Business
Solution Financial Reports Q2 2022 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - June 14, 2022) - Solution Financial Inc. (TSX:...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Reports Q2 2022 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - June 14, 2022) - Solution Financial Inc. (TSX: SFI) (OTCQX: SLNFF) (the \"Company\") a leading provider of luxury automotive and yacht leasing in Canada, today announced its financial results for the second quarter ending April 30, 2022. Earnings Highlights for the Quarter:Revenues for the quarter increased moderately to $5,610,046 compared to $5,581,297 during the prior comparative quarter.Net income remained relatively consistent at $203,054 compared to $199,695 during the prior comparative quarter.Adjusted net income(1) increased to $263,690 from $239,094, an increase of 9% over the prior comparative quarter. Total lease portfolio decreased to $26,025,284 compared to $27,663,008 during the prior quarter.\"Business remained very consistent through our second quarter of 2022,\" began Bryan Pang, Solution's CEO. \"The demand for luxury cars remains high in all our serviced markets with the continued shortage of new vehicle releases being an ongoing challenge across the luxury auto industry. We remain focused on supporting our existing dealerships and capitalizing on resale opportunities which contributed to our year-over-year revenue growth. We were happy with the increased revenue; however, unit volumes were expectedly below normal in comparison to prior years and will likely remain this way until the semiconductor and supply chain issues impacting luxury automobile manufacturers are resolved. Capitalizing on this slow down, we enhanced our lease administration system with several new reporting capabilities and formally rolled out revisions to our lease agreements to further strengthen the Company's security interests in its lease asset portfolio. These measures are all intended to strengthen the Company's ability to obtain banking and debt facilities for future leasing opportunities. We will continue to focus on operating profitably while preparing to meet and support the growing demand in the luxury car industry in Canada,\" concluded Bryan. Solution is reporting net income of $203,054, or $0.002, per share for the quarter ending April 30, 2022. This compares to net income of $199,695 or $0.002 per share for the quarter ending April 30, 2021. Adjusted net income, which is more reflective of actual cash earnings, for the quarter ...