TORONTO, May 6 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading North American provider of factoring and other asset-based financial services to businesses, today released its financial results for the quarter ended March 31, 2009. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles.
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SUMMARY OF FINANCIAL RESULTS
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Three Months Ended March 31
2009 2008
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Factoring volume (millions) $ 402 $ 383
Revenue $ 6,070,895 $ 7,427,209
Net earnings $ 1,280,161 $ 1,487,842
Earnings per common share
Basic $ 0.14 $ 0.16
Diluted $ 0.14 $ 0.16
Weighted average number of shares
Basic 9,428,549 9,464,940
Diluted 9,444,524 9,556,406
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Net earnings declined by 14% to $1,280,161 in the first quarter of 2009 compared to $1,487,842 last year, largely as a result of a decrease in revenue. Diluted earnings per common share declined to 14 cents compared to 16 cents last year.
Factoring volume increased by 5% to a first quarter record $402 million compared to $383 million in last year's first quarter. Revenue declined by 18% to $6,071,000 in the first quarter from $7,427,000 last year despite higher volume. Revenue decreased as a result of a combination of lower loans outstanding and reduced yields, in part as the result of lower interest rates and an increase in non-performing loans.
As noted in the Company's press release of April 24, a regular quarterly dividend of $0.065 per share has been declared, payable June 1, 2009, to shareholders of record at the close of business May 15, 2009.
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