ORANGE COUNTY EARNINGS

Impac Mortgage Holdings Inc.: The Santa Ana Heights real estate investment trust reported that net income for the first quarter rose 88% to $11.1 million, or 48 cents a share, from $5.9 million, or 41 cents a share, for the first quarter of 1997. Revenue gained 68% to $41.9 million from $24.9 million. The company said earnings were bolstered by a reduction in management advisor fees resulting from the company’s buyout of its management agreement with Imperial Credit Advisors Inc. in December 1997.