Timbercreek Financial Files Revised Financial Statements and MD&A for the Three and Nine Months Ended September 30, 2018
TORONTO, Nov. 14, 2018 (GLOBE NEWSWIRE) — Timbercreek Financial (TSX: TF) (the “Company”) filed its financial statements (the “Financial Statements”) and the management’s discussion and analysis (“MD&A”) for the three months and nine months ended September 30, 2018 (“Q3 2018”) on November 13, 2018. Subsequent to the filing and release of the Financial Statements and MD&A, the Company became aware of two inadvertent errors in respect of : (i) the weighted average interest rate earned by the Company on net mortgage investments (this was incorrectly stated as 7.5% for the three month period, and 7.2% for the nine month period; the correct figures are 7.3% and 7.1%, respectively); and (ii) the average net mortgage investment portfolio for the three month period (this was incorrectly stated as $1,269.3 million and the correct figure should be $1,121.8 million).
Corrected versions of each of the Financial Statements and the MD&A have been re-filed on SEDAR today.
Quarterly Conference Call
The Quarterly Conference Call scheduled for today, November 14, 2018, will proceed as scheduled at 1:00 p.m. (EST), which will be followed by a question and answer period with analysts. Instructions on how to participate on this call are provided below:
Dial-in-number(s): 1-(855) 223-7310
Event Conference ID: 7191814
The playback of the conference call will also be available on www.timbercreekfinancial.com following the call.
About the Company
Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate professionals. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while generating strong risk-adjusted yields for investors. Further information is available on our website, www.timbercreekfinancial.com.
The Company prepares and releases financial statements in accordance with IFRS. As a complement to results provided in accordance with IFRS, the Company discloses certain financial measures not recognized under IFRS and that do not have standard meanings prescribed by IFRS (collectively the “non-IFRS measures”). These non-IFRS measures are further described in Management’s Discussion and Analysis (“MD&A”) available on SEDAR. The Company has presented such non-IFRS measures because the Manager believes they are relevant measures of the Company’s ability to earn and distribute cash dividends to shareholders and to evaluate its performance. These non-IFRS measures should not be construed as alternatives to total net income and comprehensive income or cash flows from operating activities as determined in accordance with IFRS as indicators of the Company’s performance.
Certain statements contained in this news release may contain projections and “forward looking statements” within the meaning of that phrase under Canadian securities laws. When used in this news release, the words “may”, “would”, “should”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “objective” and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company’s current views, beliefs, assumptions and intentions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, those risks disclosed in the Company’s public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.
SOURCE: Timbercreek Financial
For further information:
Chief Executive Officer and President