MCAN Mortgage Corporation reports fourth quarter earnings
Stock market symbol
TSX: MKP
TORONTO, March 1, 2013 /CNW/ - MCAN Mortgage Corporation's ("MCAN", the "Company" or "we") net income for the fourth quarter of 2012 was $7.3 million, up from $5.2 million in the prior year. Earnings per share were $0.40 compared to $0.30 during the same quarter in the prior year. The increase from the prior year was due to increases in equity income from MCAP Commercial LP ("MCAP"), income from securitization assets and a higher recovery of income taxes, partially offset by an increase in operating expenses.
Net income for the year ended December 31, 2012 decreased to $21.5 million from $27.1 million in 2011, while earnings per share were $1.22 in the current year compared to $1.68 in the prior year. Return on equity for the year was 13.0% compared to 18.5% in 2011.
Taxable income for the quarter decreased significantly in the current year to $1.4 million ($0.06 per share) from $8.5 million ($0.51 per share) in the prior year. Further details regarding current quarter taxable income are discussed below. Taxable income for the year ended December 31, 2012 was $20.5 million ($1.17 per share), down from $22.9 million ($1.42 per share) in 2011.
The key differences between taxable income and pre-tax net income for accounting purposes include the non-deductibility of fair market value adjustments, collective provisions for credit losses and the amortization of upfront Canada Mortgage Bonds ("CMB") program costs for tax purposes, the treatment of capital gains income, and differences between equity income from MCAP for accounting and tax purposes. As a mortgage investment corporation ("MIC"), we typically pay out all of our taxable income to shareholders through dividends.
We earned $4.3 million of equity income from our investment in MCAP during the fourth quarter, primarily due to a high volume of mortgage securitization by MCAP during that period and increases to income resulting from mortgages measured at fair value. For tax purposes, equity income from MCAP related to mortgage securitizations is recognized in line with actual cash flows, such that a tax loss is incurred up front as program costs are paid while interest income is earned over the term of the mortgage portfolios. As a result of this difference we recognized negative taxable income from MCAP during the quarter, which contributed to the relatively low fourth quarter taxable income per share.
The Board of Directors declared a first quarter dividend of $0.31 per share to be paid March 28, 2013 to shareholders of record as of March 15, 2013, consisting of the regular dividend of $0.28 per share and an extra dividend of $0.03 per share. Under the Income Tax Act (Canada), the Company can deduct dividends paid up to 90 days following year-end against the previous year's taxable income. The extra dividend offsets remaining undistributed taxable income in 2012. MCAN paid its regular $0.28 per share dividend during the fourth quarter, which was increased from $0.27 in the previous quarter.
During the third quarter, we issued 1.7 million new common shares through a rights offering, raising net proceeds of approximately $20 million. The rights offering resulted in additional asset capacity of $115 million, based on our target assets to capital ratio of 5.75 as a MIC, which is measured on a tax basis. As at December 31st, our remaining asset capacity was $16 million.
We separate our assets into the corporate and securitization portfolios for reporting purposes. Corporate assets represent our core strategic investments, and are funded by term deposits and share capital. Securitization assets consist primarily of mortgages securitized through the CMB program and reinvestment assets purchased with mortgage principal repayments and are funded by financial liabilities from securitization.
Net Investment Income: Net investment income was $8.4 million for the quarter, an increase of $1.4 million from $7.0 million during the same quarter in the prior year. Net investment income consisted of $9.7 million from corporate assets (2011 - $8.8 million) and negative $1.3 million from securitization assets (2011 - negative $1.8 million). The increase was primarily due to higher equity income from MCAP. Income from securitization assets includes a negative fair market value adjustment to derivative financial instruments of $2.1 million (negative $3.2 million in 2011).
Net Investment Income - Corporate Assets
Mortgage interest income increased to $10.0 million in the current year from $8.8 million in the prior year as a result of a $147 million increase in the average mortgage portfolio from $581 million to $728 million, partially offset by a 0.71% decrease in the average mortgage yield from 6.21% in 2011 to 5.50% in 2012. Mortgage interest income includes $19,000 (2011 - $600,000) of discount income from MCAN's acquired mortgage portfolios, which contributed to the decrease in the mortgage yield over the prior year.
