VANCOUVER, July 29 /CNW/ - On behalf of the Board of Directors of Mandate National Mortgage Corporation ("Mandate"), Mr. Alan E. R. Long, President, is pleased to announce the dividend payment rate to shareholders of record as at June 30, 2010 is $0.1476 per share and will be paid August 16, 2010.
Second quarter net income decreased 30.7% to $129,410. or $.1476 per share compared with $186,919 or $.23 per share for the same period in 2009. Revenue decreased 32.6%% to $154,035 from $228,428 in 2009. The decline in revenues and earnings was due to a decrease in mortgage interest income from non performing loans which are anticipated to be recovered in the third quarter.
Return on common equity was 6.38% while return on preferred shares was 6.0%.
Mandate operates as a mortgage investment corporation under the provisions of the Income Tax Act (Canada) and invests in a diverse portfolio of residential and commercial mortgages. Mandate has provided and intends to continue to provide a high dividend yield to its shareholders through its prudent mortgage lending policy. It has been among the top performing mortgage funds for the past ten years as reported in the financial press. Mandate distributes quarterly all of its earned income to its shareholders by way of dividend.
ON BEHALF OF THE BOARD OF DIRECTORS
"Alan E.R. Long"
ALAN E.R. LONG, PRESIDENT
and CHIEF EXECUTIVE OFFICER
SOURCE Mandate National Mortgage Corporation
For further information: For further information: Mr. Alan E.R. Long or Ms. Constance Kartzmark at (604) 731-2899