Firm Capital Mortgage Investment Corporation Announces Q3/2012 Results

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[{"type":"text","content":"\n\n\n\n\n\nTSX Symbol FC\n\n\nTORONTO, Nov. 7, 2012 /CNW/ - Firm Capital Mortgage Investment\n Corporation (the \"Corporation\") (TSX FC), today released its financial\n statements for the three and nine months ended September 30, 2012.\n\n\nPROFIT & RETURN ON EQUITY\nComprehensive income and profit (\"Profit\") for the third quarter ended\n September 30, 2012 increased by +9% to $4,135,328 or $0.241 per share\n as compared to $3,807,725 or $0.257 per share for the same period last\n year. For the nine months ended September 30, 2012, profit increased by\n +17% to $12,683,967 or $0.765 per share as compared to $10,816,059 or\n $0.740 per share. Profit for the quarter ended September 30, 2012\n exceeded dividends to Shareholders by $103,886.\n\n\nThe third quarter Profit represents an annualized return on average\n Shareholders' equity of 9.45% per annum.  This return on Shareholders'\n equity equates to 837 basis points per annum over the average one year\n Government of Canada Treasury bill yield for the quarter and is well in\n excess of the Corporation's target yield objective of 400 basis points\n per annum over the one year Treasury bill yield.\n\n\nDIVIDEND OVERVIEW\nFor the third quarter ended September 30, 2012, the Corporation\n distributed $4,031,442 or $0.234 per share versus $3,489,032 or $0.234\n per share for the third quarter ended September 30, 2011. For the nine\n months ended September 30, 2012, the Corporation distributed\n $11,747,406 versus $10,300,321 for the nine months ended September 30,\n 2011.\n\n\nINVESTMENT PORTFOLIO HIGHLIGHTS\nDetails on the Corporation's investment portfolio as at September 30,\n 2012 are as follows:\n\n\nTotal gross investment portfolio equals $287,415,599, which is a +5%\n increase over December 31, 2011.\n\n\nConventional first mortgages, being those mortgages with loan to values\n less than 75%, comprise 67.1% of our total portfolio, and total\n conventional mortgages with loan to values under 75% comprise 81.2% of\n our total portfolio.\n\n\nNon-conventional mortgages total 10.5% of the portfolio.\n\n\nRelated investments total 8.3% of the portfolio.\n\n\nApproximately 67% of the portfolio matures by September 30, 2013. This\n results in a continuously revolving portfolio, allowing management to\n assess market conditions.\n\n\nThe average face interest rate on the ...

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