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Date: Friday, February 12, 2010 MCAN MORTGAGE CORPORATION REPORTS FOURTH QUARTER EARNINGS Toronto, Ontario – February 12, 2010. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”)
reported net income of $6.1 million for the fourth quarter of 2009, down from $9.9 million a year earlier.
Earnings per share for the quarter were $0.43 compared to $0.70 last year. The decrease is primarily due to a
one-time gain on the sale of mortgages in the prior year and a significant increase to an existing specific
mortgage provision in the current year. |
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