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 and year ended December 31, 2013.
YEAR END 2013 HIGHLIGHTS:
-- Total revenue is $8.9 million, an increase of $3.4 million or 62%,
compared to the last year.
-- Net income and comprehensive income is $1.7 million, an increase of
$448,000 or 36%, compared to last year.
-- Total assets increased by 59% to $73.7 million from $46.4 million at
December 31, 2012.
"I am excited to report another great quarter, capping of a truly extraordinary
year for our Company. In 2013 we achieved significant expansion of Terra Firma
on every front. I believe our ability to effectively originate, design and
provide real estate loans increases our stature as a real estate lender in the
market, one that has the ability to arrange and participate in financings
secured by both high quality investment properties and commercial and
residential real estate developments undertaken by proven developers," commented
Y. Dov Meyer, President and Chief Executive Officer. "Looking ahead, we are
optimistic about 2014 as our solid pipeline of loan originations and our
transformative initiatives continue to enhance brand recognition and better
positioning us to take full advantage of market opportunities. We are confident
in our future and our ability to continue to improve on 2013 income and deliver
capital appreciation to our shareholders," he further said.
Results of operations - year ended December 31, 2013
Net income and comprehensive income for the year ended December 31, 2013 was
$1.7 million or $0.06 per basic share and $0.05 diluted share, compared to $1.3
million, or $0.04 per basic and diluted share, in the last year. General and
administrative expenses for the year ended December 31, 2013 increased to $1.5
million, compared to $539,000 for the last year.
Interest and fee income for the year ended December 31, 2013 aggregated $8.5
million, an increase of 64% over the $5.2 million in previous year.
Interest expense for the year ended December 31, 2013 was $4.7 million, compared
to $2.6 million for the year ended December 31, 2012. The increase in interest
expense represents the growth of the Company's business and the increase in
syndication capital to fund the investment activities.
The Company's loan and mortgage investments increased from $32.0 million at
December 31, 2012 to $55.3 million at December 31, 2013, an increase of 73%. The
weighted average effective interest rate in the mortgage investment portfolio at
December 31, 2013 was 18.6% compared to 19.9% at December 31, 2012.
The Company's Management's Discussion & Analysis and Financial Statements as at
and for the three months and year ended December 31, 2013 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 and years ended December 31, 2013 and 2012
(Unaudited)
---------------------------------------------------------------------------
Three months ended Twelve months ended
----------------------------------------------------
December 31, December 31, December 31, December 31,
2013 2012 2013 2012
---------------------------------------------------------------------------
Revenue
Interest and fees $ 2,964,227 $ 1,897,945 $ 8,454,163 $ 5,156,665
Rental 115,419 195,113 451,335 343,958
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3,079,646 2,093,058 8,905,498 5,500,623
Expenses
Property operating
costs 35,441 76,623 287,078 129,186
General and
administrative 382,940 134,629 1,476,156 538,978
Share based
compensation (2,649) 15,369 39,208 216,840
Interest 1,585,753 888,303 4,742,023 2,569,006
Fair value adjustment
- investment
properties 78,287 - 78,287 -
---------------------------------------------------------------------------
2,079,772 1,114,924 6,622,752 3,454,010
Income from operations
before income taxes 999,874 978,134 2,282,746 2,046,613
Income taxes 251,848 249,445 582,919 562,320
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Income from continuing
operations 748,026 728,689 1,699,827 1,484,293
Loss from discontinued
operations - (232,313) - (232,313)
---------------------------------------------------------------------------
Net income and
comprehensive income $ 748,026 $ 496,376 $ 1,699,827 $ 1,251,980
---------------------------------------------------------------------------
Earnings per share
Basic $ 0.03 $ 0.01 $ 0.06 $ 0.04
Diluted $ 0.02 $ 0.01 $ 0.05 $ 0.04
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Terra Firma Capital Corporation
Consolidated Statements of Financial Position
As at December 31, 2013 and 2012
----------------------------------------------------------------------------
December 31, December 31,
2013 2012
----------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 7,721,115 $ 3,223,291
Funds held in trust 383,526 -
Amounts receivable and prepaid expenses 1,661,352 2,396,180
Loan and mortgage investments 55,278,303 31,996,731
Investment properties 7,671,452 7,834,576
Portfolio investment 954,073 950,000
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Total assets $ 73,669,821 $ 46,400,778
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Liabilities
Accounts payable and accrued liabilities $ 1,366,708 $ 1,192,616
Provision for discontinued operations 321,490 445,957
Unearned income 472,924 16,965
Income taxes payable 82,375 474,297
Deferred income taxes 6,348 15,602
Loans and mortgages payable 46,569,921 21,406,070
Convertible debentures 10,125,074 10,093,325
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Total liabilities 58,944,840 33,644,832
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Shareholders' Equity
Share capital $ 10,795,790 $ 10,757,405
Contributed surplus 603,962 573,139
Retained earnings 3,125,229 1,425,402
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Total shareholders' equity 14,524,981 12,755,946
----------------------------------------------------------------------------
Non-controlling interest 200,000 -
----------------------------------------------------------------------------
Total liabilities and Shareholders' Equity $ 73,669,821 $ 46,400,778
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FOR FURTHER INFORMATION PLEASE CONTACT:
Terra Firma Capital Corporation
Y. Dov Meyer
President and Chief Executive Officer
416.792.4709
ydmeyer@tfcc.ca
www.tfcc.ca
Spinnaker Capital Markets Inc.
Ali Mahdavi
Managing Partner
416.402.7300
am@spinnakercmi.com
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