Accord Announces First Quarter 2011 Earnings
May 04 2011 - 1:56PM
PR Newswire (Canada)
TORONTO, May 4 /CNW/ -- TORONTO, May 4 /CNW/ - Accord Financial
Corp. (TSX - ACD), a leading North American provider of factoring
and other asset-based financial services to businesses, today
released its financial results for the quarter ended March 31,
2011. The financial figures presented in this release are reported
in Canadian dollars and have been prepared in accordance with
International Financial Reporting Standards.
____________________________________________________________________________________________
SUMMARY OF Three Months Ended March 31 FINANCIAL RESULTS 2011 2010
Factoring $ $ volume (millions) 482 505 Revenue $ 6,867,277 $
6,978,924 Net earnings $ 1,598,468 $ 1,608,824 Basic and $ 0.18 $
diluted earnings 0.17 per common share Basic and 9,002,340
9,408,971 diluted weighted average number of shares Net earnings
totalled $1,598,468 in the first quarter of 2011 slightly below
last year's $1,608,824. Net earnings declined on somewhat lower
revenue and higher interest expense. Despite slightly lower net
earnings, earnings per common share increased to 18 cents compared
to 17 cents last year on a lower share count resulting from share
repurchases under the Company's Issuer Bid. Factoring volume
decreased to $482 million compared to $505 million in last year's
first quarter on lower non-recourse volume. Revenue declined
by $112,000 or 2% to $6,867,000 this year compared to $6,979,000 in
the first quarter of 2010 as a result of the lower non-recourse
volume, as well as the impact of a weaker U.S. dollar on the
translation of our U.S. operations revenue into Canadian dollars.
Commenting on the first quarter's results, Mr. Tom Henderson, the
Company's President and CEO, noted: "While the Company started 2011
out solidly and our Canadian lending business is performing very
nicely, our U.S. lending and Canadian non-recourse factoring
businesses are facing aggressive competition from the U.S. regional
banks and Canadian credit insurers, respectively. This is impacting
factoring volumes and margins. Accordingly, 2011 will be a year of
challenges for the Company." As noted in the Company's press
release of April 20, 2011, a regular quarterly dividend of $0.075
per share has been declared payable June 1, 2011 to shareholders of
record at the close of business May 16, 2011. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/04/c9397.html p
Stuart Adairbr/ Vice President, Chief Financial Officerbr/ Accord
Financial Corp.br/ 77 Bloor Street West, 18supth/sup floorbr/
Toronto, Ontario, M5S 1M2 /p p align="justify" (416) 961-0304 Ext.
207br/ a
href="mailto:sadair@accordfinancial.com"sadair@accordfinancial.com/a
/p
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