Accord Announces First Quarter 2012 Earnings
April 30 2012 - 11:44PM
PR Newswire (Canada)
TORONTO, May 2, 2012 /CNW/ - Accord Financial Corp. , 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, 2012. 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 FINANCIAL Three Months Ended March 31 RESULTS
2012 2011 $ 437 $ 482 Factoring volume (millions) Revenue $
5,679,624 $ 6,867,277 Net $ 883,216 $ 1,598,468 earnings Basic $
0.10 $ 0.18 and diluted earnings per common share Basic and diluted
8,535,243 9,002,340 weighted average number of shares outstanding
Net earnings declined to $883,216 in the first quarter of 2012
compared to last year's $1,598,468 largely as a result of lower
revenue. Earnings per common share were 10 cents compared to 18
cents last year. Factoring volume decreased to $437 million
compared to $482 million in last year's first quarter on
lower non-recourse factoring volume. Revenue declined by 17%
to $5,679,624 this year compared to $6,867,277 in the first quarter
of 2011 as a result of the lower non-recourse volume, as well as
reduced average funds employed and somewhat lower yields in our
recourse factoring operations. Commenting on the first quarter's
results, Mr. Tom Henderson, the Company's President and CEO, noted:
"The Company started 2012 at a lower level of business activity and
while first quarter earnings were just over half of last year's,
direction and momentum is on our side. The Company's funds employed
increased by 11% in the first quarter and the pipeline of
prospective transactions is growing. It is this positive momentum
that should see improved results as the year progresses. I look
forward to the future with confidence." As noted in the Company's
press release of April 20, 2012, a regular quarterly dividend of
$0.075 per share has been declared payable June 1, 2012 to
shareholders of record at the close of business May 15, 2012.
Accord Financial Corp. CONTACT: Stuart AdairChief Financial
OfficerAccord Financial Corp.77 Bloor Street West, 18th
floorToronto, Ontario, M5S 1M2(416) 961-0304 Ext.
207sadair@accordfinancial.comwww.accordfinancial.com
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