Business
Accord Announces Improved First Quarter 2010 Earnings and Declares Regular Quarterly Dividend
Accord Announces Improved First Quarter 2010 Earnings and Declares Regular Quarterly Dividend
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\n May 5, 2010 (Canada NewsWire Group) -- 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, 2010. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles.\n\n\n >\n\n\nNet earnings increased by 26% to $1,610,745 in the first quarter of 2010 compared to $1,280,161 last year as a result of a 15% rise in revenue. Diluted earnings per common share were 17 cents, 21% higher than the 14 cents last year.\nFactoring volume increased by a strong 26% to a first quarter record $505 million compared to $402 million in last year's first quarter. Revenue rose by $908,000 or 15% to $6,979,000 this year compared to $6,071,000 in the first quarter of 2009 on higher factoring volume and commissions.\nCommenting on the first quarter's results, Mr. Tom Henderson, the Company's President and CEO, noted that: "Our first quarter results are obviously quite pleasing considering the challenges faced as a result of the global recession in the last two years. Accord is seeing steady new deal flow in our lending subsidiaries as a result of weakened commercial finance competition in Canada and U.S., while our non-recourse factoring subsidiary is benefiting from new clients added in the second half of 2009. Accord, with its substantial capital and borrowing capacity, is well positioned to capitalize on market opportunities."\nAs noted in the Company's press release of April 23, 2010, a regular quarterly dividend of $0.065 per share has been declared payable June 1, 2010 to shareholders of record at the close of business May 14, 2010.\n\n\n%SEDAR: 00001979E\n\n\n\n","length":3255,"tagName":"div"}]