Firm Capital Mortgage Investment Corporation Announces Q4/2015 Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q4/2015 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 Q4/2015 Results\nCanada NewsWire\nTORONTO, March 29, 2016\n\n\n\nTSX Symbol FC\n\n\n\nTORONTO, March 29, 2016 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) today released its financial statements for the three and twelve months ended December 31, 2015.\n\nHIGHLIGHTS\n\nFOURTH QUARTER STRONG INCREASE IN PROFITProfit for the quarter ended December 31, 2015 increased by 9% to $5,376,207 as compared to $4,942,120 for the same period in the prior year.  Profit for the year ended December 31, 2015 of $20,081,258 represents a 3% increase over the comparable year ended 2014 year of $19,510,113.  Basic weighted average profit per share for the quarter ended December 31, 2015 was $0.265, which is 8% higher than the $0.245 per share reported for the three months ended December 31, 2014. Basic weighted average profit per share for the year ended December 31, 2015 was $0.991, which is slightly higher compared to the $0.976 per share reported for the year ended December 31, 2014. The Corporation distributed 100% of its profits for 2015.\n\nINCREASED DIVIDENDSFor the fourth quarter and year ended December 31, 2015, the Corporation declared dividends totaling $0.289 and $0.991 per share versus $0.268 and $0.970 per share for the fourth quarter and year ended December 31, 2014. The December, 2015 special dividend was 5.5 cents per share.\n\nSIGNIFICANT 17% YEAR OVER YEAR PORTFOLIO GROWTHThe Corporation's investment portfolio (the \"Investment Portfolio\"), as at December 31, 2015  increased by $59.2 million to approximately $398.7 million as compared to $339.5 million as at December 31, 2014 (net of the impairment provision of $4.23 and $3.36 million respectively). \n\nVERY SHORT TERM POTFOLIO WITH HUGE ANNUAL TURNOVERIn 2015, the Investment Portfolio repayments totaled $285 million with new investments during the year totaling $345 million.  This turn...

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