Accord Reports Record Business Activity, Third Quarter Revenue, Adjusted Net Earnings and Announces Regular Quarterly Dividend

About this update from Accord Financial Corp.

[{"type":"text","content":"\n\nTORONTO, Oct. 22, 2014 /CNW/ - Accord Financial Corp. (TSX – ACD) today released its financial results for the three and nine months ended Sept. 30, 2014.  The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards (\"IFRS\"). \n\n\n\n\nSUMMARY OF FINANCIAL RESULTS \n\n\n\n\nSeptember 30, 2014 \n\n\n September 30, 2013 \n\n\n\nFinance receivables and loans \n\n\n\n\n\n\n\n(funds employed) (millions) \n\n\n\n$ 155\n\n\n\n$ 119\n\n\n\n\nThree Months Ended Sept. 30 \n\n\nNine Months Ended Sept. 30 \n\n\n\n\n2014\n\n\n2013\n\n\n2014\n\n\n2013\n\n\n\n\n$\n\n\n$\n\n\n$\n\n\n$\n\n\n\nFactoring volume (millions) \n\n\n579\n\n\n499\n\n\n1,620\n\n\n1,378\n\n\n\n\n\n\n\n\n\nRevenue (000's) \n\n\n8,165\n\n\n6,464\n\n\n22,311\n\n\n18,799\n\n\n\n\n\n\n\n\n\nNet earnings (000's) \n\n\n2,176\n\n\n1,378\n\n\n4,510\n\n\n3,891\n\n\n\n\n\n\n\n\n\nAdjusted net earnings (000's) (note) \n\n\n2,263\n\n\n1,500\n\n\n5,091\n\n\n4,196\n\n\n\n\n\n\n\n\n\nEarnings per common share \n\n(basic and diluted) \n\n\n0.26\n\n\n0.17\n\n\n0.54\n\n\n0.47\n\n\n\n\n\n\n\n\n\nAdjusted earnings per common share (basic and diluted) \n\n\n0.27\n\n\n0.18\n\n\n0.61\n\n\n0.51\n\n\n\n\nBasic and diluted weighted \n\n       average number of shares \n\n\n8,307,713\n\n\n8,221,498\n\n\n8,298,443\n\n\n8,221,498\n\n\n\n\n\n\n\nNet earnings for the third quarter of 2014 rose 58% to $2,176,000 compared to $1,378,000 last year.  Earnings increased as a result of higher revenue.  Earnings per share (\"EPS\") increased 53% to 26 cents compared to 17 cents last year. \n\nAdjusted net earnings were a third quarter record $2,263,000, 51% above the $1,500,000 earned in the third quarter of 2013.  Adjusted EPS rose 50% to 27 cents compared to 18 cents in last year's third quarter. \n\nFactoring volume rose 16% to $579 million in the third quarter compared to $499 million last year.  Funds employed increased 30% to a record high $155 million at Sept. 30, 2014 compared to $119 million a year ago.  Revenue rose 26% to a third quarter record $8,165,000 compared to $6,464,000 in last year's third quarter.  Revenue principally rose on higher funds employed and factoring volume. \n\nNet earnings for the first nine...

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