Accord Announces Improved Third Quarter and Nine Months 2010 Earnings and Declares Regular Quarterly Dividend
October 26 2010 - 1:12PM
PR Newswire (Canada)
TORONTO, Oct. 26 /CNW/ -- TORONTO, Oct. 26 /CNW/ - Accord Financial
Corp. (TSX - ACD), a leading North American provider of factoring
and other asset-based financial services to businesses, today
released its interim unaudited consolidated financial results for
the three and nine months ended September 30, 2010. The
financial results presented in this release are reported in
Canadian dollars and have been prepared in accordance with Canadian
generally accepted accounting principles. SUMMARY OF FINANCIAL
RESULTS Three Months Ended Nine Months Ended September 30 September
30 2010 2009 2010 2009 Factoring volume $ 582 $ 449 $ 1,588 $ 1,232
(millions) Revenue $ $ $ $ 8,141,361 5,663,933 23,189,517
17,412,184 Net earnings $ 1, $ 709,231 $ 5,292,315 $ 2,483,575
369,706 Earnings per share Basic $ 0.15 $ 0.08 $ 0.56 $ 0.26
Diluted $ 0.15 $ 0.08 $ 0.56 $ 0.26 Weighted average number of
shares Basic 9,407,348 9,427,823 9,408,338 9,421,466 Diluted
9,407,348 9,427,823 9,408,338 9,426,791 Net earnings for the third
quarter of 2010 almost doubled to $1,369,706 compared with $709,231
last year. Earnings rose on record third quarter revenue.
Diluted earnings per share for the third quarter increased to 15
cents compared to 8 cents last year. Factoring volume increased by
30% to a third quarter record $582 million compared to $449 million
last year. Revenue rose by 44% to $8,141,361 from $5,663,933
last year largely as a result of a combination of higher factoring
volume, increased funds employed and improved yields. Net earnings
were impacted by an impairment charge of $653,000, net of tax,
taken against certain assets held for sale. Net earnings for the
nine months ended September 30, 2010 rose by 113% to $5,292,315
compared with $2,483,575 in 2009. Diluted earnings per share were
56 cents compared to 26 cents last year. Factoring volume for the
first nine months of 2010 rose to a record $1,588 million, while
revenue increased to $23,189,517 for reasons similar to those noted
above. Commenting on the third quarter and nine months results of
2010, Mr. Tom Henderson, the Company's President and CEO stated:
"We are pleased with our third quarter results. Our factoring
volume and revenues were third quarter records for the Company,
while our net earnings before the impairment charge would have been
a third quarter record. Our portfolio seems to be in the best
condition since the onset of the Great Recession in 2008 and our
underlying business is performing nicely." The Company's Board of
Directors today declared a regular quarterly dividend of $0.075 per
share, payable December 1, 2010 to shareholders of record November
15, 2010. %SEDAR: 00001979E To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/October2010/26/c6020.html
pStuart Adairbr/ Chief Financial Officerbr/ Accord Financial
Corp.br/ 77 Bloor Street West, 18supth/sup floorbr/ Toronto,
ON M5S 1M2br/ (416) 961-0304 Ext. 207br/ a
href="mailto:sadair@accordfinancial.com"sadair@accordfinancial.com/a/p
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