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First National reports results for third quarter 2006
Highlights:
- Mortgages under Administration up 29 per cent year over year
- Third quarter revenue up 70 per cent year over year
- Third quarter adjusted EBITDA(*) up 34 per cent year over year
- Distributions declared to public unitholders totalled .27 million
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TORONTO, Oct. 25 /CNW/ - First National Financial Income Fund
(TSX FN.UN) (the "Fund") today announced its financial results for the period
ended September 30, 2006. The Fund commenced operations upon completion of its
initial public offering on June 15, 2006 and has a 19.97 per cent indirect
interest in First National Financial LP ("FNLP").
"Although the third quarter is typically our strongest for single-family
origination volume, our performance exceeded our expectations," said Stephen
Smith, President and Chief Executive Officer of the Fund. "The combined effect
of significant growth in mortgages under administration, an increase in Alt-A
origination, the first time securitization through the Canada Mortgage Bond,
and the timing of a CMBS issue have resulted in record profitability this
quarter."
"We are pleased with our remarkable performance this quarter, in which
several factors contributed to strong growth in key metrics," said Moray
Tawse, Vice President, Mortgage Investments, FNLP. "With a sound strategy in
place, we will continue our steady focus on key performance drivers to create
value for unitholders." |
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