<location>TORONTO</location>, <chron>July 25</chron> /CNW/ - Accord Financial Corp. (TSX - ACD), a leading North American provider of a wide range of factoring and other asset-based financial services to businesses, including financing, collection services, credit investigation, credit protection and guarantees, is pleased to announce its interim unaudited consolidated financial results for the three and six months ended <chron>June 30, 2007</chron>. The financial results presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles. <p></p>
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SUMMARY OF FINANCIAL RESULTS
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Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
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Factoring volume
(millions) $ 341 $ 320 $ 707 $ 691
Revenue $ 6,785,396 $ 6,997,410 $ 13,401,876 $ 14,211,169
Net earnings $ 1,670,727 $ 1,505,806 $ 3,064,536 $ 3,197,021
Earnings per share
Basic $ 0.18 $ 0.15 $ 0.32 $ 0.32
Diluted $ 0.17 $ 0.15 $ 0.32 $ 0.32
Weighted average
number of shares
Basic 9,449,499 9,888,164 9,445,541 9,909,468
Diluted 9,564,474 10,028,299 9,566,633 10,057,028
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<p>Net earnings for the second quarter of 2007 rose by 11% to $1,670,727 compared with $1,505,806 last year. Earnings improved due to a lower provision for credit and loan losses. Diluted earnings per share rose by 13% to 17 cents compared to 15 cents last year. Factoring volume increased by 7% to $341 million in the second quarter compared to $320 million last year. Revenue, however, declined by 3% to $6,785,396 from $6,997,410 as yields decreased somewhat.</p>
<p>Net earnings for the first half of 2007 declined by 4% to $3,064,536 compared with $3,197,021 in 2006. Diluted earnings per share were 32 cents, the same as last year, as the decline in net earnings was fully offset by a 5% decrease in the diluted weighted average number of shares outstanding. Factoring volume for the first half of 2007 rose by 2% to $707 million. Total revenue declined by 6% to $13,401,876 largely as a result of lower yields.</p>
<p>The Company's Board of Directors today declared a regular dividend of $0.055 per share, payable September 4, 2007 to shareholders of record August 15, 2007. The Board also resolved, subject to regulatory approval, to renew its normal course issuer bid, which expires August 7, 2007.</p>
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