Business
Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in 2019
Toronto, Ontario--(Newsfile Corp. - February 13, 2020) - 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 2019Toronto, Ontario--(Newsfile Corp. - February 13, 2020) - Atrium Mortgage Investment Corporation  (TSX: AI) (TSX: AI.DB) (TSX: AI.DB.B) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) today released its financial results for the year ended December 31, 2019.HighlightsRecord revenues of $66.2 million, up 13.5% from the prior yearRecord net income of $38.6 million, up 14.2% from the prior year$0.97 basic and $0.96 diluted earnings per share for the year ended December 31, 2019$0.06 per share special dividend to shareholders of record December 31, 2019Mortgage portfolio of $729.7 million, 6.6% increase from December 31, 2018High quality mortgage portfolio81.9% of portfolio in first mortgages92.0% of portfolio is less than 75% loan to valueaverage loan-to-value is 59.5%\"I am pleased with our record annual revenue and net income in 2019. Our earnings per share of $0.97 matched our highest earnings since we went public in 2012. Our weighted average loan to value for the portfolio as at December 31, 2019 was only 59.5%, the lowest level in over seven years. During 2019, we completed a public offering of convertible debentures, two public offerings of shares and a non-brokered private placement of shares, all of which had very strong demand. These results are a tribute to our entire management team,\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Friday, February 14, 2020 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, 2020) please call 1 (855) 859-2056. Conference ID 6384827.Results of operationsAtrium ended the year with assets of $743.6 million, and revenues grew to a record $66.2 million, an increase of 13.5% from the prior year. Net income for 2019 was $38.6 million, an increase of 14.2% from the prior year. Basic and diluted earnings per common share were $0.97 and $0.96, respectively, for the year ended December 31, 2019, compared with $0.95 basic and $0.94 diluted in the prior year.The company had $727.3 million of mortgages receivable as at December 31, 2019, an increase of 6.5% from December 31, 2018. During the ...