As at December 31, 2012, we held discounted mortgages with a net discount of $5.9 million. We retain 50% of any recoveries of that amount, and we pay the remaining 50% to MCAP. The amount of the discount ultimately recovered is dependent on the value of the real estate securing the mortgage, as well as the financial capacity of the borrower. Additionally, these mortgages have maturity dates ranging from 2013 to 2032. The realization of the discount is based on management's expectations as to when cash will be received.
Interest on financial investments and other loans increased from $81,000 to $198,000, primarily due to a higher average portfolio balance in the current year.
Equity income from our ownership interest in MCAP increased to $4.3 million in the current year from $3.3 million in the prior year, primarily due to the significant volume of mortgage securitizations in the current year noted above and increases to income resulting from mortgages measured at fair value. The prior year had significant gains from sales of mortgages.
Fees were $677,000 in the quarter, comparable to $687,000 in the prior year. Fees consist of fee income from a profit sharing arrangement relating to mortgage portfolios acquired by MCAP of $107,000 (2011 - $85,000) and other mortgage fees of $570,000 (2011 - $602,000).
Marketable securities income was $392,000 for the quarter compared to $399,000 in the prior year. The average balance decreased in the current year, however there was a recovery of $159,000 in the current year on the sale of a security that had previously been written down.
Term deposit interest and expenses increased to $4.7 million in the current year from $3.4 million in the prior year, primarily due to a $184 million increase in the average outstanding balance from $547 million in 2011 to $731 million in 2012. In addition, the average term deposit interest rate increased slightly from 2.42% in 2011 to 2.44% in 2012.
Provisions for credit losses were $421,000 for the quarter compared to $389,000 for the same period of the prior year. Current year activity included collective mortgage provisions of $305,000 as a result of an increase of $45 million in mortgages that attract a collective allowance and individual mortgage provisions of $111,000, primarily due to a new commercial mortgage individual allowance. The prior year consisted primarily of $463,000 of collective provisions and the reversal of $80,000 of individual allowances. Mortgage write-offs, consisting entirely of single family mortgages, were $83,000 during the quarter compared to $72,000 in the prior year.
Net Investment Income - Securitization Assets
Mortgage interest income decreased to $3.1 million in the current year from $4.7 million in the prior year, primarily due to a $661 million decrease in the average mortgage portfolio from 2011. The significant decrease in the average balance is partly due to the maturity of certain CMB issuances totalling $1.1 billion during 2012. As the securitized mortgages repay, we reinvest the collected principal in certain permitted investments (which include financial investments and short-term investments) until the maturity of the CMB issuance.
Interest on financial investments decreased to $819,000 in the current year from $1.5 million in the prior year due to a decrease in the average portfolio from 2011.
Interest on short-term investments increased to $478,000 in the current year from $233,000 in the prior year as a result of an increase in the average portfolio from 2011.
Other securitization income for the quarter decreased slightly to $2.5 million from $2.6 million in the prior year, consisting primarily of interest rate swap receipts of $1.9 million (2011 - $2.3 million). The current year also included $615,000 of refinancing and renewal gains.
Interest on financial liabilities from securitization decreased to $5.9 million in the current year from $7.4 million in the prior year as a result of a 0.26% decrease in the average interest rate and a lower average outstanding balance as a result of the maturity of certain CMB issuances during 2012.
The negative fair market value adjustment to derivative financial instruments of $2.1 million (2011 - negative $3.2 million) for the quarter relates to the CMB interest rate swaps. The unrealized portion of this fair market value adjustment can be volatile as it is driven by changes in the forward interest rate curve. From an economic perspective, this adjustment is generally offset by changes in future expected income from securitized mortgages and principal reinvestment assets that have a floating interest rate. We regularly monitor our interest rate swap hedge position to minimize our exposure to interest rate risk. From an accounting perspective, changes in future expected income from these floating rate assets are not reflected in the consolidated statement of income, which can cause significant volatility to net income since there is no offset to the fair market value adjustment to derivative financial instruments.
Since we are not currently participating in new CMB issuances, the Company's existing securitization assets and liabilities will decrease significantly over the next three years. The CMB securitization liabilities mature as follows: 2013 - $1.1 billion, 2014 - $872 million, 2015 - $45 million.
