Stock Name: ACD
Amount: CAD 0.075
Announcement Date: 20/10/2011
Record Date: 11/11/2011
Dividend Detail:
TORONTO, Oct. 20, 2011 /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, 2011. The financial results presented in this release
are reported in Canadian dollars and have been prepared in accordance
with International Financial Reporting Standards.
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| | | | Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||
| | | | ||||
| | | | 2011 | 2010 | 2011 | 2010 |
| | | | | | | |
Factoring volume (millions) | | $ 524 | $ 582 | $ 1,461 | $ 1,588 | ||
| | | | | | | |
Revenue | | | | $ 7,341,838 | $ 8,141,361 | $ 21,037,316 | $ 23,189,517 |
| | | | | | | |
Net earnings | | $ 2,248,167 | $ 1,367,399 | $ 5,240,274 | $ 5,283,087 | ||
| | | | | | | |
Basic and diluted earnings per common share | $ 0.25 | $ 0.15 | $ 0.59 | $ 0.56 | |||
Basic and diluted weighted average number of shares | | 8,905,931 | 9,407,348 | 8,952,283 | 9,408,338 | ||
| | | | | | | |
Net earnings for the third quarter of 2011 rose 64% to a third quarter
record $2,248,167 compared to $1,367,399 last year. Earnings rose due
to lower expenses. Earnings per share increased to a third quarter
record 25 cents compared to 15 cents last year. Factoring volume
declined 10% to $524 million compared to $582 million last year, while
revenue also declined 10% to $7,341,838 compared to $8,141,361 last
year, in both cases due to lower non-recourse volume.
Net earnings for the first nine months of 2011 declined slightly to
$5,240,274 on lower revenue compared with last year's record nine
months earnings of $5,283,087. Earnings per share were a nine month
record 59 cents this year compared to 56 cents last year. Factoring
volume for the first nine months of 2011 declined 8% to $1,461 million
as a result of lower non-recourse volume. Revenue decreased 9% to
$21,037,316 compared to $23,189,517 last year for the same reason.
Commenting on the 2011 third quarter and nine month results, Mr. Tom
Henderson, the Company's President and CEO stated: "The record net
earnings and earnings per share achieved in the third quarter just
ended are very satisfying. Although revenue declined, reduced expenses
more than offset the revenue decrease as credit and loan losses,
impairment charges and overhead costs were lower. For the nine months,
net earnings were just below last year's record, although, on a lower
share count, we had record earnings per share for the period. In
Canada, we are doing very well in our recourse factoring business where
the portfolio continues to grow, although our non-recourse business has
been negatively impacted by the aggressive appetite of the credit
insurers. In the U.S., we are beginning to see signs that the
aggressiveness of banks is subsiding and we are getting an increasing
number of inquiries culminating in a higher number of new transactions
which we expect to close."
The Company's Board of Directors today declared a regular quarterly
dividend of $0.075 per share, payable December 1, 2011 to shareholders
of record November 15, 2011.
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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