Firm Capital Mortgage Investment Corporation Announces Q2/2013 Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\nTSX Symbol FC\n\n\nTORONTO, Aug. 13, 2013 /CNW/ - Firm Capital Mortgage Investment\n Corporation (the \"Corporation\") (TSX FC), today released its financial\n statements for the three and six months ended June 30, 2013.\n\n\nPROFIT & RETURN ON EQUITY\nComprehensive income and profit (\"Profit\") for the three months ended\n June 30, 2013 decreased slightly to $4,527,827 as compared to\n $4,610,727 for the same period last year. Profit for the six months\n ended June 30, 2013 increased slightly to $8,722,292 as compared to\n $8,548,639 for the same period last year. Basic weighted average profit\n per share for the three and six months ended June 30, 2013 was $0.257\n and $0.497, respectively. Profit for the three months ended June 30,\n 2013 of $4,527,827 exceeded dividends to Shareholders during the three\n month period of $4,160,814.  Profit for the six months ended June 30,\n 2013 of $8,722,292 exceeded dividends to Shareholders during the six\n month period of $8,258,271.\n\n\nProfit for the three months ended June 30, 2013 represented an\n annualized return on shareholders' equity of 9.97%. This return on\n shareholders' equity represents 883 basis points per annum over the\n average Government of Canada One Year Treasury Bill yield for the\n second quarter of 2013 of 1.14%, 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 three and six months ended June 30, 2013, the Corporation\n declared dividends totaling $4,160,814 and $8,258,271, respectively or\n $0.234 and $0.468 per share, versus $3,997,429 and $7,715,964 or $0.234\n and $0.468 per share for the three and six months ended June 30, 2012.\n\n\nINVESTMENT PORTFOLIO HIGHLIGHTS\nDetails on the Corporation's investment portfolio as at June 30, 2013\n are as follows:\n\n\n\nTotal gross investment portfolio of $318,852,724, which is a 7% increase\n over December 31, 2012.\n\n\nConventional first mortgages, being those first mortgages with loan to\n values less than 75%, comprise 64% of our total portfolio, and total\n conventional mortgages with loan to values under 75% comprise 75% of\n our total portfolio.\n\n\nRelated investments total 15% of the portfolio.\n\n\nNon-conventional mortgages total 8% of the portfolio.\n\n\...

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