Welcome!

News Feed Item

Terra Firma Capital Corporation Reports Results for the First Quarter Ended March 31, 2014

-- 62% Increase in Top Line Revenue Over Last Year

TORONTO, ONTARIO -- (Marketwired) -- 05/21/14 -- 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,      March 31,
                                                         2014           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,   December 31,
                                                         2014           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
----------------------------------------------------------------------------
----------------------------------------------------------------------------

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...