Business
Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in 2018
Toronto, Ontario--(Newsfile Corp. - February 13, 2019) - Atrium Mortgage Investment Corporatio...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in 2018Toronto, Ontario--(Newsfile Corp. - February 13, 2019) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB) (TSX: AI.DB.A) (TSX: AI.DB.B) (TSX: AI.DB.C) (TSX: AI.DB.D) today released its financial results for the year ended December 31, 2018.HighlightsRecord revenues of $58.3 million, up 15.8% from prior yearRecord net income of $33.8 million, up 16.2% from prior year$0.95 basic and $0.94 diluted earnings per share for the year ended December 31, 2018$0.04 per share special dividend to shareholders of record December 31, 2018$0.94 total dividends per share paid to shareholders in 2018Mortgage portfolio increased to $684.4 million, 8.2% increase from prior yearHigh quality mortgage portfolio84.1% of portfolio in first mortgages88.6% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.1%\"2018 was another good year for Atrium and represented a sixth consecutive year of portfolio growth and record income. We ended the year with a mortgage portfolio balance of $684.4 million, up 8.2% from the beginning of the year and up 3.3% from Q3 2018. We had annual revenue of $58.3 million and net income of $33.8 million. We increased our weighted average interest rate from 8.44% in 2017 to 8.85% at the end of this year. Notwithstanding those impressive results, we continued our practice of lending conservatively, with an average portfolio loan to value of 61.1%. We would like to thank our new and existing shareholders for the strong demand on the recent public offering of our common shares completed on February 8, 2019. We will continue to work hard to earn your continued support,\" said Rob Goodall, CEO of Atrium.\"We are proud to state that Atrium continues to be regarded as Canada's premier non-bank lender™.\"Interested parties are invited to participate in a conference call with management on Thursday, February 14, 2019 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 241-0551 or (647) 427-3415. For a replay of the conference call (available until February 27, 2019) please call 1 (855) 859-2056, Conference ID 4959418.Results of operationsAtrium ended the year with assets of $699.8 million, and revenues grew to a record $58.3 million, an increase of 15.8% ...