Terra Firma Capital Corporation Reports Results for the First Quarter Ended March 31, 2014
21 Mai 2014 - 11:00PM
Marketwired
Terra Firma Capital Corporation Reports Results for the First
Quarter Ended March 31, 2014
-- 62% Increase in Top Line Revenue Over Last Year
-- 100% Increase in Earnings Per Share Over Last Year
TORONTO, ONTARIO--(Marketwired - May 21, 2014) - All amounts are
stated in Canadian dollars -
Terra Firma Capital Corporation (TSX-VENTURE:TII) ("Terra Firma"
or the "Company"), a real estate finance company, today released
its financial results for the three months ended March 31,
2014.
FIRST QUARTER 2014 HIGHLIGHTS:
- Total revenue in the first quarter is $2.7 million, an increase
of $1.0 million or 62%, as compared to the same period in the prior
year.
- Net income and comprehensive income in the first quarter is
$618,000, an increase of $353,000 or 133%, compared to the first
quarter of 2013.
- Earnings per share is $0.02 per basic and diluted share,
compared to $0.01 per basic and diluted share, an increase of 100%
from the same quarter in the prior year.
- Total assets increased by 28% to $73.0 million from $57.1
million at March 31, 2013.
"I am pleased to report another strong quarter of growth as we
begin 2014 on a solid footing," commented Y. Dov Meyer, President
and Chief Executive Officer. "Loan originations for Q1 2014 and our
current pipeline eclipse our investment activity for the same
period last year. As a result we anticipate continued growth in
revenue and earnings through the balance of 2014. I am encouraged
that subsequent to quarter end, our capital markets initiatives
resulted in analyst coverage on the company," concluded Mr.
Meyer.
Results of operations - three months ended March 31, 2014
Net income in the first quarter ended March 31, 2014 was
$618,000 or $0.02 per basic and diluted share, compared to
$265,000, or $0.01 per basic and diluted share, in the first
quarter ended March 31, 2013.
Interest and fee income for the first quarter ended March 31,
2014 aggregated $2.6 million, an increase of 65% over the $1.6
million in the same period in the previous year, and slightly down
from the $3.0 million in the fourth quarter ended December 31, 2013
due to timing of certain income recorded in 2013. Interest and fees
in the fourth quarter ended December 31, 2013 included prepayment
penalty, which resulted a $92,000 increase in fee income.
Interest expense for the first quarter ended March 31, 2014 was
$1.5 million, compared to $937,000 for the comparative period last
year and $1.6 million for the fourth quarter ended December 31,
2013.The Company's loan and mortgage investments increased from
$55.3 million at December 31, 2013 to $56.3 million at March 31,
2014, an increase of 2%. The total value of loan and mortgage
investments originated in the first quarter ended March 31, 2014
was $9.4 million compared to $13.4 million originated in the first
quarter ended March 31, 2013.The average interest rate in the
mortgage portfolio at March 31, 2014 was 18.8% compared to 18.6% at
December 31, 2013.
The Company's Management's Discussion & Analysis and
Financial Statements as at and for the three months ended March 31,
2014 have been filed and are available on SEDAR
(www.sedar.com).
About Terra Firma
Terra Firma is a full service, publicly traded real estate
finance company that provides customized equity and debt solutions
to the real estate industry. Our focus is to arrange and provide
financing with flexible terms to property owners looking to improve
or add to their existing real estate assets but who may be limited
by conventional bank financing, as well as to invest in quality
commercial and residential developments by proven real estate
developers. Terra Firma offers a full spectrum of real estate
financing under the guidance of strict corporate governance,
clarity and transparency. For further information please visit
Terra Firma's website at www.tfcc.ca.
The TSXV has neither approved nor disapproved the contents
of this press release. The TSXV does not accept responsibility for
the adequacy or accuracy of this press release.
