Business
Accord Announces Improved Second Quarter and First Half Earnings and 18% Increase in Quarterly Dividend
TORONTO, July 23 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading North American provider of...
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, July 23 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading\nNorth American provider of factoring and other asset-based financial services\nto businesses, is pleased to announce its interim unaudited consolidated\nfinancial results for the three and six months ended June 30, 2008. The\nfinancial results presented in this release are reported in Canadian dollars\nand have been prepared in accordance with Canadian generally accepted\naccounting principles.\n\n\n-------------------------------------------------------------------------\n\nSUMMARY OF FINANCIAL RESULTS\n----------------------------\n\n Three Months Ended June 30 Six Months Ended June 30\n 2008 2007 2008 2007\n ---- ---- ---- ----\n\nFactoring volume\n (millions) $ 365 $ 341 $ 748 $ 707\n\nRevenue $ 7,094,273 $ 6,785,396 $ 14,521,482 $ 13,401,876\n\nNet earnings $ 1,759,394 $ 1,670,727 $ 3,247,236 $ 3,064,536\n\nEarnings per\n share\n Basic $ 0.19 $ 0.18 $ 0.34 $ 0.32\n Diluted $ 0.18 $ 0.17 $ 0.34 $ 0.32\n\nWeighted average\n number of shares\n Basic 9,497,922 9,449,499 9,481,431 9,445,541\n Diluted 9,529,659 9,564,474 9,543,033 9,566,633\n-------------------------------------------------------------------------\n\n\nNet earnings for the second quarter of 2008 rose by 5% to $1,759,394\ncompared with $1,670,727 last year. Earnings improved due to higher revenue.\nDiluted earnings per share rose by 6% to 18 cents compared to 17 cents last\nyear. Factoring volume increased by 7% to a record $365 million in the second\nquarter compared to $341 million last year, while asset-based loans to clients\nwere also significantly higher this year. Revenue rose by 5% to $7,094,273\nfrom $6,785,396 principally on higher interest from asset-based loans.\n\n\nNet earnings for the first half of 2008 increased by 6% to $3,247,236\ncompared with $3,064,536 in 2007. Diluted earnings per share were 34 cents, 6%\nhigher than the 32 cents last year. Factoring volume for the first half of\n2007 rose by 6% to a record $748 million, while, as noted above, asset-based\nloans also rose. Total revenue increased by 8% to $14,521,482 principally on\nhigher interest from asset-based loans.\n\n\nThe Company's Board of Directors today declared an 18% increase in its\nquarterly dividend. A dividend of $0.065 per share, payable September 2, 2008\nto shareholders of record August 15, 20...