Business
Atrium Mortgage Investment Corporation Achieves Record Q3 Earnings - 8.7% Increase Over Prior Year
Toronto, Ontario--(Newsfile Corp. - October 21, 2015) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Q3 Earnings - 8.7% Increase Over Prior YearToronto, Ontario--(Newsfile Corp. - October 21, 2015) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three and nine month periods ended September 30, 2015. Highlights for the quarter Record revenues of $10.5 million, up 16% from prior year Record earnings of $6.1 million, up 10% from prior year Record earnings of $0.25 basic per share, up from $0.23 prior year - 8.7% increase Regular monthly dividend continues at $0.07 per month - $0.84 annual rate, plus special dividend at year-end, as determined by the board of directors High quality mortgage portfolio 75% of portfolio in first mortgages 96% of loan portfolio is less than 75% loan to value Mortgages receivable grew to $459 million Continued focus on low risk real estate sectors Interested parties are invited to participate in a conference call with management on Thursday, October 22, 2015 at 4:00 p.m. EDT. Please refer to the call-in information at the end of this news release. Results of operations Atrium achieved record results in the third quarter, as its assets grew to $460 million. For the three months ended September 30, 2015, mortgage interest and fees revenue aggregated $10.5 million, an increase of 16% from the prior year. For the nine months ended September 30, 2015, mortgage interest and fees revenue aggregated $29.7 million, an increase of 18% from the prior year. Net earnings for the three months ended September 30, 2015 were $6.1 million, an increase of 10% from the prior year. Basic and diluted earnings per common share were $0.25 and $0.24 respectively, for the three months ended September 30, 2015, compared with $0.23 basic and diluted per common share for prior year. Net earnings for the nine months ended September 30, 2015 were $17.5 million, an increase of 12% from the prior year. Basic and diluted earnings per common share were $0.71 and $0.70, respectively, for the nine months ended September 30, 2015, compared with $0.69 basic and $0.68 diluted earnings per common share for the comparable period in the previous year. The weighted average interest rate on the mortgage portfolio was almost unchanged at 8.77% at September 30, 2015, compared with 8.81% at December 31, 2014. Mortgages portfolio increased ...