SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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): September
7, 2006
Opteum
Inc.
(Exact
Name of Registrant as Specified in Charter)
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Maryland
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001-32171
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72-1571637
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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3305
Flamingo Drive, Vero Beach, Florida 32963
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code
(772) 231-1400
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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ITEM
7.01.
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REGULATION
FD DISCLOSURE
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On
September 7, 2006, Opteum Inc. (the “Company”) issued the
press release attached hereto as Exhibit 99.1.
The
information furnished under this “Item 7.01 Regulation FD Disclosure” shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, nor shall it be deemed incorporated by reference in any disclosure
document of the Company, except as shall be expressly set forth by specific
reference in such document.
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ITEM
8.01.
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OTHER
EVENTS
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On
September 7, 2006, the Company announced that its Board of Directors has
declared a cash dividend of $0.05 per share on the Company’s outstanding Class A
and Class B Common Stock. The dividend is payable October 13, 2006,
to stockholders of record on September 22, 2006.
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ITEM
9.01.
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EXHIBITS
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(c)
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Exhibit
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99.1
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Press Release of Opteum Inc.
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 hereunto
duly authorized.
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Date:
September 7, 2006
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OPTEUM
INC.
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By:
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/s/
Jeffrey J. Zimmer
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Jeffrey
J. Zimmer
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Chairman,
Chief Executive Officer and
President
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Exhibit
No.
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99.1
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-
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Press
Release of Opteum
Inc.
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Exhibit
99.1
[Opteum
Logo]
OPTEUM
INC. DECLARES
$0.05 THIRD
QUARTER
2006 CASH DIVIDEND
VERO
BEACH, FL (September 7, 2006)—
Opteum
Inc. (NYSE:OPX), a real estate investment trust (REIT) that operates an
integrated mortgage-related securities investment portfolio and mortgage
origination platform, today announced that its Board of Directors has declared
a
regular quarterly cash dividend of $0.05 per share on the Company's Class A
and
Class B Common Stock for the quarter ending September 30, 2006. The
dividend is payable October 13, 2006, to stockholders of record on September
22,
2006.
The
Board
of Directors currently estimates that REIT taxable earnings for the third
quarter of 2006, which excludes operating results from the Company’s taxable
REIT subsidiary, Opteum Financial Services, will be a loss of approximately
$0.04 per share of Class A and Class B Common Stock outstanding. As of September
7, 2006, no REIT assets have been sold during the third quarter of 2006 and,
accordingly, no capital gains or losses have been recorded for the REIT during
the quarter.
REIT
taxable earnings differ from the Company’s consolidated earnings as computed in
accordance with generally accepted accounting principles (“GAAP”). The Company
has included information concerning its REIT taxable earnings because it is
required to annually distribute as dividends at least 90% of its REIT taxable
income in order to maintain its corporate tax qualification as a REIT.
The
Company currently estimates that Book Value Per Share as of September 7, 2006,
is between $8.70 and $8.85. Book Value Per Share is regularly used as a
valuation metric by various equity analysts that follow the Company and may
be
deemed a non-GAAP financial measure pursuant to Regulation G. The Company
computes “Book Value Per Share” by dividing total stockholders’ equity by the
total number of shares of the Company’s Class A Common Stock outstanding. An
earnings call will be announced at a later date.
About
Opteum
Opteum
Inc. is a real estate investment trust (REIT), which operates an integrated
mortgage-related investment portfolio and mortgage origination platform. The
REIT invests primarily in, but is not limited to, residential mortgage-related
securities issued by the Federal National Mortgage Association (Fannie Mae),
the
Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National
Mortgage Association (Ginnie Mae). It earns returns on the spread between
the yield on its assets and its costs, including the interest expense on the
funds it borrows. Opteum’s mortgage origination platform, Opteum Financial
Services, originates, buys, sells, and services residential mortgages from
35
offices throughout the United States and operates as a taxable REIT subsidiary.
Statements
herein relating to matters that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform Act of 1995.
The reader is cautioned that such forward-looking statements are based on
information available at the time and on management's good faith belief with
respect to future events, and are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those expressed
in
such forward-looking statements. Important factors that could cause such
differences are described in Opteum Inc.'s filings with the Securities and
Exchange Commission, including Opteum Inc.'s most recent Annual Report on Form
10-K or Quarterly Report on Form 10-Q. Opteum Inc. assumes no obligation to
update forward-looking statements to reflect subsequent results, changes in
assumptions or changes in other factors affecting forward-looking
statements.
Contact: Robert
E.
Cauley
Chief
Financial Officer
772-231-1400
www.opteum.com