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Atrium Mortgage Investment Corporation Announces Special Dividend And Its Annual Results For 2012

Stocks in this article: AI

TORONTO, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) today announced a special dividend and released its financial results for the year ended December 31, 2012.

Highlights for the year

  • $0.02 per share special dividend to shareholders of record December 31, 2012
  • $0.86 earnings per share for the year
  • $0.85 dividends per share for a yield of 7.7% (February 21, 2013 closing price of $11.00)
  • assets increased 34% year-over-year to $213 million at December 31, 2012
  • high quality mortgage portfolio
  • 83% of portfolio in first mortgages
  • increased exposure to low risk single family and apartment sectors
  • new offices in Calgary and Vancouver 

"We are very pleased with Atrium's financial results for the year and believe that we are well positioned with offices in Toronto, Calgary and Vancouver to prudently grow and diversify the mortgage portfolio across central and western Canada in 2013. The mortgage portfolio is performing very well, and we will continue to manage the portfolio defensively in 2013 to ensure preservation of capital and continuity of dividends to shareholders," noted Rob Goodall, CEO of Atrium.

Results of operations – twelve months ended December 31, 2012

Mortgages receivable consisted of 77 mortgage loans and aggregated $202 million at December 31, 2012, an increase of 28.4% from December 31, 2011.  

Dividends declared aggregated $13.4 million for the twelve months ended December 31, 2012, an increase of 41.5% from the same period in the previous year. Total assets at December 31, 2012 aggregated $212.6 million, compared to $158.8 million at December 31, 2011.

For the twelve-month period ended December 31, 2012, mortgage interest and other fees aggregated $17.2 million, compared to $11.4 million for the same period in the previous year, an increase of 51.0%. The weighted average yield on the mortgage portfolio declined from 9.4% during 2011 to 8.9% for the twelve-month period ended December 31, 2012, as the company focused on the safety of its investment portfolio by targeting house & apartment loans as well as low rise/midrise residential developments, two sectors previously dominated by the major Canadian banks. 

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