ORANGE COUNTY EARNINGS

Impac Commercial Holdings Inc.: The Santa Ana Heights real estate investment trust said it lost $2.6 million, or 30 cents a share, for the fourth quarter of 1998, compared with net income of $3.1 million, or 38 cents a share, for fourth quarter 1997. For the year, the company said it lost $11 million, or $1.26 a share, compared with profit of $2.8 million, or 61 cents a share, the previous year. The 1997 period ran from Jan. 15, when the company began operations, through Dec. 31.