Road Map

Financial Highlights - Ten Year Financial Summary 1999 - 2008

All figures are in thousands of dollars except factoring volume (in millions) and earnings, dividends and book value per share and share price history.

    1999 2000 2001 2002 2003 2004 2005 2006 2007   2008
  Factoring volume 1,304 1,372 1,253 1,366 1,439 1,489 1,424 1,417 1,497   1,596
  Revenue 26,144 31,031 28,197 26,235 26,214 27,418 26,230 28,864 28,346   28,060
  Interest 1,697 2,516 1,569 757 773 1,225 1,762 2,391 2,992   2,871
  General and administrative 12,635 14,422 14,422 14,324 14,175 13,760 14,892 13,290 13,143   13,491
  Provision for credit and loan losses 1,403 1,328 6,754 1,189 1,231 422 1,074 1,961 2,402   3,849
  Depreciation and amortization 820 654 828 408 418 416 338 322 209   195
  Provision for settlement of claim - - - 2,339 712 - - - -   -
  Total expenses 16,555 18,920 23,573 19,017 17,309 15,823 18,066 17,964 18,746   20,406
  Earnings before income tax expense 9,589 12,111 4,624 7,218 8,905 11,595 8,164 10,900 9,600   7,654
  Income tax expense 3,405 4,683 1,705 2,569 3,066 3,971 2,861 3,783 3,313   2,613
 

Earnings before extraordinary gain

 6,184 7,428 2,919 4,649 5,839 7,624 5,303 7,117 6,287   5,041
  Extraordinary gain - - - - - - 907 - -   -
  Net earnings 6,184 7,428 2,919 4,649 5,839 7,624 6,210 7,117 6,287   5,041
  Earnings per common share
        Basic 		0.66 0.79 0.31 0.49 0.61 0.78 0.63 0.73 0.66   0.53
          Diluted 0.64 0.76 0.30 0.49 0.61 0.76 0.62 0.72 0.66   0.53
  Dividends per common share 0.12 0.14 0.14 0.14 0.16 1.68 0.18 0.20 0.22   0.24
  Factored receivables and loans 55,838 70,156 63,075 64,882 69,479 71,136 84,270 79,863 103,940   99,990
  Other assets 7,349 9,797 4,807 7,186 6,005 2,909 5,834 4,816 3,193   3,508
  Total assets 63,187 79,953 67,882 72,068 75,484 74,045 90,104 84,679 107,133   103,498
  Bank indebtedness 20,714 30,748 11,732 10,298 20,045 15,608 32,592 26,687 48,207   35,877
  Due to clients 4,852 3,487 7,932 6,783 4,309 5,532 5,092 4,227 4,897   4,588
  Accounts payable and
other liabilities		 4,219 3,941 2,553 5,952 2,932 5,227 5,565 3,940 4,459   3,081
  Deferred income 1,028 1,124 937 956 916 908 992 913 806   829
  Notes payable 742 1,466 2,119 2,451 2,482 11,778 7,298 9,195 9,567   10,944
  Total liabilities 31,555 40,766 25,273 26,440 30,684 39,053 51,539 44,962 67,936   55,319
  Shareholders' equity 31,632 39,187 42,609 45,628 44,800 34,992 38,565 39,717 39,197   48,179
  Total liabilities and equity 63,187 79,953 67,882 72,068 75,484 74,045 90,104 84,679 107,133   103,498
  Shares outstanding at
Dec. 31 		9,383 9,503 9,503 9,513 9,650 9,876 9,930 9,443 9,454   9,438
  Book value per share at Dec. 31 3.37 4.12 4.48 4.80 4.64 3.54 3.88 4.21 4.15   5.10
  Share price - high
- low
- close at Dec. 31 		5.75
4.25
5.50 		6.60
5.00
5.60 		6.65
4.56
5.10 		5.85
4.80
5.05 		7.55
4.95
7.05 		11.25
6.50
8.75 		8.80
6.70
7.05		 8.25
7.00
7.75		 9.45
7.72
8.00 		  8.39
4.75
5.81