Business
Element Reports Strong Volume Growth in Q2-2013 across All Verticals
After tax adjusted operating income increases 21% over Q1 to $10.5 million or $0.08 per...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nAfter tax adjusted operating income increases 21% over Q1 to $10.5\n million or $0.08 per share \n\n\n\nOrigination volumes increased 34% over the previous quarter to $398\n million\n\n\n\nCommercial finance volumes (Element Finance) increase 10% in Canada and\n 88% in the US\n\n\nCorporate finance volumes (Element Capital) increase 69% over the\n previous quarter to $86.6 million\n\n\nFleet management volumes (Element Fleet) increase 36% over the previous\n quarter to $80.4 million\n\n\n\nAfter tax adjusted operating income per share was $0.08 versus $0.08 for\n the previous period\n\n\nTotal assets increased by 43% over the immediately previous quarter to\n $2.5 billion from both organic growth and the acquisition of the GE\n Fleet portfolio.\n\n\n\nTORONTO, Aug. 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 financial\n results for the three and six month periods ending June 30, 2013\n showing strong growth in origination volumes across all of the\n Company's business verticals. New originations increased 34% to $397.9\n million for the three month period versus $296.3 million in the\n previous period.\n\n\nFinancial revenue increased to $33.96 million versus $31.84 million in\n the previous period generating net financial income of $24.7 million\n versus $22.8 million in the previous period. Adjusted operating\n expenses were $10.3 million for the period versus $10.8 million in the\n previous period resulting in adjusted operating income of $14.5 million\n for the current three month period versus $12.0 million for the\n previous period. After tax adjusted operating income was $10.5 million\n or $0.08 per share for the current period versus $$8.6 million or $0.08\n per share for the previous period. Total assets increased 43% to $2.5\n billion at the end of the period versus $1.8 billion at the end of the\n previous period and book value per share increased to $5.67 versus\n $4.75 reported at the end of the previous period.\n\n\nElement Finance accounted for $230.9 million or 58% of the $397.9\n million originated during the period.  Element Capital accounted for\n $86.6 million or 22% of the new business volume while Element Fleet\n originated $80.4 million or 20% of the period's ...