Business
MCAN MORTGAGE CORPORATION REPORTS THIRD QUARTER EARNINGS
MCAN MORTGAGE CORPORATION REPORTS THIRD QUARTER EARNINGS
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\n Nov. 12, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nStock market symbol TSX: MKP\n\n\nTORONTO, Nov. 12 /CNW/ - MCAN Mortgage Corporation ("MCAN", the\n "Company" or "we") reported strong results in the third quarter of\n 2010, with reported net income of $8.8 million, up 33% from $6.6\n million in the prior year. Earnings per share were $0.61 compared to\n $0.46 in the prior year. Current year results included increases in fee\n income and equity income from MCAP Commercial LP ("MCLP"), a reversal\n of a significant specific mortgage allowance upon payout and lower term\n deposit interest and expenses, partially offset by decreases in\n mortgage interest income, interest on loans and investments and\n securitization income.\n\n\nImpaired mortgages as a percentage of total mortgages decreased to 3.40%\n at September 30, 2010 from 4.04% at June 30, 2010, although total\n mortgage arrears increased from $36 million to $47 million during the\n same period. While MCAN's arrears levels remain high by historical\n standards, we have not realized material losses since the onset of the\n recent recession.\n\n\nMCAN paid a $0.26 per share dividend in the third quarter, consistent\n with our regular quarterly dividend. Over the past twelve months, the\n cumulative MCAN shareholder return as measured on the Toronto Stock\n Exchange (share price appreciation plus reinvestment of all dividends)\n has been 15%.\n\n\nNet Investment Income: ...