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