TORONTO,
Feb. 19, 2013 /CNW/ - Accord
Financial Corp. (TSX - ACD), 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, 2012. The
financial figures presented in this release are reported in
Canadian dollars and have been prepared in accordance with
International Financial Reporting Standards.
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SUMMARY OF FINANCIAL RESULTS
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Three Months
Ended
December 31 |
Year
Ended
December 31 |
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2012 |
2011 |
2012 |
2011 |
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| Factoring volume
(millions) |
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$
511 |
$
453 |
$
1,865 |
$ 1,914 |
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| Revenue |
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$
7,139,431 |
$ 7,370,759 |
$ 25,890,527 |
$ 28,408,075 |
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| Net earnings |
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$
2,524,965 |
$
2,344,328 |
$ 6,376,597 |
$ 7,584,602 |
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Basic and diluted earnings
per common share |
$
0.31 |
$
0.27 |
$
0.76 |
$
0.85 |
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Basic and diluted weighted
average number of
shares |
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8,221,498 |
8,720,135 |
8,403,725 |
8,894,246 |
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Net earnings for 2012 declined 16% to
$6,377,000 compared to $7,585,000 last year as a result of lower
revenue. Earnings per share fell 11% to 76
cents from 85 cents in
2011. The Company's return on average shareholders' equity
was 13.8% in 2012 compared with 16.8% in 2011.
Factoring volume in 2012 fell by 3% to
$1.86 billion from $1.91 billion the previous year. Revenue declined
by 9% to $25,891,000 from
$28,408,000 in 2011. Revenue
decreased on a combination of lower non-recourse factoring volume
and somewhat lower yields in our recourse factoring operation.
Net earnings for the fourth quarter of 2012 rose
8% to $2,525,000 compared to
$2,344,000 last year on a larger
recovery of credit and loan losses. Earnings per share rose by 15%
to 31 cents compared to 27 cents in the fourth quarter of 2011.
Factoring volume for the fourth quarter of 2012
increased 13% to $511 million
compared with $453 million the prior
year. Revenue decreased by 3% to $7,139,000 compared to $7,371,000 in the fourth quarter of 2011 on lower
non-recourse volume.
Commenting on 2012's results, Tom Henderson, the Company's President and CEO
stated: "I am pleased the way 2012 turned out. We finished 2012 on
a high note unlike 2011 which saw declines in top line revenues at
our U.S. business and our Canadian non-recourse factoring business.
Our recourse factoring operation saw record funds employed in the
last few months of 2012 resulting in improved operating results,
although our non-recourse factoring operation had a challenging
year. We are cautiously optimistic for 2013".
SOURCE Accord Financial Corp.