DLC Announces Record Annual Funded Mortgage Volumes of over $78 Billion; Provides Preliminary 2021 Results
Calgary, Alberta – February 7, 2022 – Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to announce record annual funded mortgage volumes of $78.5 billion in 2021, an increase of 52% over the prior year (2020 – $51.5 billion).
Gary Mauris, Executive Chairman and Chief Executive Officer of the Corporation, commented: “We are extremely proud to report that we exceeded $78 billion in funded mortgage volumes for fiscal 2021, making the DLC Group the largest mortgage brokerage group in Canada. To put our growth in perspective, our $78.5 billion in funded volumes for 2021 is a 52% increase over fiscal 2020 and an 88% increase over fiscal 2019. We have the best franchise owners and mortgage professionals in the industry and we are grateful for their dedication to their clients and to our brand. More and more Canadians are realizing that a DLC Group mortgage broker can get them a more competitive mortgage rate at typically no cost to the consumer. In addition to our excellent owners and mortgage professionals, we’d like to thank the entire team at the DLC Group for an excellent year and for their hard work in achieving record funded volumes.”
In addition, the Corporation is providing the following range of estimated results for the year ended December 31, 2021 (in millions):
- The Core Business Operations segment represents the core operations of the Corporation. These core operations are the business of mortgage brokerage franchising and mortgage broker data connectivity services across Canada, which is comprised of the DLC group of companies (the “DLC Group”).
- The Non-Core Business Asset Management segment represents the Corporation’s share of income in its equity accounted investments in Club16 Limited Partnership and Cape Communications International Inc. (collectively, the “Non-Core Assets”); the expenses, assets and liabilities associated with managing the Non-Core Assets; the former Sagard credit facility; and public company costs.
The Corporation expects to release its full financial results for the year ended December 31, 2021 on or about March 29, 2022.
About Dominion Lending Centres Inc.
The DLC Group is Canada’s leading network of mortgage professionals. The DLC Group operates through Dominion Lending Centres and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. The DLC Group’s extensive network includes ~7,500 agents and 515 locations. Headquartered in British Columbia, the DLC Group was founded in 2006 by Gary Mauris and Chris Kayat.
Contact information for the Corporation is as follows:
|Robin Burpee |
Co-Chief Financial Officer
NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Financial Information
Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “estimate”, “will”, “expect”, “plan”, “schedule”, “intend”, “propose”, or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to: adjusted EBITDA and revenues for the fiscal year ended December 31, 2021.
Although the Corporation believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Corporation and described in the forward-looking information. In particular, there can be no assurance that the final reported financial results of the Corporation will be consistent with the preliminary results provided herein.
The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Non-IFRS Measures Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. Non-IFRS financial performance measures within this document include Adjusted EBITDA. Readers are cautioned that these non-IFRS measures should not be construed as a substitute or an alternative to applicable generally accepted accounting principle measures as determined in accordance with IFRS. Please see the Corporation’s latest MD&A dated November 16, 2021 for the three and nine months ended (available on SEDAR at www.sedar.com) for a description of these measures and a reconciliation of these measures to their nearest IFRS measure.