Business
Atrium Mortgage Investment Corporation Achieves Record Revenues and Net Income in Third Quarter of 2019
Toronto, Ontario--(Newsfile Corp. - October 31, 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 Third Quarter of 2019Toronto, Ontario--(Newsfile Corp. - October 31, 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 nine month periods ended September 30, 2019.HighlightsRecord revenues of $16.72 million, up 8.0% from the third quarter of the prior yearRecord net income of $9.9 million, up 14.2% from the third quarter of the prior year$0.25 basic and diluted earnings per share for the quarterRecord $0.74 basic and $0.73 diluted earnings per share year-to-date Mortgage portfolio increased to $739.5 million, 8.0% increase from December 31, 2018High quality mortgage portfolio85.4% of portfolio in first mortgages89.2% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.2%\"We continue to be very pleased with our results in 2019. In fact, our year to date earnings per share of $0.74 are the highest third quarter year to date earnings since Atrium went public in the fall of 2012. The mortgage portfolio is performing well, and we continue to lend defensively to ensure that our loan quality is preserved. The average loan to value of 61.2% is below our historic average. We completed a very successful $17.3 million public offering and $10 million non-brokered private placement of common shares in October 2019 for total gross proceeds of $27.3 million. This is in addition to two successful public offerings earlier in the year, all 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, November 1, 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 November 14, 2019) please call 1 (855) 859-2056, Conference ID 5389958.Results of operationsAtrium ended its third quarter of 2019 with assets of $754.3 million and record quarterly revenue of $16.72 million, an increase of 8.0% from the third quarter of the prior year. Net income for the third quarter of 2019 was $9.9 million, an increase of 14.2% from the third quarter of the prior year. Basic and diluted ...