This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:MCAN Mortgage earns $6.4-million in Q1 2009 2009-05-12 15:53 ET - News Release Mr. Blaine Welch reports MCAN MORTGAGE CORPORATION REPORTS FIRST QUARTER EARNINGS MCAN Mortgage Corp. had net income of $6.4-million for the first quarter of 2009, up
from $5.1-million a year earlier. Earnings per share for the quarter were
$45 cents compared with 36 cents last year.
The current turmoil in the general economy, and specifically in the
financial and real estate markets, has impacted MCAN both positively and
negatively. In the company's core spread business, decreases in the prime rate that have
not been matched by corresponding decreases in the cost of term deposits
have compressed the spread on the company's mortgage portfolio, of which over 50 per cent is
floating rate (prime-based). However, the changing interest rate environment
has had a positive impact on the company's participation in the Canada Mortgage Bonds program. Also, the market turmoil has created opportunities for the company, in
conjunction with MCAP Commercial LP, to acquire portfolios from other
lenders at favourable pricing, and the aggressive management of these
portfolios has led to significant incremental income in the past few quarters.
Although earnings per share have been strong in recent quarters, it must be
cautioned that the primary contributing activities are significantly more
volatile than the company's core activities.
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