Business
Atrium Mortgage Investment Corporation Achieves Strong Results in Second Quarter of 2018
Toronto, Ontario--(Newsfile Corp. - July 26, 2018) - Atrium Mortgage Investment Corporation (T...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Strong Results in Second Quarter of 2018Toronto, Ontario--(Newsfile Corp. - July 26, 2018) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three- and six-month periods ended June 30, 2018.Highlights for the quarterRecord net income of $8.6 million for the quarter, up 26.5% from prior yearRecord revenues of $14.6 million, up 21.1% from prior year$0.24 basic and diluted earnings per share for the quarterPortfolio of $710 million, up 12.2% from December 31, 2017High quality mortgage portfolio80.6% of portfolio in first mortgages86.9% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.0%\"We had a solid second quarter of 2018. Our mortgage portfolio grew to over $709 million, but more importantly we continued to lend conservatively, with a high percentage of first mortgages and an average loan to value of 61.0 %. Our weighted average interest rate increased for the third consecutive quarter, climbing to 8.54%, up from 8.50% at March 31, 2018, and 8.44% at December 31, 2017. On July 18, 2018, subsequent to quarter end, we successfully completed a $30 million public offering of 5.50% convertible unsecured subordinated debentures, which was upsized from the initial offer of $25 million due to strong shareholder demand,\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Friday, July 27, 2018, 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 9, 2018) please call 1-(855)-859-2056, Conference ID 5083029.Results of operationsAtrium achieved record results, as its assets grew to $702.7 million, and revenues grew for the quarter to a record $14.6 million, an increase of 21.1% from the prior year.Net income for the three months ended June 30, 2018, were a record $8.6 million, an increase of 26.5% from the prior year. Basic and diluted earnings per common share were $0.24, for the three months ended June 30, 2018, compared with $0.23 basic and diluted earnings per common share, respectively, for the comparable quarter in the prior year. Net earnings for the six months ended June 30, 2018, were $28.0 mil...