Operating Expenses: Operating expenses were $2.5 million compared to $1.8 million during the same quarter in the prior year as a result of higher salaries and benefits from an increase in the number of employees and increased corporate expenses.
Income Taxes: There was a $1.4 million net recovery of income taxes in the fourth quarter of 2012 compared to a minimal provision during 2011. Current year activity included a $1.6 million recovery of current taxes and a $164,000 provision for deferred taxes.
Credit Quality: Impaired mortgages as a percentage of total mortgages (net of individual allowances) were 0.51% ($8.7 million) at December 31, 2012, up from 0.36% ($6.5 million) at September 30, 2012. Impaired corporate mortgages as a percentage of the corporate mortgage portfolio increased to 1.17% at December 31, 2012 from 0.91% at September 30, 2012. Both increases related to the impairment of uninsured single family mortgages.
Total mortgage arrears decreased slightly to $63 million at December 31, 2012 from $64 million at September 30, 2012. Mortgage arrears consist of $39 million of corporate mortgages and $24 million of insured securitized mortgages. There were no other assets in arrears at quarter end. We continue to proactively monitor mortgage arrears and take prudent steps to collect overdue accounts.
Financial Position: As at December 31, 2012, total consolidated assets were $2.99 billion, consisting of $951 million of corporate assets and $2.04 billion of securitization assets. Corporate assets increased by $42 million during the quarter, while securitization assets decreased by $667 million as a result of the maturity of certain CMB issuances near year end. Corporate asset activity during the quarter included increases of $22 million in mortgages and $23 million in cash.
The Company's equity investment in MCAP was $36 million as at December 31, 2012, up $4.3 million from September 30, 2012. During the second quarter of 2012, we provided $14 million in additional capital to MCAP. MCAP used these funds, in addition to equity capital from one of its other partners, to acquire the remaining 80% interest in MCAP Service Corporation that MCAP did not already own. MCAP also acquired the residential mortgage operations and certain related assets of ResMor Trust Company. As at December 31, 2012, MCAP had $36 billion of assets under administration.
Term deposit liabilities were $777 million at December 31, 2012, up $67 million from September 30, 2012.
Total shareholders' equity of $178 million increased by $2.2 million from September 30, 2012. Activity for the quarter included net income of $7.3 million less the fourth quarter dividend of $5.2 million.
Asset Capacity: As at December 31, 2012, our remaining asset capacity was $16 million, based on our target assets to capital ratio of 5.75.
Outlook: Residential housing markets in Canada continue to benefit from stable economic conditions. The Canadian economy is supported by employment and economic growth that should support housing markets in 2013. Changes to mortgage underwriting standards that took effect in 2012 may reduce housing demand and prices in some markets; however, consumers continue to benefit from low residential mortgage rates that remain at attractive levels and contribute to housing affordability. The prospect of future increases in mortgage rates also provides incentive for potential home buyers to purchase in the near term.
We expect housing markets to slow throughout 2013 as a result of adjusting market conditions, although we expect to take advantage of opportunities in mortgage markets during this transition. Regulatory changes to underwriting standards are expected to impact the number of eligible home buyers that are able to borrow under government-backed mortgage insurance programs. This reduction will create growth opportunities for MCAN in the uninsured mortgage market. We expect spreads to increase such that, on a risk-adjusted basis, we expect this asset class to provide superior returns. We are currently reviewing opportunities to enhance our product offerings to mortgage markets by capitalizing on demand from third party institutional investors, which should allow MCAN to optimize returns to shareholders in 2013.
Although regulatory changes are expected to result in some downward pressure on price points in our core markets, we do not expect them to contribute to a significant disruption to residential markets. We expect to see tighter underwriting standards on residential construction loans and the cancellation of construction projects within our core markets as developers concentrate on managing inventory. We expect these market conditions to improve credit spreads and construction loan profitability. Furthermore, we expect to observe more opportunities for short-term bridge/mezzanine lending which will enhance the overall return of our corporate asset portfolio in 2013.
Our investment in MCAP continues to provide a stable source of residential mortgage and construction origination. MCAP continues to strengthen its origination capability, providing support to MCAN.
