Accord Announces Record Third Quarter and Nine Months Earnings Per Share and Declares Regular Quarterly Dividend
October 18 2011 - 10:55AM
PR Newswire (Canada)
TORONTO, Oct. 20, 2011 /CNW/ - Accord Financial Corp. , 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, 2011. The financial results
presented in this release are reported in Canadian dollars and have
been prepared in accordance with International Financial Reporting
Standards. SUMMARY OF FINANCIAL RESULTS Three Months Ended Sept. 30
Nine Months Ended Sept. 30 2011 2010 2011 2010 Factoring $ $ $
volume 524 $ 1,461 1,588 (millions) 582 Revenue $ 7,341,838 $ $
21,037,316 $ 23,189,517 8,141,361 Net $ 2,248,167 $ $ $ 5,283,087
earnings 1,367,399 5,240,274 Basic and $ $ $ $ diluted 0.25 0.15
0.59 0.56 earnings per common share Basic and 8,905,931 9,407,348
8,952,283 9,408,338 diluted weighted average number of shares Net
earnings for the third quarter of 2011 rose 64% to a third quarter
record $2,248,167 compared to $1,367,399 last year. Earnings rose
due to lower expenses. Earnings per share increased to a
third quarter record 25 cents compared to 15 cents last year.
Factoring volume declined 10% to $524 million compared to $582
million last year, while revenue also declined 10% to $7,341,838
compared to $8,141,361 last year, in both cases due to lower
non-recourse volume. Net earnings for the first nine months of 2011
declined slightly to $5,240,274 on lower revenue compared with last
year's record nine months earnings of $5,283,087. Earnings per
share were a nine month record 59 cents this year compared to 56
cents last year. Factoring volume for the first nine months of 2011
declined 8% to $1,461 million as a result of lower non-recourse
volume. Revenue decreased 9% to $21,037,316 compared to
$23,189,517 last year for the same reason. Commenting on the 2011
third quarter and nine month results, Mr. Tom Henderson, the
Company's President and CEO stated: "The record net earnings and
earnings per share achieved in the third quarter just ended are
very satisfying. Although revenue declined, reduced expenses more
than offset the revenue decrease as credit and loan losses,
impairment charges and overhead costs were lower. For the nine
months, net earnings were just below last year's record, although,
on a lower share count, we had record earnings per share for the
period. In Canada, we are doing very well in our recourse factoring
business where the portfolio continues to grow, although our
non-recourse business has been negatively impacted by the
aggressive appetite of the credit insurers. In the U.S., we are
beginning to see signs that the aggressiveness of banks is
subsiding and we are getting an increasing number of inquiries
culminating in a higher number of new transactions which we expect
to close." The Company's Board of Directors today declared a
regular quarterly dividend of $0.075 per share, payable December 1,
2011 to shareholders of record November 15, 2011. Accord
Financial Corp. CONTACT: Stuart AdairVice President, Chief
Financial OfficerAccord Financial Corp.77 Bloor Street West, 18th
floorToronto, ON M5S 1M2(416) 961-0304 Ext.
207sadair@accordfinancial.com
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