Business
Atrium Mortgage Investment Corporation Achieves Strong Results in Third Quarter of 2018
Toronto, Ontario--(Newsfile Corp. - October 25, 2018) - Atrium Mortgage Investment Corporation...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"\nAtrium Mortgage Investment Corporation Achieves Strong Results in Third Quarter of 2018Toronto, Ontario--(Newsfile Corp. - October 25, 2018) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three- and nine-month periods ended September 30, 2018.Highlights for the quarterRecord net income of $8.7 million for the quarter, up 20.6% from prior yearRecord revenues of $15.5 million, up 22.2% from prior year$0.24 basic and diluted earnings per share for the quarterPortfolio of $662 million, up 4.7% from December 31, 2017High quality mortgage portfolio78.6% of portfolio in first mortgages85.3% of portfolio is less than 75% loan to valueaverage loan-to-value is 62.2%\"We had a strong third quarter of 2018 with record revenues of $15.5 million and record net income of $8.7 million. We ended the quarter with a mortgage portfolio balance of $662.3 million which is up from the beginning of the year, but down from Q2 levels due to a record $105.9 million of repayments. In our Q2 conference call we had forecasted a higher level of repayments in the second half of the year. Almost all of the repayments came from institutional lenders, which is a positive sign of Atrium's portfolio quality. We continue to lend conservatively with an average portfolio loan to value of 62.2% while increasing our weighted average interest rate from 8.54% in Q2 to 8.83% this quarter\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Friday, October 26, 2018 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 8, 2018) please call 1 (855) 859-2056, Conference ID 357558.Results of operationsAtrium had another strong quarter, with revenues growing to a record $15.5 million for the quarter, an increase of 22.2% from the prior year. Net income for the three months ended September 30, 2018 was a record $8.7 million, an increase of 20.6% from the prior year. Basic and diluted earnings per common share were $0.24 for the three months ended September 30, 2018, compared with $0.24 basic and $0.23 diluted earnings per common share for the comparable quarter in the prior year. Net income for the nine mon...