TORONTO, Jan. 21, 2014 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) announces that it is increasing its regular monthly cash dividends, from an annual rate of $0.80 to $0.82 per share.
The board of directors has declared the following dividends:
|Record date||Period||Dividend payable date||Dividend amount per share|
|January 31, 2014||January||February 13, 2014||$0.068333|
|February 28, 2014||February||March 13, 2014||$0.068333|
|March 31, 2014||March||April 14, 2014||$0.068333|
Mr. Rob Goodall, CEO of Atrium, noted, "In 2013, Atrium earned and declared dividends totaling an estimated $0.85 per share, including a special dividend estimated at $0.05. We are very pleased to conservatively increase the regular dividend to reflect our confidence in Atrium's level of earnings. We still expect to continue the practice of paying a special dividend to shareholders of record at the year-end to top-up the total dividends paid to equal our earnings in the year."
Shareholders are reminded that Atrium offers a dividend reinvestment plan (DRIP) that allows them to automatically reinvest their dividends in new shares of Atrium at a 2% discount from market price and with no commissions. This provides shareholders with an easy way to realize the benefits of compound growth of their investment in Atrium. Shareholders can enroll in the DRIP program by contacting their investment advisor.
Atrium is a Mortgage Investment Corporation (MIC) as defined in Section 130.1(6) of the Canada Income Tax Act (ITA). 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.
As a mortgage investment corporation, 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.
This news release contains forward-looking statements. Much of this information can be identified by words such as "expect to," "expected," "will," "estimated" or similar expressions suggesting future outcomes or events. Atrium believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward looking statements regarding the estimated amount of the special dividend are based upon the following assumptions: that revenues and expenses continue to follow current trends, and that current trends in portfolio growth continue.
Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, the uncertainty associated with accessing capital markets and the risks related to Atrium's business, including those identified in Atrium's annual information form dated December 31, 2012 and short form prospectus dated June 11, 2013 under the heading "Risk Factors" (copies of which may be obtained at www.sedar.com). Forward-looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by law, Atrium undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Atrium Mortgage Investment Corporation Robert G. Goodall President and Chief Executive Officer Atrium Mortgage Investment Corporation Jeffrey D. Sherman Chief Financial Officer (416) 607-4200 firstname.lastname@example.org www.atriummic.comSource:Atrium Mortgage Investment Corporation