TORONTO, July 25, 2013 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) is pleased to announce its results for the second quarter of 2013.
- $0.22 earnings per share for the quarter, basic and diluted, compared with $0.20 in the previous quarter
- Maintained a high quality mortgage portfolio -- 87% of investment portfolio in first mortgages -- Over 95% of the mortgage portfolio was under 75% loan-to-value
- Assets increased by 20% from the previous quarter and 27% from December 31, 2012
- Successfully completed public offering of $32.5 million, seven year, 5.25% subordinated convertible debentures
- Mortgages in Alberta and British Columbia grew to 7.2% and 4.5% of our portfolio
- Mr. Mark Silver was appointed as new chair of the board, and Ms. Nancy Lockhart was appointed as a director
"We are very pleased with Atrium's results for the second quarter of 2013, which represent a substantial improvement over the previous quarter. We earned 110% of our dividend payout this quarter, and we expect to be able to continue to operate at this elevated level of earnings for the balance of the year. More substantial usage of the line of credit was a contributing factor to the earnings results, and we believe that the recently closed $32.5 million convertible debenture will provide further positive leverage going forward," noted Robert Goodall, CEO of Atrium.He went on to say, "We have continued to actively manage our risk profile by targeting first mortgages in the particular real estate sectors that we feel are safest at this stage in the real estate cycle. The relatively short-term nature of our mortgages allows us to dynamically alter our investment mix to minimize risk. The pipeline of business in our three offices is excellent, with over $20 million of approved loans ready to be funded."