Business
Atrium Mortgage Investment Corporation Achieves Record Earnings in First Quarter of 2018
Toronto, Ontario--(Newsfile Corp. - April 25, 2018) - Atrium Mortgage Investment Corporation (...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Achieves Record Earnings in First Quarter of 2018Toronto, Ontario--(Newsfile Corp. - April 25, 2018) - Atrium Mortgage Investment Corporation (TSX: AI) today released its unaudited financial results for the three month period ended March 31, 2018.Highlights for the quarterRecord earnings of $7.9 million for the quarter, up 10.7% from prior yearRevenues of $13.4 million, up 11.8% from prior year$0.24 basic and diluted earnings per share for the quarterPortfolio of $656 million, up 3.7% from December 31, 2017High quality mortgage portfolio81.6% of portfolio in first mortgages86.2% of portfolio is less than 75% loan to valueaverage loan-to-value is 61.0%\"We had a strong first quarter of 2018. Our mortgage portfolio grew to over $655 million, and more importantly we continued to lend defensively by lowering Atrium's average loan to value to 61.0 %. Our weighted average interest rate increased for the second consecutive quarter, climbing to 8.50%, up from 8.44% at December 31, 2017. On March 28, 2018 we closed a successful public offering of 2,400,000 common shares at $12.50 per share for gross proceeds of $30 million. Subsequent to quarter end, the underwriters fully exercised their over-allotment option of 360,000 common shares at $12.50 per share for additional gross proceeds of $4.5 million.\" said Rob Goodall, CEO of Atrium.Interested parties are invited to participate in a conference call with management on Thursday, April 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 May 9, 2018) please call 1 (855) 859-2056, Conference ID 4799748.Results of operationsAtrium's assets grew to $649.0 million and revenues grew for the quarter to $13.4 million, an increase of 11.8% from the prior year.Net earnings for the three months ended March 31, 2018 were a record $7.9 million, an increase of 10.7% from the prior year. Basic and diluted earnings per common share were $0.24, for the three months ended March 31, 2018, compared with $0.25 basic and $0.24 diluted earnings per common share, respectively, for the comparable quarter in the prior year. The company had $647.8 million of mortgages receivable as at March 31, 2018, an increase of 3.4% fro...