Business
Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in Second Quarter of 2019
Toronto, Ontario--(Newsfile Corp. - August 1, 2019) - Atrium Mortgage Investment Corporation (...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in Second Quarter of 2019Toronto, Ontario--(Newsfile Corp. - August 1, 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 and six month periods ended June 30, 2019.HighlightsRecord revenues of $16.7 million, up 14.0% from the second quarter of the prior yearRecord net income of $9.7 million, up 12.3% from the second quarter of the prior year$0.25 basic and $0.24 diluted earnings per share for the quarterRecord $0.49 basic and $0.48 diluted earnings per share year-to-date Mortgage portfolio increased to $736.0 million, 7.5% increase from December 31, 2018High quality mortgage portfolio85.0% of portfolio in first mortgages89.4% of portfolio is less than 75% loan to valueaverage loan-to-value is 60.3%\"We are very pleased with our results for the first half of 2019. Our portfolio grew to $736.0 million, up from $684.4 million at December 31, 2018, despite slowing real estate market conditions. We are lending defensively to ensure that our loan quality is preserved. For example, the average loan to value in the mortgage portfolio continued to trend downwards and first mortgages now represent 85% of our portfolio. We strengthened our balance sheet during the first half of 2019 with the completion of two successful public offerings; a $34.5 million common share issuance and a $28.8 million convertible debenture issuance, both of which had strong demand,\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Friday, August 2, 2019 at 9:00 a.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 August 15, 2019) please call 1 (855) 859-2056, Conference ID 5764875.Results of operationsAtrium ended its second quarter of 2019 with assets of $751.1 million and record quarterly revenue of $16.7 million, an increase of 14.0% from the second quarter of the prior year. Net income for the second quarter of 2019 was $9.7 million, an increase of 12.3% from the second quarter of the prior year. Basic and diluted earnings per common share were...