Accord Reports Improved First Quarter Revenue and Earnings

About this update from Accord Financial Corp.

[{"type":"text","content":"\n\n\n\nTORONTO, May 7 /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, 2008. 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 Three Months Ended March 31\n 2008 2007\n ----- -----\n\nFactoring volume (millions) $ 383 $ 366\n\nRevenue $ 7,427,209 $ 6,616,480\nNet earnings $ 1,487,842 $ 1,393,809\nEarnings per common share\n Basic $ 0.16 $ 0.15\n Diluted $ 0.16 $ 0.15\n\nWeighted average number of shares\n Basic 9,464,940 9,441,583\n Diluted 9,556,406 9,568,792\n-------------------------------------------------------------------------\n\n\nNet earnings increased by 7% to $1,487,842 in the first quarter of 2008\ncompared to $1,393,809 last year, as a result of a 12% rise in revenue.\nDiluted earnings per common share improved to 16 cents in the first quarter\ncompared to 15 cents last year.\n\n\nFactoring volume increased by 5% to a first quarter record $383 million\ncompared to $366 million in last year's first quarter. Revenue increased by\n12% to $7,427,209 compared to $6,616,480 last year principally as a result of\nhigher interest income from asset-based loans.\n\n\nCommenting on the first quarter's results, Ken Hitzig, the Company's\nPresident, noted that, "deal flow has been very strong so far this year,\nespecially in the United States. Economic conditions have caused most banks to\ncut back loans to the small and medium size corporate sector, which is\nprecisely our target market. The Company ended the first quarter with gross\nfactored receivables and loans of $112 million. Including managed receivables,\nthe Company's total "at risk" portfolio was $230 million at March 31, 2008\ncompared with $204 million last year. The outlook is very encouraging for the\nsecond quarter and the balance of 2008."\n\n\n%SEDAR: 00001979E\n\n\n","length":2748,"tagName":"div"}]

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