26. It also paid a dividend on series C preferred stock of 66 cents a share Oct. 24.

Impac has about 21.4 million common shares outstanding. The stock closed Thursday at $2.66, off 44 cents a share, on the American Stock Exchange. The shares have lost more than 35% of their value this year.