Business
Element Financial Continues Growth Trajectory in Q1-2013
$32 million in revenue delivers $0.08 per share of after tax operating income Orig...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\n\n\n\n$32 million in revenue delivers $0.08 per share of after tax operating\n income \n\n\n\nOrigination volumes increased 27% over the previous quarter to $296\n million\n\n\nElement Finance increased originations by 69% over the previous period\n to $186 million\n\n\nFinancial revenue increased 45% over the previous period to $31.8\n million\n\n\nAverage annualized cost of borrowing decreased to 3.33% for the period\n versus 3.44% for the previous period\n\n\nOperating income increased 80% over the previous period to $12 million\n\n\nAfter tax operating income per share was $0.08 versus $0.06 for the\n previous period\n\n\nOperating expenses were 3.08% of average portfolio assets for the period\n versus 3.16% for the previous period\n\n\nTotal assets increased by 17% over the immediately previous quarter to\n $1.8 billion\n\n\nElement Capital pipeline exceeds $1.6 billion\n\n\n\nTORONTO, May 13, 2013 /CNW/ - Element Financial Corporation (TSX:EFN)\n (\"Element\" or \"the Company\"), one of North America's leading\n independent equipment finance companies, today reported strong\n financial results across all of its business segments generating\n operating income of $12 million for the three month period on finance\n revenue of $31.8 million resulting in after tax operating income per\n share of $0.08. Total assets increased to $1.8 billion and book value\n per share increased to $4.75.\n\n\nElement Finance accounted for $186 million or 63% of the $296 million\n originated during the period.  Element Capital accounted for $51\n million or 17% of the new business volume while Element Fleet\n originated $59 million or 20% of the period's new business volume. In\n addition to these organic origination volumes, the Company acquired $84\n million of loan originations during the period as a result of closing\n the previously announced acquisition of Nexcap Finance Corp. Finance\n receivables increased to $1.5 billion at the end of the period versus\n $1.3 billion reported at the end of the previous period.\n\n\nIn addition to closing the Nexcap acquisition in early January, during\n the period the Company announced plans to establish the Element\n Equipment Finance Fund (the Fund) as a funding vehicle to more\n efficiently finance transactions in the $1.5 million to $25 million\n range. The Company closed a $173 million bo...