Business
Accord Announces Solid First Quarter Earnings and Declares Regular Quarterly Dividend
Accord Announces Solid First Quarter Earnings and Declares Regular Quarterly Dividend.
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, May 2 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading\nNorth American provider of asset-based financial services to businesses,\nincluding factoring, financing, credit investigation and guarantees, announces\nits financial results for the quarter ended March 31, 2007. The financial\nfigures presented in this release are reported in Canadian dollars and have\nbeen prepared in accordance with Canadian generally accepted accounting\nprinciples.\n\n\n --------------------------------------------------------------\n SUMMARY OF FINANCIAL RESULTS\n ----------------------------\n Three Months Ended March 31\n 2007 2006\n ---- ----\n\n Factoring volume (millions) $ 366 $ 371\n\n Revenue $ 6,616,480 $ 7,213,759\n\n Net earnings $ 1,393,809 $ 1,691,215\n\n Earnings per share\n Basic $ 0.15 $ 0.17\n Diluted $ 0.15 $ 0.17\n Weighted average number of shares\n Basic 9,441,583 9,930,806\n Diluted 9,568,792 10,085,791\n --------------------------------------------------------------\n\n\nNet earnings declined by 18% to $1,393,809 in the first quarter of 2007\ncompared to last year's record $1,691,215, largely due to lower revenue.\nDiluted earnings per share decreased by 12% to 15 cents in the first quarter\ncompared to 17 cents last year. The percentage decrease in diluted earnings\nper share was lower than that of net earnings due to fewer shares outstanding.\n\n\nFactoring volume declined slightly to $366 million in the quarter\ncompared to last year's record $371 million. Revenue decreased by 8% to\n$6,616,480 compared to $7,213,759 last year largely as a result of lower\nyields and factoring volume.\n\n\nCommenting on the first quarter's results, Ken Hitzig, the Company's\nPresident, noted that, "although not as strong as last year's record first\nquarter, the Company is pleased with the performance achieved in the first\nquarter of 2007. The Company ended the first quarter with gross factored\nreceivables and loans of $89 million. Incoming deal flow picked up near the\nend of the quarter and the Company expects to benefit from this during the\nremainder of 2007."\n\n\nThe Company's Board of Directors today declared a regular dividend of\n$0.055 per share, payable June 1, 2007 to shareholders of record May 17, 2007.\n\n\n%SEDAR: 00001979E\n\n\n","length":2773,"tagName":"div"}]