Founders Advantage Announces Record Annual and Q4 Funded Mortgage Volumes by DLC in 2019; Provides Preliminary 2019 Results
CALGARY, Alberta, Feb. 13, 2020 (GLOBE NEWSWIRE) — Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the “Corporation”) is pleased to announce that its investee Dominion Lending Centres Limited Partnership (“DLC”) achieved record annual funded mortgage volumes of $40.1 billion in 2019, an increase of 10.2% over the prior year (2018 – $36.4 billion). Further, DLC had record Q4 funded mortgage volumes of $11.6 billion in Q42019, an increase of 28.9% over the same quarter in the prior year (Q42018 – $9.0 billion).
The Corporation anticipates its proportionate share of investee adjusted EBITDA for the year ended December 31, 2019 to be between $20.75 million – $21.50 million. The above preliminary results are for continued operations only (excludes discontinued operations from Astley Gilbert) and are prior to FAC’s corporate expenses, including G&A.Non-IFRS Financial Performance Measures