Firm Capital Mortgage Investment Corporation Announces Q2/2016 Results

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[{"type":"text","content":"\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q2/2016 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q2/2016 Results\nCanada NewsWire\nTORONTO, Aug. 4, 2016\n\n\n\n\n\nTSX Symbol FC\n\n\n\nTORONTO, Aug. 4, 2016 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) today released its financial statements for the three and six months ended June 30, 2016.\n\nHIGHLIGHTS\n\nINCREASE IN PROFITIncome and profit (referred to herein as \"Profit\") for the three months ended June 30, 2016 increased by 13% to $5,400,573 as compared to $4,800,434 for the same period in the prior year. Profit for the six months ended June 30, 2016 increased by 8% to $10,415,330 compared to $9,648,299 for the six months ended June 30, 2015.  \n\nBasic weighted average profit per share for the three months ended June 30, 2016 was $0.246, compared to $0.237 per share reported for the same period in 2015.  Basic weighted average profit for the six months ended June 30, 2016 was $0.492, compared to $0.477 per share reported for the same period in 2015. \n\nPORTFOLIO GROWTHThe Corporation's investment portfolio (the \"Investment Portfolio\") as at June 30, 2016 increased by $9.3 million to $412.2 million compared to $402.9 million as at December 31, 2015 (before the impairment provision of $4.23 million for both period ends). \n\nRETURN ON EQUITYThe Corporation continues to exceed its yield objective of producing a return on shareholders' equity in excess of 400 basis points over the average one year Government of Canada Treasury bill yield. Profit for the quarter ended June 30, 2016 represents an annualized return on shareholders' equity (based on the month end average shareholders' equity in the quarter) of 9.09%, which is 856 basis points per annum over the average one year Government of Canada Treasury bill yield of 0.53%.\n\nCOMPLETION OF AN EQUITY OFFERINGThe Corporation completed an equity offering of 1,710,000 common shares at a price of $12.90 per share for gross proceeds o...

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