Business
Atrium Mortgage Investment Corporation Achieves Record Revenues and Earnings in Third Quarter
Toronto, Ontario--(Newsfile Corp. - October 26, 2017) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Revenues and Earnings in Third QuarterToronto, Ontario--(Newsfile Corp. - October 26, 2017) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three- and nine-month periods ended September 30, 2017.Highlights for the quarterRecord revenues of $12.7 million, up 10.6% from prior yearEarnings of $7.2 million, up 6.0% from prior year$0.24 basic and $0.23 diluted earnings per share for the quarterPortfolio of $629 million, up 17.5% from December 31, 2016High quality mortgage portfolio82.9% of portfolio in first mortgages86.8% of portfolio is less than 75% loan to valueaverage loan-to-value is 60.7%\"We had a record level of loan advances during the quarter, at $105 million, which resulted in our portfolio exceeding $600 million for the first time. The new loans continue to be deliberately diversified by real estate sector. In the third quarter, loans were funded in low-rise residential developments (37%), commercial real estate (28%), single family mortgages (19%), high rise residential developments (10%) and construction loans (7%). We continue to lend conservatively, so that our overall loan-to-value ratio remains at historically low levels,\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Friday, October 27, 2017 at 4:00 p.m. ET to discuss the results.Results of operationsAtrium achieved record results, as its assets grew to $624.5 million, and revenues for the quarter were $12.7 million, an increase of 10.6% from the prior year. For the nine months ended September 30, 2017, revenues were $36.7 million, an increase of 13.8% from the prior year.Net earnings for the three months ended September 30, 2017 were $7.2 million, an increase of 6.0% from the prior year. Basic and diluted earnings per common share were $0.24 and $0.23, respectively, for the three months ended September 30, 2017, compared with $0.25 basic and diluted earnings per common share for the prior year. Net earnings for the nine months ended September 30, 2017 were $21.2 million, an increase of 9.4% 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, 2017, compared with $0.72 basic and $0.71 diluted ea...