Accord Announces Fourth Quarter and Fiscal 2011 Earnings
February 18 2012 - 6:38AM
PR Newswire (Canada)
TORONTO, Feb. 21, 2012 /CNW/ - Accord Financial Corp. , a leading
North American provider of factoring and other asset-based
financial services to businesses today announced its financial
results for the fourth quarter and year ended December 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
FINANCIALRESULTS ThreeMonths Ended YearEnded December 31 December
31 2011 2010 2011 2010 Factoring volume $ 453 $ 532 $ 1,914 $ 2,120
(millions) Revenue $ 7,370,759 $ 8,216,934 $ 28,408,075 $
31,406,451 Net earnings $ 2,344,328 $ 2,959,655 $ 7,584,602 $
8,242,742 Basic and diluted earnings per common $ 0.27 $ 0.32 $
0.85 $ 0.88 share Basic and diluted weighted average 8,720,135
9,325,878 8,894,246 9,387,723 number of shares Net earnings for
2011 declined 8% to $7,585,000 from 2010's record $8,243,000 as a
result of lower revenue. Earnings per share fell 3% to 85 cents
from a record 88 cents in 2010. The Company's return on
average shareholders' equity was 16.8% in 2011 compared with 18.2%
in 2010. Factoring volume in 2011 fell by 10% to $1.91 billion from
a record $2.12 billion the previous year. Revenue also declined by
10% to $28,408,000 from a record $31,406,000 in 2010. Revenue
decreased on a combination of lower factoring volume and somewhat
lower yields. Commenting on 2011's results, Tom Henderson, the
Company's President and CEO stated: "In many respects we pulled in
some half decent numbers in 2011. However, the decline in
volume and revenue meant we were unable to meet last year's
numbers. Lower expenses in large part offset the decrease in
revenue. Combined with the success of the Company's issuer bids,
earnings per share of 85 cents were only 3% below 2010's record".
Net earnings for the fourth quarter of 2011 were 21% below the
record quarterly earnings achieved in 2010. They declined to
$2,344,000 compared to $2,960,000 in 2010 as a result of lower
revenue. Earnings per share decreased by 16% to 27 cents compared
to 32 cents in the fourth quarter of 2010. Factoring volume in the
fourth quarter fell to $453 million compared with $532 million the
prior year. Revenue decreased by 10% to $7,371,000 compared to
$8,217,000 in the 2010 fourth quarter for similar reasons as those
noted above for 2011. Accord Financial Corp. CONTACT: Stuart
AdairVice President, Chief Financial OfficerAccord Financial
Corp.77 Bloor Street West, 18th floorToronto, OntarioM5S 1M2(416)
961-0304 Ext. 207sadair@accordfinancial.com
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