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Date: Tuesday, May 11, 2010 MCAN MORTGAGE CORPORATION REPORTS FIRST QUARTER EARNINGS Toronto, Ontario – May 11, 2010. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) reported net income of $4.8 million for the first quarter of 2010, down from $6.4 million a year earlier. Earnings per share for the quarter were $0.33 compared to $0.45 last year. The decrease is primarily due to lower mortgage interest income and fee income and the absence of an upfront Canada Mortgage Bonds (“CMB”) program securitization gain in the current year, partially offset by lower term deposit interest and expenses. |
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