Atrium Mortgage Investment Corporation Generates Record Earnings and Record Bonus Dividend in 2015
TORONTO, Feb. 09, 2016 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) (TSX:AI.DB) (TSX:AI.DB.A) (TSX:AI.DB.B) today released its financial results for the year ended December 31, 2015.
“2015 was another great year for us,” said Robert Goodall, CEO of Atrium. He continued, “Our lending team continued to do an excellent job of originating high quality loan opportunities which allowed us to continue to grow the portfolio. We were again able to generate higher earnings per share in 2015, despite the relatively weak performance of the Canadian economy. Our experienced team, working in our five offices across Canada, coupled with our controlled growth objectives and conservative risk parameters, have allowed us to continue to grow in these conditions.
“Once again we would like to thank our real estate clients for their continued loyalty, and our new and existing shareholders who allowed us to successfully complete another common share issuance in 2015. We are proud to state that Atrium continues to be regarded as ‘Canada’s premier non-bank lender™’.”
Interested parties are invited to participate in a conference call with management on Wednesday, February 10, 2016 at 4:00 p.m. EST. Please refer to the call-in information at the end of this news release.
Results of operations
For the year ended December 31, 2015, mortgage interest and fees revenue aggregated $40.2 million, compared to $35.0 million in the prior year, an increase of 15.0%. The weighted average interest rate on the mortgage portfolio was 8.66% at December 31, 2015, compared with 8.81% at December 31, 2014. Earnings and total comprehensive income were up 10.9% from the previous year.
As of December 31, 2015, the average outstanding mortgage balance was $2.2 million (December 31, 2014 – $2.3 million), and the median outstanding mortgage balance was $1.0 million (December 31, 2014 – $1.1 million).
Interested parties are invited to participate in a conference call with management on Wednesday, February 10, 2016 at 4:00 p.m. EST.
To participate or listen to the conference call live, please call 1 (888) 241-0551 or (647) 427-3415.
For a replay of the conference call (available until February 23, 2016) please call 1 (855) 859-2056, Conference ID 95356785.
Canada’s Premier Non-Bank Lender™
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium’s objectives are to provide its shareholders with stable and secure dividends and preserve shareholders’ equity by lending within conservative risk parameters.
Atrium is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act. Accordingly, Atrium is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information, please refer to regulatory filings available at www.sedar.com or Atrium’s website at www.atriummic.com.
For additional information, please contact Robert G. Goodall President and Chief Executive Officer Jeffrey D. Sherman Chief Financial Officer (416) 607-4200 firstname.lastname@example.org www.atriummic.com