We continue to monitor mortgage markets for investment opportunities and will adjust our investment strategy accordingly. We concentrate our origination efforts on the entry-level/affordable segment within our core markets in an effort to minimize the potential impacts of any weakness in home values. We expect to be active in the uninsured single family mortgage market, and we expect this segment to improve its risk-adjusted returns as a result of recently announced regulatory changes.
Selected Quarterly Financial Data
(Unaudited) (dollars in thousands, except for per share amounts)
| Year Ended December 31, 2012 | Q1 | Q2 | Q3 | Q4 | Total | ||||||
| Net investment income - corporate assets | $ | 5,616 | $ | 9,997 | $ | 5,872 | $ | 9,650 | $ | 31,135 | |
| Net investment income - securitized assets before fair market value adjustment |
1,026 | 457 | 458 | 837 | 2,778 | ||||||
| Fair market value adjustment | (3,238) | (1,460) | (1,869) | (2,115) | (8,682) | ||||||
| Net investment income - securitized assets | (2,212) | (1,003) | (1,411) | (1,278) | (5,904) | ||||||
| Net investment income | 3,404 | 8,994 | 4,461 | 8,372 | 25,231 | ||||||
| Operating expense | 2,141 | 2,351 | 2,031 | 2,470 | 8,993 | ||||||
| Income before income taxes | 1,263 | 6,643 | 2,430 | 5,902 | 16,238 | ||||||
| Provision for (recovery of) income taxes | (3,104) | 323 | (1,034) | (1,440) | (5,255) | ||||||
| Net income | $ | 4,367 | $ | 6,320 | $ | 3,464 | $ | 7,342 | $ | 21,493 | |
| Basic and diluted earnings per share | $ | 0.26 | $ | 0.37 | $ | 0.19 | $ | 0.40 | $ | 1.22 | |
| Dividends per share | |||||||||||
| Regular | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.28 | $ | 1.09 | |
| Extra | 0.33 | - | - | - | 0.33 | ||||||
| Total | $ | 0.60 | $ | 0.27 | $ | 0.27 | $ | 0.28 | $ | 1.42 | |
| Year Ended December 31, 2011 | Q1 | Q2 | Q3 | Q4 | Total | ||||||
| Net investment income - corporate assets | $ | 5,308 | $ | 6,165 | $ | 5,420 | $ | 8,757 | $ | 25,650 | |
| Net investment income - securitized assets before fair market value adjustment |
1,469 | 1,844 | 1,086 | 1,431 | 5,830 | ||||||
| Fair market value adjustment | (3,238) | 1,722 | 4,934 | (3,190) | 228 | ||||||
| Net investment income - securitized assets | (1,769) | 3,566 | 6,020 | (1,759) | 6,058 | ||||||
| Net investment income | 3,539 | 9,731 | 11,440 | 6,998 | 31,708 | ||||||
| Operating expense | 1,672 | 1,793 | 1,626 | 1,769 | 6,860 | ||||||
| Income before income taxes | 1,867 | 7,938 | 9,814 | 5,229 | 24,848 | ||||||
| Provision for (recovery of) income taxes | (5,222) | 733 | 2,228 | 6 | (2,255) | ||||||
| Net income | $ | 7,089 | $ | 7,205 | $ | 7,586 | $ | 5,223 | $ | 27,103 | |
| Basic and diluted earnings per share | $ | 0.49 | $ | 0.44 | $ | 0.45 | $ | 0.30 | $ | 1.68 | |
| Dividends per share | |||||||||||
| Regular | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 1.08 | |
| Extra | 0.73 | - | - | - | 0.73 | ||||||
| Total | $ | 1.00 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 1.81 | |
| CONSOLIDATED BALANCE SHEETS (Unaudited) (dollars in thousands) |
|||||||
| As at | December 31 2012 |
September 30 2012 |
December 31 2011 |
||||
| Assets | |||||||
| Corporate Assets | |||||||
| Cash and cash equivalents | $ | 123,825 | $ | 100,946 | $ | 51,309 | |
| Marketable securities | 20,390 | 20,153 | 30,149 | ||||
| Mortgages | 739,812 | 718,043 | 640,351 | ||||
| Foreclosed real estate | 4,355 | 4,355 | - | ||||
| Financial investments | 18,067 | 21,797 | 12,536 | ||||
| Other loans | 3,164 | 3,679 | 3,027 | ||||
| Equity investment in MCAP Commercial LP | 36,386 | 32,133 | 15,480 | ||||
| Other assets | 4,687 | 7,914 | 947 | ||||
| 950,686 | 909,020 | 753,799 | |||||
| Securitization Assets | |||||||
| Short-term investments | 378,443 | 694,565 | 345,487 | ||||
| Mortgages | 936,947 | 1,046,024 | 1,499,016 | ||||
