Business
Solution Financial Reports Q3 2022 Financial Results
Calgary, Alberta--(Newsfile Corp. - September 13, 2022) - Solution Financial Inc. (TSX: SFI) ...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Reports Q3 2022 Financial ResultsCalgary, Alberta--(Newsfile Corp. - September 13, 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 third quarter ending July 31, 2022. Earnings Highlights for the Quarter:Margins were up to 36% compared to 26% for the prior year quarter as revenues were primarily from high margin leasing compared to lower margin vehicle sales.Net income was $376,928 compared to $406,455 during the prior year quarterAdjusted net income(1) was $526,797, down marginally from $557,545 during the comparative quarter. Total lease portfolio increased to $27,317,077 compared to $26,025,286 during the prior quarter.\"This quarter really showed the resiliency of our business model as we stayed focused on our core leasing services despite continued economic challenges,\" began Bryan Pang, Solution's CEO. \"During 2021, we capitalized on vehicle resale opportunities caused by the supply chain impact on the luxury auto sector whereas this last quarter we focused more on helping our luxury dealership network finance vehicle sales despite generally slower sales volumes. Our recently announced $15 million financing facility with ATB Financial is a great milestone, giving us access to more resources to support more dealerships in our existing and expansion markets. Our goals remain focused on growth within the luxury market using a disciplined approach that has proven successful for the last 18 years- providing competitive market rates to good clients, focusing on leasing good vehicles, backed by good collateral, and proactively supporting customers and dealerships well beyond the initial financing event. Revenues may remain lower through these economic slowdowns, but we remain committed to focusing on operating profitably and building long term shareholder value,\" concluded Bryan. Solution is reporting net income of $376,928 or $0.004, per share for the quarter ending July 31, 2022. This compares to net income of $406,455 or $0.005 per share for the quarter ending July 31, 2021. Adjusted net income, which is more reflective of actual cash earnings, for the quarter ending July 31, 2022, was $526,797(1) or $0.006 per share compared to $531,092 or $0.006 per share for the...