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MCAN Mortgage Corporation Announces Second Quarter Earnings and Third Quarter Dividend of $0.32 Per Share
MCAN Mortgage Corporation Announces Second Quarter Earnings and Third Quarter Dividend of ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Second Quarter Earnings and Third Quarter Dividend of $0.32 Per Share\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\n\nCanada NewsWire\nTORONTO, Aug. 11, 2017\n\n\n\nStock market symbol TSX: MKP \n\n\n\nTORONTO, Aug. 11, 2017 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") reported Q2 2017 net income of $8.9 million, down from $13.6 million in Q2 2016.  Earnings per share decreased to $0.39 in Q2 2017 from $0.59 in Q2 2016.  The decreases were largely driven by the recognition of $3.8 million of distribution income in Q2 2016 from our investment in Crown Realty II Limited Partnership (\"Crown LP\").\n\nHighlights\n\nNet Income\n\nQ2 2017\n\n\nNet income was $8.9 million in Q2 2017, a decrease of $4.7 million (34%) from $13.6 million in Q2 2016.  \nEarnings per share decreased by $0.20 (34%) to $0.39 in Q2 2017 from $0.59 in Q2 2016.\nDecrease of 7.7% in return on average shareholders' equity to 12.37% in Q2 2017 from 20.10% in Q2 2016.\nThe decreases in the above amounts in Q2 2017 were largely driven by the above-noted recognition of $3.8 million of distribution income from Crown LP in Q2 2016, in addition to lower corporate mortgage interest and equity income from MCAP Commercial LP (\"MCAP\") in Q2 2017.\n\nYear to Date 2017\n\n\nFor 2017 year to date, we earned net income of $19.2 million, a decrease of $2.2 million (10%) from $21.4 million in 2016.\nEarnings per share decreased by $0.10 (11%) to $0.83 per share for 2017 year to date from $0.93 per share in 2016.\nReturn on average shareholders' equity decreased to 13.37% for 2017 year to date from 16.02% in 2016.\nThe decreases in the above amounts in 2017 were primarily due to lower corporate mortgage interest income from a lower average portfolio balance and lower equity income from MCAP.  Year to date distribution income from Crown LP was comparable to 2016.\n\nDividend\n\n\nConsistent with the prior quarter, the Board of Directors (the \"Board\") declared a 2017 third quarter dividend of $0.32 per share to be paid on Septemb...