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Atrium Mortgage Investment Corporation Announces Results For First Quarter 2013

TORONTO, April 25, 2013 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) is pleased to announce its results for the first quarter of 2013.

Highlights

  • $0.20 earnings per share for the quarter, basic and diluted
  • Maintained a high quality mortgage portfolio
  • 84.6% of portfolio in first mortgages
  • Only 4.9% of the mortgage portfolio was over 75% loan-to-value
  • Assets increased by 11% from the previous quarter
  • Cash from public offering in December 2012 was fully deployed in Q1, and the line of credit was partially utilized by quarter end
  • New offices in Calgary and Vancouver generating increased mortgage business

"We are pleased with Atrium's financial results for the first quarter of 2013. Our loan quality is excellent – 84.6% of the portfolio consists of first mortgages. The pipeline of business in all of our three offices is robust, with over $20 million of approved loans, ready to be funded, so we will benefit by more fully utilizing our line of credit to increase leverage," noted Robert Goodall, CEO of Atrium.

Results of operations

During the three months ended March 31, 2013, Atrium had revenues of $5.1 million (an increase of 24% from $4.1 million in the same period in the prior year), and expenses of $0.9 million (an increase of 20% from the prior year). Earnings were $4.2 million for the quarter, an increase of 25% from the previous year. Basic and diluted earnings were $0.20 per common share, which was in line with expectations. For further details on the financial results, please refer to the financial statements and management's discussion and analysis for the three months ended March 31, 2013, which are available at www.sedar.com or at www.atriummic.com .

Dividends declared aggregated $4.2 million for the three months ended March 31, 2013, an increase of 34.4% from the same period in the previous year. Total assets as at March 31, 2013 were $224.7 million, compared to $185.7 million at March 31, 2012.

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