Business
MCAN Mortgage Corporation Announces Q2 2020 Results and Declares Q3 2020 Dividend
MCAN Mortgage Corporation Announces Q2 2020 Results and Declares Q3 2020 Dividend ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Q2 2020 Results and Declares Q3 2020 Dividend\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 12, 2020\n\n\n\nTORONTO, Aug. 12, 2020 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") (TSX: MKP) reported solid net income of $7.8 million ($0.32 earnings per share) for the second quarter ended June 30, 2020. For the same period in the prior year, net income was $8.9 million ($0.37 earnings per share). For the six months ended June 30, 2020, MCAN reported a net loss of $1.9 million ($0.08 loss per share), compared to net income of $23.2 million ($0.97 earnings per share) in the prior year. In 2020, we recorded a $14.3 million net loss on securities as a result of general market declines related to the pandemic.\n\n \n \n \n \n \n \n\n \nThe Board of Directors (the \"Board\") declared a third quarter dividend of $0.34 per share on August 12, 2020 to be paid September 30, 2020 to shareholders of record as of September 15, 2020.\nCEO Commentary\n\"MCAN's business performed well in the second quarter as all team members adjusted to remote work and continued our normal business activities in line with our long term strategy\", said Karen Weaver, President and Chief Executive Officer.  \"I want to thank the entire MCAN team for their contributions to our business and I appreciate all of their day to day efforts.  We continue to adapt to market conditions as we look to grow our assets and invest in marketable and non-marketable securities.  We will remain focused on guiding the company through the impacts of COVID-19 and look to the long term to execute our strategy.\"\nHighlights\nBusiness and Financial Update\nCorpora...