IndyMac Shares Fall

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Shares of IndyMac Bancorp continued to fall Friday after losing 5 percent of their value the previous day due to lackluster earnings.


IndyMac reported fourth quarter net income of $72 million (97 cents per share), which was off on a per share basis from $1.06 for the same period a year earlier.


Revenue for the Pasadena-based thrift, which derives a majority of its earnings from mortgage financing, was up 14 percent to $320 million, missing Wall Street estimates of $338 million, according to Thomson Financial.


For the year, IndyMac reported a 17 percent growth in net income to $343 million ($4.82 per share) and a 22 percent increase in revenue to $1.3 billion. The company expects to post earnings of $4.15 per share during 2007, well below the $5.11 that had been anticipated by analysts.


Shares in IndyMac were off 8 cents to $37.63 Friday after losing $1.78 the previous day.

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