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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Firm Capital Mortgage Investment Corporation | TSX:FC | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 1.33% | 11.43 | 11.42 | 11.46 | 11.43 | 11.35 | 11.35 | 16,285 | 14:57:33 |
TSX Symbol FC
TORONTO, Aug. 13, 2013 /CNW/ - Firm Capital Mortgage Investment Corporation (the "Corporation") (TSX FC), today released its financial statements for the three and six months ended June 30, 2013.
PROFIT & RETURN ON EQUITY
Comprehensive income and profit ("Profit") for the three months ended
June 30, 2013 decreased slightly to $4,527,827 as compared to
$4,610,727 for the same period last year. Profit for the six months
ended June 30, 2013 increased slightly to $8,722,292 as compared to
$8,548,639 for the same period last year. Basic weighted average profit
per share for the three and six months ended June 30, 2013 was $0.257
and $0.497, respectively. Profit for the three months ended June 30,
2013 of $4,527,827 exceeded dividends to Shareholders during the three
month period of $4,160,814. Profit for the six months ended June 30,
2013 of $8,722,292 exceeded dividends to Shareholders during the six
month period of $8,258,271.
Profit for the three months ended June 30, 2013 represented an annualized return on shareholders' equity of 9.97%. This return on shareholders' equity represents 883 basis points per annum over the average Government of Canada One Year Treasury Bill yield for the second quarter of 2013 of 1.14%, and is well in excess of the Corporation's stated target yield objective of 400 basis points per annum over the average One Year Treasury Bill yield.
DIVIDEND OVERVIEW
For the three and six months ended June 30, 2013, the Corporation
declared dividends totaling $4,160,814 and $8,258,271, respectively or
$0.234 and $0.468 per share, versus $3,997,429 and $7,715,964 or $0.234
and $0.468 per share for the three and six months ended June 30, 2012.
INVESTMENT PORTFOLIO HIGHLIGHTS
Details on the Corporation's investment portfolio as at June 30, 2013
are as follows:
Amount | Number of Investments | % | Total Amount | % | |
$0 - $2,500,000 | 100 | 69% | $ 82,914,503 | 26% | |
$2,500,001 - $5,000,000 | 25 | 17% | 86,328,817 | 27% | |
$5,000,001 - $7,500,000 | 14 | 10% | 84,630,627 | 27% | |
$7,500,000 + | 6 | 4% | 64,978,777 | 20% | |
145 | 100% | $ 318,852,724 | 100% |
IMPAIRMENT PROVISION UPDATE
Management has always taken a proactive approach to allowance provision
reserves. This is a prudent approach to protecting our Shareholders'
equity. The impairment provision remains unchanged at $3,180,000 which
represents 1% of the gross loan portfolio.
UNRECOGNIZED INCOME COLLECTED
As at June 30, 2013, the Corporation has recorded as unearned income on
its books, banked non-refundable fee income of $615,787, which will be
recognized as income over the term of the corresponding investments.
DIVIDEND AND SHARE PURCHASE PLAN
The Corporation has in place a Dividend Reinvestment Plan (DRIP) and
Share Purchase Plan that is available to its Shareholders. The plans
allows participants to have their monthly cash dividends reinvested in
additional shares at a 2% discount to market and grants participants
the right to purchase, without commission, additional shares, up to a
maximum of $12,000 per annum.
ABOUT THE CORPORATION
The Corporation, through its Mortgage Banker, Firm Capital Corporation,
is a non-bank lender providing residential and commercial short-term
bridge and conventional real estate financing, including construction,
mezzanine and equity investments. The Corporation's investment
objective is the preservation of Shareholders' equity, while providing
Shareholders with a stable stream of monthly dividends from
investments. The Corporation achieves its investment objectives by
pursuing a strategy of growth through investments in selected niche
markets that are under-serviced by large lending institutions. Lending
activities to date continue to develop a diversified mortgage
portfolio, producing a stable return to Shareholders. Full reports of
the financial results of the Corporation for the year are outlined in
the audited financial statements and the related management discussion
and analysis of Firm Capital, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on Firm Capital's
website at www.firmcapital.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of applicable securities laws including, among others, statements
concerning our objectives, our strategies to achieve those objectives,
our performance, our mortgage portfolio and our distributions, as well
as statements with respect to management's beliefs, estimates, and
intentions, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations that are
not historical facts. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "outlook",
"objective", "may", "will", "expect", "intent", "estimate",
"anticipate", "believe", "should", "plans" or "continue" or similar
expressions suggesting future outcomes or events. Such forward-looking
statements reflect management's current beliefs and are based on
information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form under "Risk Factors" (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this circular. Those risks and uncertainties include, among others, risks associated with mortgage lending, dependence on the Corporation's manager and mortgage banker, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters, shareholder liability and the introduction of new tax rules. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include, among others, that the Corporation is able to invest in mortgages at rates consistent with rates historically achieved; adequate mortgage investment opportunities are presented to the Corporation; and adequate bank indebtedness and bank loans are available to the Corporation. Although the forward-looking information continued in this new release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Firm Capital Mortgage Investment Corporation
Copyright 2013 Canada NewsWire
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