Xceed Mortgage Corporation Reports Second Quarter 2012 Results
07 June 2012 - 8:00PM
PR Newswire (Canada)
TORONTO, June 7, 2012 /CNW/ - Xceed Mortgage Corporation [TSX: XMC]
("Xceed" or the "Company") today reported its second quarter
results for the six month period ended April 30, 2012. The results
of the quarter were prepared using International Financial
Reporting Standards ("IFRS"), with a transition date of November 1,
2011. Consequently, prior period comparative results, the
information contained in this news release, the Company's
Management Discussion & Analysis and financial statements have
all been restated to conform with IFRS requirements. The following
are highlights of the second quarter: -- Net loss of $0.4 million
and $0.1 million for the 3 month and 6 month periods ended April
30, 2012. -- Basic and diluted loss per share of $0.01 for the
second quarter of fiscal 2012. -- After excluding one-time expenses
of $0.3 million and costs associated with the wind-down of the
Company's legacy trust operations, net income before tax for the
six-month period ended April 30, 2012 was $0.6 million. -- Book
value per share of $1.96 as at April 30, 2012 after giving effect
to the consolidation of $8.2 million deficit in a securitization
trust that will be reversed on wind up of the Trust, anticipated to
occur prior to the end of the fiscal year. -- The Company's primary
source of revenue continues to be from the sale of pools of insured
mortgages to third parties. In Q2, 2012, the Company sold $15.8
million of insured mortgages for a net gain of $0.2 million and the
Company continues to grow and develop its presence in the broker
channel for this asset class. The Company has filed its financial
statements and management's discussion and analysis on SEDAR and
they will be posted on the company's website. These filings provide
additional details on the above noted items along with additional
information regarding results for the quarter and cautions
regarding forward-looking statements. The materials can be
accessed at www.sedar.com or on the Company's website at
www.xceedmortgage.com. Management Comments on Results "In the
second quarter of fiscal 2012, we incurred a net loss of $0.4
million which includes several one-time items noted,as well as
losses from consolidating XMT-2 trust activities under IFRS that
will reverse when the trust matures, expected later in this fiscal
year", said Michael Jones, President & CEO. "We are pleased
that the Company's core business was slightly profitable in the
second quarter even though mortgage sales for the quarter were low
by historical standards", Mr. Jones continued. Investor Inquiries
Michael Jones, President and Chief Executive Officer, and Jeff
Bouganim, Chief Financial Officer will be available from Thursday,
June 7, 2012 onwards to respond to investor inquiries regarding
these results. Michael Jones can be reached at: Telephone: (416)
364-7944 Ext.3434 E-mail: MJones@XceedMortgage.com Jeff Bouganim
can be reached at: Telephone: (416) 364-7944 Ext.3335 E-mail:
JBouganim@XceedMortgage.com About Xceed Mortgage Xceed Mortgage
Corporation, based in Toronto, is a Canadian provider of
residential mortgages that it originates in Canada. The
Company has approximately $0.9 billion of mortgages under
administration. The Company's shares are traded on the
Toronto Stock Exchange . To find out more about Xceed
Mortgage Corporation, visit our website at www.xceedmortgage.com.
Forward-Looking Statements Forward-looking statements in this
document are based on current expectations that are subject to
significant risks and uncertainties. Actual results might
differ materially due to various factors such as the competitive
nature of the mortgage industry, the ability of the Company to
continue to execute its growth and development strategy, and the
reliance of the Company on key personnel. The Company and the
Company's management assume no obligation to update these
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in these.
Additional information identifying risks and uncertainties is
contained in the company's regulatory filings available on its
website and at www.sedar.com. Xceed Mortgage Corporation CONTACT:
Michael Jones can be reached at:Telephone: (416) 364-7944 Ext.3434
E-mail: MJones@XceedMortgage.comJeff Bouganim can be reached
at:Telephone: (416) 364-7944 Ext.3335 E-mail:
JBouganim@XceedMortgage.com
Copyright
iShares S&P US Mid Cap I... (TSX:XMC)
Historical Stock Chart
From May 2024 to Jun 2024
iShares S&P US Mid Cap I... (TSX:XMC)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about iShares S&P US Mid Cap Index ETF (Toronto Stock Exchange): 0 recent articles
More Xceed Mortgage News Articles