| Financial investments | 714,631 | 953,950 | 1,279,479 | ||||
| Derivative financial instruments | 4,666 | 6,781 | 13,348 | ||||
| Other assets | 1,248 | 1,594 | 3,029 | ||||
| 2,035,935 | 2,702,914 | 3,140,359 | |||||
| $ | 2,986,621 | $ | 3,611,934 | $ | 3,894,158 | ||
| Liabilities and Shareholders' Equity | |||||||
| Liabilities | |||||||
| Corporate Liabilities | |||||||
| Term deposits | $ | 777,077 | $ | 710,354 | $ | 601,577 | |
| Loans payable | - | 18,000 | - | ||||
| Current tax liabilities | 2,114 | 3,719 | 3,321 | ||||
| Deferred tax liabilities | 1,842 | 1,679 | 5,436 | ||||
| Other liabilities | 9,492 | 15,775 | 7,943 | ||||
| 790,526 | 749,527 | 618,277 | |||||
| Securitization Liabilities | |||||||
| Financial liabilities from securitization | 2,015,046 | 2,681,630 | 3,111,357 | ||||
| Other liabilities | 3,268 | 5,149 | 6,059 | ||||
| 2,018,314 | 2,686,779 | 3,117,416 | |||||
| 2,808,840 | 3,436,306 | 3,735,693 | |||||
| Shareholders' Equity | |||||||
| Share capital | 155,005 | 155,005 | 132,817 | ||||
| Contributed surplus | 510 | 510 | 510 | ||||
| Retained earnings | 19,985 | 17,887 | 23,491 | ||||
| Available for sale reserve | 2,281 | 2,226 | 1,647 | ||||
| 177,781 | 175,628 | 158,465 | |||||
| $ | 2,986,621 | $ | 3,611,934 | $ | 3,894,158 | ||
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (dollars in thousands except for per share amounts) |
|||||||||
| Quarters Ended December 31 |
Years Ended December 31 |
||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||
| Net Investment Income - Corporate Assets | |||||||||
| Mortgage interest | $ | 10,006 | $ | 8,845 | $ | 41,395 | $ | 32,593 | |
| Interest on financial investments and other loans | 198 | 81 | 1,422 | 1,342 | |||||
| Equity income from MCAP Commercial LP | 4,253 | 3,262 | 6,906 | 5,007 | |||||
| Fees | 677 | 689 | 2,236 | 1,593 | |||||
| Marketable securities | 392 | 399 | 2,061 | 1,281 | |||||
| Interest on cash and cash equivalents | 180 | 115 | 544 | 592 | |||||
| 15,706 | 13,391 | 54,564 | 42,408 | ||||||
| Term deposit interest and expenses | 4,687 | 3,424 | 17,157 | 12,293 | |||||
| Mortgage expenses | 948 | 822 | 3,712 | 3,407 | |||||
| Provision for credit losses | 421 | 388 | 2,560 | 1,058 | |||||
| 6,056 | 4,634 | 23,429 | 16,758 | ||||||
| 9,650 | 8,757 | 31,135 | 25,650 | ||||||
| Net Investment Income - Securitization Assets | |||||||||
| Mortgage interest | 3,099 | 4,685 | 14,372 | 20,718 | |||||
| Interest on financial investments | 819 | 1,504 | 4,763 | 5,714 | |||||
| Interest on short-term investments | 478 | 233 | 1,547 | 814 | |||||
| Other securitization income | 2,455 | 2,593 | 9,407 | 9,001 | |||||
| 6,851 | 9,015 | 30,089 | 36,247 | ||||||
| Interest on financial liabilities from securitization | 5,923 | 7,448 | 26,888 | 29,844 | |||||
| Mortgage expenses | 91 | 136 | 423 | 573 | |||||
| 6,014 | 7,584 | 27,311 | 30,417 | ||||||
| Net investment income before fair market value adjustment | 837 | 1,431 | 2,778 | 5,830 | |||||
| Fair market value adjustment - derivative financial instruments | (2,115) | (3,190) | (8,682) | 228 | |||||
| (1,278) | (1,759) | (5,904) | 6,058 | ||||||
| Net Investment Income | 8,372 | 6,998 | 25,231 | 31,708 | |||||
| Operating Expenses | |||||||||
| Salaries and benefits | 1,011 | 882 | 3,953 | 3,234 | |||||
| General and administrative | 1,459 | 887 | 5,040 | 3,626 | |||||
| 2,470 | 1,769 | 8,993 | 6,860 | ||||||
| Income Before Income Taxes | 5,902 | 5,229 | 16,237 | 24,848 | |||||
| Provision for (recovery of) income taxes | |||||||||
| Current | (1,604) | 1,612 | (1,519) | (2,072) | |||||
| Deferred | 164 | (1,606) | (3,736) | (183) | |||||
| (1,440) | 6 | (5,255) | (2,255) | ||||||
| Net Income |
$ | 7,342 | $ | 5,223 | $ | 21,493 | $ | 27,103 | |
| Basic and diluted earnings per share | $ | 0.40 | $ | 0.30 | $ | 1.22 | $ | 1.68 | |
