Stock Name: ACD
Amount: CAD 0.08
Announcement Date: 23/10/2012
Record Date: 13/11/2012
Dividend Detail:
TORONTO, Oct. 23, 2012 /CNW/ -�� Accord Financial Corp. (TSX - ACD), a
leading North American provider of factoring and other asset-based
financial services to businesses, today released its interim unaudited
consolidated financial results for the three and nine months ended
September 30, 2012.�� The financial results 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 | Nine Months Ended | ||||||||
| �� | �� | ��September 30 | September 30 | ||||||||
�� | �� �� �� | ���������������������� 2012 | ���������������������� 2011 | ���������������������� 2012 | ������������������ 2011 | ||||||
�� �� �� | �� | �� | �� | �� | ���������������������������� �� | ||||||
Factoring volume (millions) | �� | $ | 474 | $ | 524 | $ | 1,354 | $ | 1,461 | ||
�� �� �� | �� | �� | �� | �� | �� | ||||||
Revenue �� �� | �� | $ | 6,748,970 | $ | 7,341,838 | $ | 18,751,095 | $ | 21,037,316 | ||
�� �� �� | �� | �� | �� | �� | �� | ||||||
Net earnings | �� | $ | 1,725,378 | $ | 2,248,167 | $ | 3,851,632 | $ | 5,240,274 | ||
�� �� �� | �� | �� | �� | �� | �� | ||||||
Basic and diluted earnings per common share | �� | $ | 0.21 | ��$ | 0.25 | $ | 0.46 | $ | 0.59 | ||
| �� | |||||||||||
Basic and diluted weighted eaverage number of shares | �� | ������ 8,342,261 | ������ 8,905,931 | �� 8,464,468 | 8,952,283 | ||||||
| �� | �� | �� | �� | �� | �� | ||||||
Net earnings for the third quarter of 2012 declined to $1,725,378
compared to $2,248,167 last year. Earnings declined mainly due to lower
revenue and, to a lesser extent, a higher provision for credit and loan
losses.�� Earnings per share were 21 cents compared to 25 cents last
year. Factoring volume declined to $474 million compared to $524
million last year largely due to lower non-recourse volume. Revenue
decreased to $6,748,970 compared to $7,341,838 last year mainly due to
lower non-recourse volume, and somewhat lower yields in our recourse
factoring business.
Net earnings for the first nine months of 2012 declined to $3,851,632
compared with $5,240,274 in 2011 for similar reasons to those noted
above. Earnings per share were 46 cents compared to 59 cents last year.
Factoring volume for the first nine months of 2012 declined to $1,354
million as a result of lower non-recourse volume.�� Revenue decreased to
$18,751,095 compared to $21,037,316 last year on the decline in
non-recourse factoring volume, and lower average funds employed and
yields in our recourse factoring business.
Commenting on the third quarter and nine months results, Mr. Tom
Henderson, the Company's President and CEO, stated: "Since the year
started with a low level of funds employed and resultant volume, we
have been building momentum and funds employed have risen 28% this year
and are close to a record high. This momentum is expected to continue
into the fourth quarter of 2012. However, the decline in factoring
volume at our non-recourse business has served to offset these gains to
a substantial degree.�� Accordingly, while the level of business
activity is rising, it is still below that of the prior year, so there
is work to be done."
The Company's Board of Directors today declared a regular quarterly
dividend of $0.08 per share, payable December 3, 2012 to shareholders
of record November 15, 2012.
SOURCE: Accord Financial Corp.
For further information:
Stuart Adair
Vice President, Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, 18th floor
Toronto, ON�������� M5S 1M2
(416) 961-0304 Ext. 207
sadair@accordfinancial.com
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