TORONTO,
May 1, 2013 /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, 2013. 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
RESULTS |
Three Months
Ended March 31 |
|
2013 |
|
2012 |
Factoring volume
(millions) |
$ |
448 |
|
$ |
437 |
Revenue |
$ |
5,947,217 |
|
$ |
5,679,624 |
Net earnings |
$ |
1,246,028 |
|
$ |
883,216 |
Basic and diluted earnings per
common share |
$ |
0.15 |
|
$ |
0.10 |
Basic and diluted weighted |
|
average number of shares outstanding |
8,221,498 |
|
8,535,243 |
|
|
|
Net earnings rose 41% to $1,246,028 in the first quarter of 2013 compared
to last year's $883,216. Net earnings
improved on a combination of a lower provision for losses and
overheads, and higher revenue. Earnings per common share increased
to 15 cents compared to 10 cents last year.
Factoring volume increased to $448 million compared to $437 million in last year's first quarter on
higher recourse factoring volume. Revenue rose by 5% to
$5,947,217 this year compared to
$5,679,624 in the first quarter of
2012 as a result of higher funds employed and increased volume.
Commenting on the first quarter's results, Mr.
Tom Henderson, the Company's
President and CEO, noted: "Our much improved results are primarily
attributable to the performance at our U.S. recourse factoring and
finance business. That unit started 2012 at a low point in business
activity and progressed handsomely during the course of the year.
We are seeing the benefits of year-over-year net earnings
improvements as a result."
As noted in the Company's press release of
April 16, 2013, a regular quarterly
dividend of $0.08 per share has been
declared payable June 3, 2013 to
shareholders of record at the close of business May 15, 2013.
SOURCE Accord Financial Corp.