Business
Solution Financial Reports Q1 2021 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2021) - Solution Financial Inc. (TSX...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Reports Q1 2021 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - March 31, 2021) - Solution Financial Inc. (TSXV: SFI) (the \"Company\") a leading provider of luxury automotive and yacht leasing in western Canada, today announced its financial results for the first quarter ending January 31, 2021.Earnings Highlights for the Quarter:Net income increased to $94,133 and Adjusted net income(1) increased to $267,451.Net revenue increased 30% over the prior year quarter to $3,882,792. Total lease and finance portfolio decreased 3% to $24,516,370 over the prior quarter.Quarterly dividend on common shares of $0.001 per share or roughly 0.8% returns at the Company's current share trading price of $0.48 per share.\"Our Q1 earnings were very much in line with expectations and our ninth consecutive profitable quarter since going public. Leasing activities remained steady, but we saw a significant increase in the demand for second hand vehicles as a result of slow downs in new vehicle releases due to COVID. As a result, we took advantage of this market opportunity to sell more vehicles from our portfolio than we typically see,\" began Bryan Pang. \"In addition to the high demand for luxury vehicles, we were very busy this quarter initiating our expansion plans into Ontario by applying and successfully obtaining our Ontario Motor Vehicle Industry Council (\"OMVIC\") license, securing our new leasing office in Vaughan, Ontario, hiring Jason Manuel as our new Account Manager-Ontario, and engaging iA Private Wealth Inc. to assist with a key capital raise to fuel our 2021 growth plans,\" continued Bryan.\"This was an exciting week for us as we finalized our Short form Prospectus Offering to raise additional capital which is a fantastic milestone for our growth as a public Company and we look forward to connecting with interested new investors,\" concluded Bryan.The purposes of completing a Short-Form Prospectus offering which the Company intends to close on or around April 20, 2021 are as follow: Raise additional capital to provide proceeds for operating lease capital to support existing and new dealership leasing opportunities in Western Canada and Ontario.Introduce our Company to a wider network of retail investors looking for recurring dividend income as well as the potential for long term equity growth.Suppor...