| Dividends per share | $ | 0.28 | $ | 0.27 | $ | 1.42 | $ | 1.81 | |
| Weighted average number of basic and diluted shares (000's) |
18,729 | 16,862 | 17,579 | 16,147 | |||||
Further Information
Complete copies of the Company's 2012 Annual Report will be filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on the Company's website at www.mcanmortgage.com by March 28, 2013.
MCAN is a public company listed on the Toronto Stock Exchange ("TSX") under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a mortgage investment corporation ("MIC") under the Income Tax Act (Canada) (the "Tax Act").
The Company's primary objective is to generate a reliable stream of income by investing its corporate funds in a portfolio of mortgages (including single family residential, residential construction, non-residential construction and commercial loans), as well as other types of financial investments, loans and real estate investments. MCAN employs leverage by issuing term deposits eligible for Canada Deposit Insurance Corporation ("CDIC") deposit insurance up to a maximum of five times capital (on a non-consolidated tax basis) as permitted by the Tax Act. The term deposits are sourced through a network of independent financial agents. As a MIC, MCAN is entitled to deduct from income for tax purposes 100% of dividends, except for capital gains dividends, which are deducted at 50%. Such dividends are received by the shareholders as interest income and capital gains dividends, respectively.
MCAN also participates in the CMB program, and other securitizations of insured mortgages.
A CAUTION ABOUT FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws. The words "may," "believe," "will," "anticipate," "expect," "planned," "estimate," "project," "future," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Such statements reflect management's current beliefs and are based on information currently available to management. The forward-looking statements in this press release include, among others, statements with respect to:
- the current business environment and outlook;
- possible or assumed future results;
- ability to create shareholder value;
- business goals and strategy;
- the stability of home prices;
- effect of challenging conditions on us;
- factors affecting our competitive position within the housing markets;
- sufficiency of our access to capital resources; and
- the timing of the effect of interest rate changes on our cash flows.
Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to:
- global market activity;
- worldwide demand for and related impact on commodity prices;
- changes in government and economic policy;
- changes in general economic, real estate and other conditions;
- changes in interest rates;
- mortgage rate and availability changes;
- adverse legislation or regulation;
- technology changes;
- confidence levels of consumers;
- ability to raise capital on favourable terms;
- our debt and leverage;
- competitive conditions in the homebuilding industry, including product and pricing pressures;
- ability to retain our executive officers;
- litigation risk;
- relationships with our mortgage originators; and
- additional risks and uncertainties, many of which are beyond our control, referred to in this press release and our other public filings with the applicable Canadian regulatory authorities.
Subject to applicable securities law requirements, we undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports should be consulted.
SOURCE: MCAN Mortgage Corporation
MCAN Mortgage Corporation
Website: www.mcanmortgage.com
e-mail: [email protected]
William Jandrisits
President and Chief Executive Officer
(416) 591-2726
Tammy Oldenburg
Vice President and Chief Financial Officer
(416) 847-3542
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