Firm Capital Mortgage Investment Corporation Announces Q3/2013 Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\nTSX Symbol FC\n\n\nTORONTO, Nov. 7, 2013 /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, 2013.\n\n\nPROFIT & RETURN ON EQUITY\nComprehensive income and profit (\"Profit\") for the three months ended\n September 30, 2013 increased to $4,479,990 as compared to $4,135,328\n for the same period last year. Profit for the nine months ended\n September 30, 2013 increased to $13,202,281 as compared to $12,683,967\n for the same period last year. Basic weighted average profit per share\n for the three and nine months ended September 30, 2013 was $0.247 and\n $0.747, respectively. Profit for the three months ended September 30,\n 2013 of $4,479,990 exceeded dividends to Shareholders during the three\n month period of $4,238,093 for an excess of $241,897.  Profit for the\n nine months ended September 30, 2013 of $13,202,281 exceeded dividends\n to Shareholders during the nine month period of $12,496,364 for an\n excess of $705,917.\n\n\nProfit for the three months ended September 30, 2013 represented an\n annualized return on shareholders' equity of 9.63%. This return on\n shareholders' equity represents 858 basis points per annum over the\n average Government of Canada One Year Treasury Bill yield for the third\n quarter of 2013 of 1.05%, 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 three and nine months ended September 30, 2013, the Corporation\n declared dividends totaling $4,238,093 and $12,496,364 or $0.234 and\n $0.702 per share versus $4,031,442 and $11,747,406 or $0.234 and $0.702\n per share for the three and nine months ended September 30, 2012.\n\n\nINVESTMENT PORTFOLIO HIGHLIGHTS\nDetails on the Corporation's investment portfolio as at September 30,\n 2013 are as follows:\n\n\nTotal gross investment portfolio of $308,737,441, which is a 4% increase\n over December 31, 2012.\n\n\nConventional first mortgages, being those first mortgages with loan to\n values less than 75%, comprise 66% 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% o...

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