TORONTO, March 14 /CNW/ - Xceed Mortgage Corporation [TSX: XMC], a
leading non-traditional mortgage lender, today announced that its President
and Chief Operating Officer, Michael Jones, will be interviewed at about
3:15 p.m. (ET) today on Business News Network's (formerly ROBTV) program
Trading Day with Pat Bolland.
Mr. Jones plans to discuss Xceed Mortgage's very strong fiscal 2007
first-quarter financial results, announced earlier today, the rapid growth of
the company, and the very significant and important differences between the
U.S. sub-prime market and Xceed's business in Canada.
For its 2007 fiscal first quarter, Xceed Mortgage today announced that
net income rose 37% compared with the period a year ago; mortgage fundings
were nearly double those in the 2006 quarter; mortgages and other assets under
administration rose to nearly $2.5 billion, up 28.6% from the 2006 first
quarter; and return on shareholders' equity increased to 24.5%, compared with
21.3% a year earlier. The company's Board of Directors approved a 14.3%
increase (one cent per share) in the quarterly cash dividend to $0.08 per
share, the sixth boost approved since Xceed initiated paying dividends in the
fiscal 2005 second quarter.
Xceed is one of a new breed of alternative residential mortgage lenders
in Canada. Xceed helps Canadians fulfill their aspirations of home ownership.
Its borrowers range from those who have solid credit and income histories, but
have not managed to save a down payment, to those who have gone through
periods with limited and specific credit difficulties but have since recovered
and repaired their credit. A growing proportion of Xceed's applicants are
renters, self-employed entrepreneurs, and recent immigrants to Canada, who may
otherwise not conform to major banks' electronic credit-scoring criteria.
By meeting the needs of Canadians for alternative financing, Xceed
Mortgage Corporation has grown to become one of the largest non-traditional
residential mortgage financing companies in Canada, with mortgage and other
assets under administration of approximately $2.5 billion. Xceed operates in a
market that is estimated to have a potential size of approximately
$70 billion. Xceed's shares are traded on the Toronto Stock Exchange (TSX:
XMC). To find out more about Xceed Mortgage Corporation, visit our website at
For further information:
For further information: Investor and Media Relations: Richard Wertheim,
Wertheim + Company Inc., (416) 594-1600, email@example.com