This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Excellent Third Quarter Results Reported By Atrium Mortgage Investment Corporation

TORONTO, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) is pleased to announce its results for the third quarter of 2013.

Highlights

  • Earnings per share (basic and diluted) − $0.22 (Q3 last year − $0.20)
  • Dividends paid per share − $0.20
  • Total assets − $276 million
  • High quality mortgage portfolio:
  • Increased first mortgages to 88.0% of portfolio
  • 96% of all loans are less than or equal to 75% loan to value
  • Dollar amount in excess of 75% loan to value is $1.0 million
  • Overall portfolio loan to value reduced to 62.6%
  • Average mortgage interest rate stable at 8.7%
  • Maintained a highly diversified portfolio of mortgage investment
  • Atrium recently increased its line of credit to $80 million, reflecting the growth in business volumes and the confidence of its bankers

Atrium continues to earn well above its dividend payout. Year-to-date earnings are $0.63, versus dividends paid of $0.60. Shareholders of record December 31, 2013 will receive a special dividend on March 5, 2014 of the excess of taxable earnings over dividends paid.

"We are very pleased with Atrium's results for the quarter. We earned 109% 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. The recently closed $32.5 million convertible debenture has allowed us to improve our leverage. Our current debt to assets ratio is still less than 23%. We believe that a gradual increase in our leverage, including the recently increased line of credit, will provide further improvement in earnings going forward," noted Robert Goodall, Chief Executive Officer of Atrium.

Mr. Goodall continued, "We have successfully managed our risk profile by maintaining a conservative loan to value ratio, both on a portfolio and individual loan basis. We are proud of having more than 96% of our portfolio in 'low ratio mortgages' (mortgages with a loan to value of less than 75%). We have a diversified mortgage portfolio which is focussed almost exclusively on major urban centres where we have offices and local representation, in Ontario, Alberta and British Columbia.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs