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Name | Symbol | Market | Type |
---|---|---|---|
iShares S&P US Mid Cap Index ETF | TSX:XMC | Toronto | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.44 | -1.42% | 30.53 | 30.52 | 30.53 | 30.77 | 30.45 | 30.77 | 54,927 | 20:52:41 |
TORONTO, June 6, 2013 /CNW/ - Xceed Mortgage Corporation (TSX: XMC) ("Xceed" or the "Company") today reported its results for the three and six-month period ended April 30, 2013.
The following are highlights of the second quarter results:
Management Comments on Results
Mr. Michael Jones, President and CEO, commented that "the year-to-date 2013 income statement shows a loss before taxes of $0.7 million mainly due to expenses related to the MCAN transaction of $0.9 million. In the absence of these expenses, the Company would have made a profit before tax of $0.2 million."
Mr. Jones also noted that "the insured residential mortgage market continues to be highly competitive with market participants offering lower mortgage spreads combined with higher broker commissions to attract origination volumes."
Mr. Jones further noted that "the Company's shareholders, at the Annual and Special Meeting held on May 30, 2013, have approved the Plan of Arrangement with MCAN Mortgage Corporation, which was previously announced by the Company in March 2013. Regulatory and other approvals are still awaited. The deal is expected to close on or before July 4, 2013."
The Company has filed its financial statements and management's discussion and analysis on SEDAR and they will be posted on the Company's website.
These filings provide additional details on the above noted items along with additional information regarding results for the quarter and cautions regarding forward-looking statements. The materials can be accessed at www.sedar.com or on the Company's website at www.xceedmortgage.com.
About Xceed Mortgage
Xceed Mortgage Corporation, based in Toronto, is a Canadian provider of residential mortgages that it originates in Canada. The Company has approximately $0.8 billion of mortgages under administration. The Company's shares are traded on the Toronto Stock Exchange (TSX: XMC). To find out more about Xceed Mortgage Corporation, visit our website at www.xceedmortgage.com.
Forward-Looking Statements
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the mortgage industry, the ability of the Company to continue to execute its growth and development strategy, and the reliance of the Company on key personnel. The Company and the Company's management assume no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in these. Additional information identifying risks and uncertainties is contained in the Company's regulatory filings available on its website and at www.sedar.com.
SOURCE Xceed Mortgage Corporation
Copyright 2013 Canada NewsWire
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