Business
Solution Financial Reports Q3 2023 Financial Results
Richmond and Vancouver, British Columbia--(Newsfile Corp. - September 13, 2023) - Solution Finan...
About this update from Solution Financial Inc.
[{"type":"text","content":"Solution Financial Reports Q3 2023 Financial ResultsRichmond and Vancouver, British Columbia--(Newsfile Corp. - September 13, 2023) - Solution Financial Inc. (TSX: SFI) (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, 2023. Earnings Highlights for the Quarter:Revenues were $3.1 million, down from the comparative quarter which was $3.4 million.Net income was $148,995 compared to net income of $376,928 during the comparative quarter.Adjusted net income(1) was $136,707, down from $263,690 during the comparative quarter. Total lease portfolio increased back up to $24.8 million compared to $24.7 million during the prior quarter.\"The trends we observed in Q3 2023 were consistent with the previous quarter, notably with prime interest rates influencing leasing demand in the automotive landscape,\" began Bryan Pang, CEO of Solution. \"During such times, we intensify our focus on enhancing our partner relationships and identifying emerging opportunities within the changing market. Our direction remains solid, we aim to elevate the visibility and understanding of Solution's distinct leasing approach, especially in Ontario. Our team has been further strengthened with the recent induction of Freddie Cheng, a respected figure in automotive leasing, which paves the way for significant growth in the region. Over the past six months, our focus has been on creating a strong foundation to adapt to market changes efficiently. With the challenges caused by COVID-19 mostly behind us and interest rate fluctuations becoming clearer, the entire team is ready to support our growing dealership network,\" Bryan concluded.Solution is reporting net income of $148,995 or $0.002 per share for the quarter ending July 31, 2023. This compares to net income of $376,932 or $0.004 per share for the quarter ending July 31, 2022.Adjusted net income, which is more reflective of actual cash earnings, for the quarter ending July 31, 2023, was $266,201(1) or $0.002 per share compared to $528,708 or $0.006 per share for the quarter ending July 31, 2022. Adjusted Net Income excludes non-cash accretion expense related to the convertible debentures and right-of-use assets of $16,877, income tax provision of $57,000, amortization expense of $27,196, stock-based co...