Accord Announces 41% Increase In First Quarter 2013 Net Earnings

About this update from Accord Financial Corp.

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 1, 2013 /CNW/ - Accord Financial Corp. (TSX - ACD), a\n leading North American provider of factoring and other asset-based\n financial services to businesses, today released its financial results\n for the quarter ended March 31, 2013. The financial figures presented\n in this release are reported in Canadian dollars and have been prepared\n in accordance with International Financial Reporting Standards.\n\n\n\n\n\n\n\n \n\n\n\n\nSUMMARY OF FINANCIAL RESULTS\n\n\nThree Months Ended March 31\n\n\n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n\n\nFactoring volume (millions)\n\n\n$\n\n\n448\n\n\n \n\n\n$\n\n\n437\n\n\n\n\nRevenue\n\n\n$\n\n\n5,947,217\n\n\n \n\n\n$\n\n\n5,679,624\n\n\n\n\nNet earnings\n\n\n$\n\n\n1,246,028\n\n\n \n\n\n$ \n\n\n883,216\n\n\n\n\nBasic and diluted earnings per common share\n\n\n$\n\n\n0.15\n\n\n \n\n\n$\n\n\n0.10\n\n\n\n\nBasic and diluted weighted \n\n\n\n\n \n\n\naverage number of shares outstanding\n\n\n8,221,498\n\n\n \n\n\n8,535,243\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\n\n\n\n\nNet earnings rose 41% to $1,246,028 in the first quarter of 2013\n compared to last year's $883,216. Net earnings improved on a\n combination of a lower provision for losses and overheads, and higher\n revenue. Earnings per common share increased to 15 cents compared to 10\n cents last year.\n\n\nFactoring volume increased to $448 million compared to $437 million in\n last year's first quarter on higher recourse factoring volume. Revenue\n rose by 5% to $5,947,217 this year compared to $5,679,624 in the first\n quarter of 2012 as a result of higher funds employed and increased\n volume.\n\n\nCommenting on the first quarter's results, Mr. Tom Henderson, the\n Company's President and CEO, noted: \"Our much improved results are\n primarily attributable to the performance at our U.S. recourse\n factoring and finance business. That unit started 2012 at a low point\n in business activity and progressed handsomely during the course of the\n year. We are seeing the benefits of year-over-year net earnings\n improvements as a result.\"\n\n\nAs noted in the Company's press release of April 16, 2013, a regular\n quarterly dividend of $0.08 per share has been declared payable June 3,\n 2013 to shareholders of record at the close of business May 15, 2013.\n\nSOURCE:...

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