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Atrium Mortgage Investment Corporation Announces Strong 2013 Results And Confirms $0.05 Special Dividend

TORONTO, Feb. 11, 2014 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) today released its financial results for the year ended December 31, 2013 and confirmed its previously-announced special dividend.

  • $0.05 per share special dividend to shareholders of record December 31, 2013  
  • $0.85 earnings per share in 2013  
  • $0.85 dividends per share in 2013 for a yield of 8.5% on book value, approximately 7.9% on market price    
  • Regular monthly dividend increased to $0.82 annual rate    
  • Mortgage portfolio increased 40% year-over-year to $282 million at December 31, 2013    
  • High quality mortgage portfolio   -- 90.9% of portfolio in first mortgages   -- 98.3% of loan portfolio is less that 75% loan to value   -- Increased emphasis on single family sector

"Atrium has demonstrated a consistent level of earnings of $0.22 per share over the past three quarters," noted Robert Goodall, CEO of Atrium. He continued, "We are very pleased with these financial results. Atrium is well positioned to increase our earnings per share as we grow our mortgage portfolio and use a conservative amount of incremental debt to fund that growth."

Interested parties are invited to participate in a conference call with management on Wednesday, February 12 at 4:00 p.m. EST. Please refer to call-in information at the end of the news release.

Results of operations – twelve months ended December 31, 2013

For the twelve months ended December 31, 2013, mortgage interest and fees were $23.8 million, compared to $17.2 million in the same period in the previous year, an increase of 37.9%. The weighted average yield on the mortgage portfolio declined from 8.9% at the end of 2012 to 8.7% at the end of 2013 as Atrium continues to focus on high quality investments and targets house and apartment loans. The weighted average yield has been very consistent at 8.70% - 8.74% over the past three quarters.

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