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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.
|
SUMMARY OF FINANCIAL RESULTS |
|||||||
| 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.