Business
Accord Announces Second Quarter and First Half 2009 Earnings and Declares Regular Quarterly Dividend
TORONTO, July 28 /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 28 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading\nNorth American provider of factoring and other asset-based financial services\nto businesses, today released its interim unaudited consolidated financial\nresults for the three and six months ended June 30, 2009. The financial\nresults presented in this release are reported in Canadian dollars and have\nbeen prepared in accordance with Canadian generally accepted accounting\nprinciples.\n\n\n-------------------------------------------------------------------------\nSUMMARY OF FINANCIAL RESULTS\n----------------------------\n\n Three Months Ended Six Months Ended\n June 30 June 30\n 2009 2008 2009 2008\n ---- ---- ---- ----\nFactoring volume\n (millions) $ 380 $ 365 $ 782 $ 748\n\nRevenue $ 5,677,356 $ 7,094,273 $ 11,748,251 $ 14,521,482\n\nNet earnings $ 494,183 $ 1,759,394 $ 1,774,344 $ 3,247,236\n\nEarnings per share\n Basic $ 0.05 $ 0.19 $ 0.19 $ 0.34\n Diluted $ 0.05 $ 0.18 $ 0.19 $ 0.34\n\nWeighted average\n number of shares\n Basic 9,408,027 9,497,922 9,418,288 9,481,431\n Diluted 9,408,027 9,529,659 9,426,276 9,543,033\n-------------------------------------------------------------------------\n\n\nNet earnings for the second quarter of 2009 declined to $494,183 compared\nwith $1,759,394 last year. Earnings declined due to lower revenue and a higher\nprovision for credit and loan losses, although increased general and\nadministrative expenses ("G&A") also contributed to the decline. Diluted\nearnings per share decreased to 5 cents compared to 18 cents last year.\nFactoring volume increased to a record $380 million in the second quarter\ncompared to $365 million last year. Revenue decreased to $5,677,356 from\n$7,094,273 last year as a result of lower factored receivables and loans, as\nwell as reduced yields due, in part, to lower interest rates and an increase\nin non-performing loans.\n\n\nNet earnings for the first half of 2009 declined to $1,774,344 compared\nwith $3,247,236 in 2008. Diluted earnings per share were 19 cents compared to\n34 cents last year. Factoring volume for the first half of 2009 rose to a\nrecord $782 million. Total revenue decreased to $11,748,251 for reasons\nsimilar to those noted above.\n\n\nThe Company's Board of Directors today declared a regular quarterly\ndividend of $0.065 per share, payable Septe...