Business
Accord Announces Third Quarter and Nine Months 2009 Earnings and Declares Regular Quarterly Dividend
Accord Announces Third Quarter and Nine Months 2009 Earnings and Declares Regular Quarterly Dividend
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\nOct. 26, 2009 (Canada NewsWire Group) -- TORONTO, Oct. 26 /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, 2009. The financial results presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles.-------------------------------------------------------------------------SUMMARY OF FINANCIAL RESULTS----------------------------Three Months Ended Nine Months EndedSeptember 30 September 302009 2008 2009 2008---- ---- ---- ----Factoring volume(millions) $ 449 $ 419 $ 1,232 $ 1,167Revenue $ 5,663,933 $ 6,785,016 $ 17,412,184 $ 21,306,498Net earnings $ 709,231 $ 1,332,115 $ 2,483,575 $ 4,579,351Earnings per shareBasic $ 0.08 $ 0.14 $ 0.26 $ 0.48Diluted $ 0.08 $ 0.14 $ 0.26 $ 0.48Weighted averagenumber of sharesBasic 9,427,823 9,546,936 9,421,466 9,503,266Diluted 9,427,823 9,568,058 9,426,791 9,551,374-------------------------------------------------------------------------Net earnings for the third quarter of 2009 declined to $709,231 compared with $1,332,115 last year. Earnings declined due to lower revenue and a higher provision for credit and loan losses. Diluted earnings per share for the third quarter decreased to 8 cents compared to 14 cents last year. Factoring volume increased by 7% to a record $449 million in the third quarter compared to $419 million last year. Revenue, however, declined to $5,663,933 from $6,785,016 last year as a result of lower funds employed, as well as reduced yields due, in part, to lower interest rates and an increase in non-performing loans.Net earnings for the nine months ended September 30, 2009 declined to $2,483,575 compared with $4,579,351 in 2008. Diluted earnings per share were 26 cents compared to 48 cents last year. Factoring volume for the first nine months of 2009 rose by 6% to a record $1,232 million. Total revenue decreased to $17,412,184 for reasons similar to those noted above.The Company's Board of Directors today declared a regular quarterly dividend of $0.065 per share, payable December 1, 2009 to shareholders of record November 13, 2009.%SEDAR: 00001979E\n\n\n\n","length":293...