Business
Accord Announces Third Quarter and Nine Months' Earnings, Reports Strong Asset Growth and Declares Regular Quarterly Dividend
Accord Announces Third Quarter and Nine Months' Earnings, Reports Strong Asset Growth and Declares Regular Quarterly Dividend.
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 24 /CNW/ - Accord Financial Corp. (TSX - ACD) (the\n"Company"), a leading North American provider of factoring and other\nasset-based financial services to businesses is pleased to announce its\nunaudited consolidated financial results for the three and nine months ended\nSeptember 30, 2007. The financial figures presented in this release are\nreported in Canadian dollars in accordance with Canadian generally accepted\naccounting principles.\n\n\n-------------------------------------------------------------------------\n\n\n\n SUMMARY OF FINANCIAL RESULTS\n ----------------------------\n\n Three Months Nine Months\n Ended Ended\n September 30 September 30\n 2007 2006 2007 2006\n ---- ---- ---- ----\n\nFactoring volume\n (millions) $ 413 $ 369 $ 1,121 $ 1,060\n\n\nRevenue $ 7,173,562 $ 7,005,528 $ 20,575,438 $ 21,216,697\n\nNet earnings $ 1,163,201 $ 1,459,557 $ 4,227,737 $ 4,656,578\n\nEarnings per\n share\n Basic $ 0.12 $ 0.15 $ 0.45 $ 0.47\n Diluted $ 0.12 $ 0.15 $ 0.44 $ 0.47\nWeighted average\n number of shares\n Basic 9,490,117 9,755,956 9,460,399 9,858,297\n Diluted 9,593,812 9,876,577 9,575,692 9,996,878\n\n\n\nNet earnings for the third quarter of 2007 declined by 20% to $1,163,201\ncompared to $1,459,557 last year mainly due to a higher provision for credit\nand loan losses and lower "net revenue" (revenue net of interest expense).\nDiluted earnings per share were 12 cents for the quarter compared to 15 cents\nlast year.\n\n\nFactoring volume in the third quarter was a strong $413 million, 12%\nhigher than last year and only $6 million below the previous record third\nquarter volume. Revenue increased by 2% to $7,173,562 compared to $7,005,528\nlast year. Revenue did not rise in the same proportion as volume primarily due\nto lower yields.\n\n\nNet earnings for the nine months ended Sept. 30, 2007 declined by 9% to\n$4,227,737 compared to $4,656,578 in the same period last year. Diluted\nearnings per share for the nine months were 44 cents compared to 47 cents last\nyear.\n\n\nFactoring volume for the current nine month period rose by 6% to\n$1,121 million compared to $1,060 million last year. Revenue declined by 3% to\n$20,575,438 compared with $21,216,697 last year due to reduced yields.\n\n\nCommenting on the results, Ken Hitzig, President, stated, "Accord\ngenerated a l...