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TORONTO, May 27, 2022
/CNW/ - Cliffside Capital Ltd. ("Cliffside" or the
"Company") (TSXV: CEP) is pleased to announce financial
results for the first quarter ended March
31. 2022.
The Company reported an increase of $74.3
million, or 71.4%, in gross finance receivables from
$104.1MM as at March 31, 2021 to a record high of $178.4 million as at March
31, 2022 which generated:
- $0.8 million of net income before
taxes for the first quarter ended March 31,
2022;
- $1.2 million or 39.4% increase in
net interest income compared to the first quarter in the prior
year;
- $0.5 million or 31.2% increase in
net financial revenue before credit losses, excluding mark to
market gains on derivatives, compared to the first quarter in the
prior year.
During the quarter, the Company also declared a quarterly cash
dividend on the outstanding common shares of $0.0025 per common share ($0.01 on an annualized basis). Each such dividend
qualified as an "eligible" dividend as defined in the Income Tax
Act (Canada). The dividends were
subject to customary Canadian withholding tax for shareholders that
are non- resident in Canada."
"I am very pleased with the results for the first quarter.
Performance of the finance receivables continue to be stable with
delinquencies and credit losses being at the low end of the
targeted range. As markets continue to normalize post pandemic and
with continued inflationary pressures, we remain focused on
ensuring we balance growth with acquiring quality receivables that
will deliver appropriate risk-adjusted returns" said CEO
Steve Malone.
Further information on Cliffside's financial results can be
found at www.cliffsidecapital.ca.
About Cliffside
Cliffside is focused on investing in strategic partnerships with
parties who have specialized expertise and a proven track record in
originating and servicing loans and similar types of financial
assets. Cliffside's strategy is to generate revenue as an investor,
affording its shareholders an opportunity to invest in the growing
alternative lending sector with the potential for attractive yields
and minimal operational risk while earning a reliable total return.
For more information, see Cliffside's filings on SEDAR at
www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the business and operations
of Cliffside. Forward-looking statements are necessarily based upon
a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the results of operations; potential for
conflicts of interests; the availability of appropriate finance
receivables that may be purchased by the Company's limited
partnerships under existing funding facilities; and volatility of
common share price and volume. There can be no assurance that such
statements will prove to be accurate or complete, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cliffside disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cliffside Capital Ltd.