Firm Capital Mortgage Investment Corporation Announces Q3/2014 Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\nTSX Symbol FC\n\n\n\nTORONTO, Nov. 6, 2014 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) today released its financial statements for the three months and nine months ended September 30, 2014.\n\nPROFIT & RETURN ON EQUITYIncome and profit (\"Profit\") for the third quarter ended September 30, 2014 increased by 7% to $4,797,765 as compared to $4,479,990 for the same period last year.  Profit for the nine months ended September 30, 2014 increased by 10% to $14,567,993, as compared to $13,202,281 for the nine months ended September 30, 2013. Basic weighted average profit per share for the three months ended September 30, 2014 was $0.239, which is lower than the $0.247 per share reported for the three months ended September 30, 2013. \n\nProfit for the quarter ended September 30, 2014 represents an annualized return on shareholders' equity (based on the month end average shareholders' equity) of 9.17% versus a previously reported return on shareholders' equity of 9.63% for the quarter ended September 30, 2013. This return on shareholders' equity represents 817 basis points per annum over the average Government of Canada one year treasury bill yield for the period of 1.00%, and is well in excess of the Corporation's stated target yield objective of 400 basis points per annum over the average one year treasury bill yield. \n\nDIVIDEND OVERVIEWFor the three and nine months ended September 30, 2014, the Corporation declared dividends totaling $4,708,625 and $14,107,844 respectively or $0.234 and $0.702 per share versus $4,238,093 and $12,496,364 or $0.234 and $0.702 per share for the three and nine months ended September 30, 2013. While the per share amount of dividends did not change quarter over quarter, the quantum of dividends paid is higher in 2014 as a result of the increase in the number of shares outstanding. The number of shares outstanding at September 30, 2014 was 20,135,137 as compared to 18,125,733 as to September 30, 2013. \n\nINVESTMENT PORTFOLIO HIGHLIGHTSDetails on the Corporation's investment portfolio as at September 30, 2014 are as follows:\n\n\nTotal gross investment portfolio of $356,685,850, which is a 5% increase over December 31, 2013. \nConventional first mortgages, being those first mortgages with loan to values not exceeding 75%, comprise approximately 70...

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