Firm Capital Mortgage Investment Corporation Announces Q1/2013 Results and Appoints New COO

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\n\n\nTSX Symbol FC\n\n\nTORONTO, May 7, 2013 /CNW/ - Firm Capital Mortgage Investment\n Corporation (the \"Corporation\") (TSX: FC), today released its financial\n statements for the three months ended March 31, 2013.\n\n\nPROFIT & RETURN ON EQUITY\nComprehensive income and profit (\"Profit\") for the first quarter ended\n March 31, 2013 increased by 7% to $4,194,465 as compared to $3,937,912\n for the same period last year. Basic weighted average profit per share\n for the first quarter ended March 31, 2013 was $0.240, in comparison to\n the $0.258 reported for the first quarter ended March 31, 2012. Profit\n for the quarter ended March 31, 2013 exceeded dividends to Shareholders\n by $97,007.\n\n\nProfit for the three months ended March 31, 2013 represented an\n annualized return on shareholders' equity of 9.45%. This return on\n shareholders' equity represents 842 basis points per annum over the\n average Government of Canada One Year Treasury Bill yield for the first\n quarter of 2013 of 1.03%, and is well in excess of the Corporation's\n stated target yield objective of 400 basis points per annum over the\n average One Year Treasury Bill yield.\n\n\nDIVIDEND OVERVIEW\nFor the first quarter ended March 31, 2013, the Corporation paid\n dividends totaling $4,097,458 or $0.234 per share versus $3,718,535 or\n $0.234 per share for the first quarter ended March 31, 2012.\n\n\nINVESTMENT PORTFOLIO HIGHLIGHTS\nDetails on the Corporation's investment portfolio as at March 31, 2013\n are as follows:\n\n\n\nTotal gross investment portfolio equals $317,684,716, which is a 7%\n increase over December 31, 2012.\n\n\nConventional first mortgages, being those mortgages with loan to values\n less than 75%, comprise 64.4% of our total portfolio, and total\n conventional mortgages with loan to values under 75% comprise 73.5% of\n our total portfolio.\n\n\nRelated investments total 13.6% of the portfolio.\n\n\nNon-conventional mortgages total 9.6% of the portfolio.\n\n\nDiscounted debt investments total 3.3% of the portfolio.\n\n\nApproximately 65% of the portfolio matures by March 31, 2014. This\n results in a continuously revolving portfolio, allowing management to\n assess market conditions.\n\n\nThe average face interest rate on the portfolio is 8.79% per annum.\n\n\nRegionally, the portfolio is diversified approximately as foll...

More updates from Firm Capital Mortgage Investment Corporation