Accord Reports First Quarter 2009 Earnings

About this update from Accord Financial Corp.

[{"type":"text","content":"\n\n\n\nTORONTO, May 6 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading\nNorth American provider of factoring and other asset-based financial services\nto businesses, today released its financial results for the quarter ended\nMarch 31, 2009. The financial figures presented in this release are reported\nin Canadian dollars and have been prepared in accordance with Canadian\ngenerally accepted accounting principles.\n\n\n-------------------------------------------------------------------------\nSUMMARY OF FINANCIAL RESULTS\n----------------------------\n\n Three Months Ended March 31\n 2009 2008\n ---- ----\nFactoring volume (millions) $ 402 $ 383\n\nRevenue $ 6,070,895 $ 7,427,209\n\nNet earnings $ 1,280,161 $ 1,487,842\n\nEarnings per common share\n Basic $ 0.14 $ 0.16\n Diluted $ 0.14 $ 0.16\nWeighted average number of shares\n Basic 9,428,549 9,464,940\n Diluted 9,444,524 9,556,406\n-------------------------------------------------------------------------\n\n\nNet earnings declined by 14% to $1,280,161 in the first quarter of 2009\ncompared to $1,487,842 last year, largely as a result of a decrease in\nrevenue. Diluted earnings per common share declined to 14 cents compared to 16\ncents last year.\n\n\nFactoring volume increased by 5% to a first quarter record $402 million\ncompared to $383 million in last year's first quarter. Revenue declined by 18%\nto $6,071,000 in the first quarter from $7,427,000 last year despite higher\nvolume. Revenue decreased as a result of a combination of lower loans\noutstanding and reduced yields, in part as the result of lower interest rates\nand an increase in non-performing loans.\n\n\nAs noted in the Company's press release of April 24, a regular quarterly\ndividend of $0.065 per share has been declared, payable June 1, 2009, to\nshareholders of record at the close of business May 15, 2009.\n\n\n%SEDAR: 00001979E\n\n\n","length":2426,"tagName":"div"}]

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