Firm Capital Mortgage Investment Corporation announces Q1/2014 results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\nTSX Symbol FC\n\n\nTORONTO, May 7, 2014 /CNW/ - Firm Capital Mortgage Investment\n Corporation (the \"Corporation\") (TSX FC) today released its financial\n statements for the three months ended March 31, 2014.\n\n\nPROFIT & RETURN ON EQUITY\nProfit for the first quarter ended March 31, 2014 increased by 18% to\n $4,969,604 as compared to $4,194,465 for the same period last year.\n Basic weighted average profit per share for the first quarter ended\n March 31, 2014 was $0.253, which is higher than the $0.240 per share\n reported for the first quarter ended March 31, 2013 and higher than the\n $0.243 per share reported for the fourth quarter ended December 31,\n 2013.\n\n\nProfit for the quarter ended March 31, 2014 represented an annualized\n return on shareholders' equity (based on the month end average\n shareholders' equity) of 9.54% versus a previously reported return on\n shareholders' equity of 9.45% for the quarter ended March 31, 2013.\n This return on shareholders' equity represents 858 basis points per\n annum over the average Government of Canada one year treasury bill\n yield for the period of 0.96%, and is well in excess of the\n Corporation's stated target yield objective of 400 basis points per\n annum over the average one year treasury bill yield.\n\n\nDIVIDEND OVERVIEW\nFor the first quarter ended March 31, 2014, the Corporation declared\n dividends totaling $4,699,017 or $0.234 per Share versus $4,097,458 or\n $0.234 per share for the first quarter ended March 31, 2013. While the\n per share amount of dividends did not change quarter over quarter, the\n quantum of dividends paid is higher in the comparable 2014 period as a\n result of the increase in  the number of shares outstanding. The number\n of shares outstanding as March 31, 2014 was 20,081,399 as compared to\n 17,549,223 as at March 31, 2013.\n\n\nINVESTMENT PORTFOLIO HIGHLIGHTS\nDetails on the Corporation's investment portfolio as at March 31, 2014\n are as follows:\n\n\n\nTotal gross investment portfolio of $328,120,345, which is a 3% decrease\n over December 31, 2013.\n\n\nConventional first mortgages, being those first mortgages with loan to\n values less than 75%, comprise 65% of our total portfolio, and total\n conventional mortgages with loan to values under 75% comprise 74% of\n our total portfolio.\n\n\nRelated investments total ...

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