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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

Highlights

  • $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.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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