Firm Capital Mortgage Investment Corporation Announces Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\n\n\nTSX Symbol FC\n\n\nTORONTO, March 15, 2013 /CNW/ - Firm Capital Mortgage Investment\n Corporation (the \"Corporation\") (TSX FC), today released its financial\n statements for the quarter and fiscal year ended December 31, 2012.\n\n\nPROFIT & RETURN ON EQUITY\n\n\nProfit for the fourth quarter ended December 31, 2012 increased by 6% to\n $4,071,325 as compared to $3,843,403 for the same period last year. \n Basic weighted average profit per share for the fourth quarter ended\n December 31, 2012 was $0.243, which is lower in comparison to the\n $0.256 reported for the fourth quarter ended December 31, 2011. For the\n year ended December 31, 2012, profit increased by 14% to $16,755,292 as\n compared to $14,659,462 for the year ended December 31, 2011.  Basic\n weighted average profit per share for the year ended December 31, 2012\n of $0.999 was slightly higher in comparison to the $0.995 for the year\n ended December 31, 2011. Profit for the year ended December 31, 2012\n represented an annualized return on shareholders' equity of 9.83%. This\n return on shareholders' equity represents 874 basis points per annum\n over the average Government of Canada One Year Treasury Bill yield and\n is well in excess of the Corporation's stated target yield objective of\n 400 basis points per annum over the average One Year Treasury Bill\n yield.\n\n\nDIVIDENDS:\n\n\nFor the twelve months ended December 31, 2012, the Corporation paid\n dividends totaling $16,755,292 versus $14,659,462 for the twelve months\n ended December 31, 2011.  The Corporation distributed 100% of its\n profits to shareholders.\n\n\nINVESTMENT PORTFOLIO HIGHLIGHTS:\n\n\nDetails on the Corporation's investment portfolio as at December 31,\n 2012 are as follows:\n\n\n\nTotal gross investment portfolio equals $297,217,271\n\n\nConventional first mortgages, being those mortgages with loan to values\n less than 75%, comprise 62.3% of our total portfolio.\n\n\nApproximately 70% of the portfolio matures within 12 months. This\n results in a continuously revolving portfolio, allowing management to\n assess market conditions.\n\n\nThe average face interest rate on the portfolio is 9.03% per annum.\n\n\nRegionally, the portfolio is diversified approximately as follows:\n Ontario 74.6%, Alberta 15.1%, Quebec 8.2% and British Columbia 2.1%.\n\n\nInvestm...

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