This Press Release contains
forward‐looking statements with respect matters
concerning the business, operations, strategy and financial
performance of Terra Firma. These statements generally can be
identified by use of forward looking word such as "may", "will",
"expects", "estimates", "anticipates", "intends", "believe" or
"could" or the negative thereof or similar variations. The future
business, operations and performance of Terra Firma could differ
materially from those expressed or implied by such statements. Such
forward‐looking statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Forward‐looking statements are
based on a number of assumptions which may prove to be incorrect.
Additional, important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, local real estate conditions,
competition, changes in government regulation, dependence on
tenants' financial conditions, interest rates, the availability of
equity and debt financing, environmental and tax related matters,
and reliance on key personnel. There can be no assurances that
forward‐looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on
forward‐looking statements. The cautionary
statements qualify all forward‐looking statements
attributable to Terra Firma and persons acting on its behalf.
Unless otherwise stated, all forward looking statements speak only
as of the date of this Press Release and Terra Firma has no
obligation to update such statements except as required by
law.
|
Terra Firma Capital Corporation |
Consolidated Statements of Income and Comprehensive
Income |
For the three months ended March 31, 2014 and 2013 |
(Unaudited) |
|
Three months ended |
|
March 31, 2014 |
March 31, 2013 |
Revenue |
|
|
|
|
|
Interest and fees |
$ |
2,620,540 |
$ |
1,586,215 |
|
Rental |
|
115,437 |
|
107,096 |
|
|
2,735,977 |
|
1,693,311 |
Expenses |
|
|
|
|
|
Property operating costs |
|
42,076 |
|
47,615 |
|
General and administrative |
|
354,517 |
|
367,163 |
|
Share
based compensation |
|
12,608 |
|
- |
|
Interest |
|
1,478,919 |
|
937,412 |
|
|
1,888,120 |
|
1,352,190 |
|
|
|
|
|
Income from operations before income taxes |
|
847,857 |
|
341,121 |
|
|
|
|
|
Income taxes |
|
229,648 |
|
75,776 |
|
|
|
|
|
Net income and comprehensive income |
$ |
618,209 |
$ |
265,345 |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
Basic |
$ |
0.02 |
$ |
0.01 |
|
Diluted |
$ |
0.02 |
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terra Firma Capital Corporation |
Consolidated Statements of Financial Position |
As at March 31, 2014 and December 31, 2013 |
|
March 31, 2014 |
December 31, 2013 |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
$ |
5,684,469 |
$ |
7,721,115 |
Funds
held in trust |
|
486,336 |
|
383,526 |
Amounts receivable and prepaid expenses |
|
1,844,161 |
|
1,661,352 |
Loan
and mortgage investments |
|
56,338,050 |
|
55,278,303 |
Investment properties |
|
7,686,666 |
|
7,671,452 |
Portfolio investment |
|
954,073 |
|
954,073 |
Total assets |
$ |
72,993,755 |
$ |
73,669,821 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
1,678,788 |
$ |
1,366,708 |
Provision for discontinued operations |
|
290,155 |
|
321,490 |
Unearned income |
|
372,145 |
|
472,924 |
Income taxes payable |
|
182,576 |
|
82,375 |
Deferred income taxes |
|
12,786 |
|
6,348 |
Loans
and mortgages payable |
|
44,968,242 |
|
46,569,921 |
Convertible debentures |
|
10,133,265 |
|
10,125,074 |
Total liabilities |
|
57,637,957 |
|
58,944,840 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share
capital |
$ |
10,795,790 |
$ |
10,795,790 |
Contributed surplus |
|
603,962 |
|
603,962 |
Retained earnings |
|
3,756,046 |
|
3,125,229 |
Total shareholders' equity |
|
15,155,798 |
|
14,524,981 |
|
|
|
|
|
Non-controlling interest |
|
200,000 |
|
200,000 |
|
|
|
|
|
Total liabilities and Shareholders' Equity |
$ |
72,993,755 |
$ |
73,669,821 |
Terra Firma Capital CorporationY. Dov MeyerPresident and Chief
Executive Officer416.792.4709ydmeyer@tfcc.caSpinnaker Capital
Markets Inc.Ali MahdaviManaging
Partner416.962.3300am@spinnakercmi.com
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