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Xceed Mortgage Corporation Reports First Quarter 2013 Results


TORONTO, March 7, 2013 /CNW/ - Xceed Mortgage Corporation [TSX: XMC] ("Xceed" or the "Company") today reported its results for the three month period ended January 31, 2013.

The following are highlights of the first quarter results:


    --  Net income after tax of $80 thousand for the 3 month period
        ended January 31, 2013.
    --  Basic book value per share and diluted book value per share of
        $2.24 and $2.08 as at January 31, 2013.
    --  The Company's primary source of revenue continues to be from
        the sale of pools of insured mortgages to third parties.  In
        Q1, 2013, the Company sold $44.3 million of insured mortgages
        for a net gain of $0.7 million.
    --  The Company's liquidity position has improved substantially
        with cash and cash equivalents of $27.1 million as at January
        31, 2013 compared to $6.1 million as at October 31, 2012.  This
        improvement resulted from the payout of the senior subordinated
        interest in QSPE-XCD in December 2012 along with sales of
        insured mortgages close to the quarter ended January 31, 2013.

Management Comments on Results

Mr. Michael Jones, President and CEO, commented that "the first quarter of 
2013 was slightly ahead of break-even with positive revenues resulting from 
the sale of insured mortgages."

Mr. Jones also noted that "the first quarter has been highly competitive with 
market participants offering lower mortgage spreads combined with higher 
broker commissions to attract origination volumes."

Mr. Jones noted that "as announced in December 2012, the Company received 
$10.6 million in cash relating to the payout of the Company's senior 
subordinated Q-XCD note which improved the overall liquidity profile of the 
Company."

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.

Investor Inquiries

Michael Jones, President and Chief Executive Officer, and Jeff Bouganim, Chief 
Financial Officer will be available from Thursday, March 7, 2013 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 $0.8 billion of mortgages under administration.  The Company's 
shares are traded on the Toronto Stock Exchange (TSX: XMC).  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.

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

SOURCE: Xceed Mortgage Corporation

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/March2013/07/c2978.html

CO: Xceed Mortgage Corporation
ST: Ontario
NI: FIN REL ERN 

-0- Mar/07/2013 11:00 GMT

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