Business
Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in First Quarter of 2019
Toronto, Ontario--(Newsfile Corp. - May 7, 2019) - Atrium Mortgage Investment Corporation (TSX...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in First Quarter of 2019Toronto, Ontario--(Newsfile Corp. - May 7, 2019) - 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 unaudited financial results for the three month period ended March 31, 2019.HighlightsRecord revenues of $15.8 million, up 18.1% from the first quarter of the prior yearRecord net income of $9.2 million, up 16.5% from the first quarter of the prior year$0.24 basic and diluted earnings per share for the quarterMortgage portfolio increased to $707.7 million, 3.4% increase from December 31, 2018High quality mortgage portfolio84.4% of portfolio in first mortgages89.2% of portfolio is less than 75% loan to valueaverage loan-to-value is 60.6%\"We had a solid first quarter of 2019. Our portfolio grew to $707.7 million, despite slowing real estate market conditions. The average loan to value in the mortgage portfolio continued to trend downwards and loan quality is high. We also strengthened our balance sheet with the completion of two successful public offerings during the quarter; a $34.5 million common share issuance and a $25 million convertible debenture issuance, with the overallotment option on the debentures being exercised in full in April. We were very pleased with the strong demand for both offerings.\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Wednesday, May 8, 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 May 21, 2019) please call 1 (855) 859-2056, Conference ID 2395756.Results of operationsAtrium ended its first quarter of 2019 with assets of $723.2 million and revenues grew to a record $15.8 million, an increase of 18.1% from the first quarter of the prior year. Net income for the first quarter of 2019 was $9.2 million, an increase of 16.5% from the first quarter of the prior year.Basic and diluted earnings per common share were $0.24, for the three months ended March 31, 2019, compared with $0.24 basic and diluted earnings per common share for the comparable quarter in the prior year.The company had $706.1...