Firm Capital Mortgage Investment Corporation Announces Q3/2018 Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q3/2018 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.prntar{\nTEXT-ALIGN: RIGHT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 7, 2018\n\n\n\nTSX Symbol FC\n TORONTO, Nov. 7, 2018 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) released its financial statements for the three and nine months ended September 30, 2018.\nTHIRD QUARTER AND YEAR-TO-DATE (YTD) HIGHLIGHTS\nProfit up 17% to $6.9 million; YTD up 5% to $19.7 million. Interest and fees income up 15% to $12.3 million; YTD up 22% to $35.5 million. Weighted average portfolio interest rate increased by 2 basis points to 8.11% from December 31, 2017. Third quarter profit represents an annualized return on shareholders' equity of 9.69%. Issuance of $25.0 million of 5.40% convertible debentures maturing June 30, 2025.PROFITFor the three month period ended September 30, 2018, income and profit (referred to herein as \"Profit\") increased to  $6,930,678 compared to $5,903,828 reported for the three months ended September 30, 2017. For the nine month period ended September 30, 2018, income and profit (referred to herein as \"Profit\") increased to  $19,652,997 compared to $18,698,778 reported for the nine months ended September 30, 2017. \nBasic weighted average profit per share for the three months ended September 30, 2018, was $0.265, which is greater than the $0.241 per share reported for the three months ended September 30, 2017. Basic weighted average profit per share for the nine months ended September 30, 2018, was $0.753, which is lower than the $0.786 per share reported for the nine months ended September 30, 2017.\nThe first quarter of 2017 included the recognition of special income in the amount of $2,737,500 in fees related to non-conventional investments. \nPORTFOLIO The Corporation's investment portfolio (the \"Investment Portfolio\"), as at September 30, 2018, stood at $530.1 million which is lower than the $555.8 million as at December 31, 2017 (net of the principal impairment allowance of $5.05 ...

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