Business
MCAN Mortgage Corporation Announces Strong 2020 Results and Declares Regular $0.34 Cash Dividend per Share and a $0.85 Special Stock Dividend per Share
MCAN Mortgage Corporation Announces Strong 2020 Results and Declares Regular $0.34 Cash D...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN Mortgage Corporation Announces Strong 2020 Results and Declares Regular $0.34 Cash Dividend per Share and a $0.85 Special Stock Dividend per Share\n \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; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n , Feb. 23, 2021 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") (TSX: MKP) reported higher net income for the fourth quarter ended\n \n December 31, 2020\n \n of\n \n $22\n \n .1 million (\n \n $0.89\n \n earnings per share) compared to\n \n $10.6 million\n \n (\n \n $0.44\n \n earnings per share) for the same period in the prior year. For the twelve months ended\n \n December 31, 2020\n \n , MCAN reported net income of\n \n $42\n \n .9 million (\n \n $1.75\n \n earnings per share), compared to net income of\n \n $48\n \n .3 million (\n \n $2.01\n \n earnings per share) in the prior year.\n \n \n \n \n \n \n \n \n \n The Board of Directors (the \"Board\") declared a quarterly cash dividend of\n \n $0.34\n \n per share and a special stock dividend of\n \n $0.85\n \n per share both to be paid March 31, 2021 to shareholders of record as of March 15, 2021.  The special stock dividend is being paid out as a result of taxable income exceeding regular dividends paid in 2020, driven by higher income from MCAP as a result of non-recurring new contracts, growth in its business and an increase in loan sale spreads.\n \n \n \"MCAN finished the year strong, despite the global pandemic, as we grew our mortgage portfolio in response to the housing and mortgage market dynamics which were fueled by reduced interest rates and COVID-19\", said\n \n Karen Weaver\n \n , President and Chief Executive Officer.  \...