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Press Information: ACCORD FINANCIAL CORP. Accord Posts 17% First Quarter
Profit Increase and Accord Financial Corp. (TSX – ACD), a leading North American provider of asset-based financial services to businesses, including factoring, financing, credit investigation and guarantees, is pleased to announce its interim unaudited consolidated financial results for the quarter ended March 31, 2004. The financial results presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles.
SUMMARY OF FINANCIAL RESULTS
Net earnings for the first quarter rose by 17% to $1,317,063 compared to $1,128,676 last year. Diluted earnings per share increased to 13 cents compared to 12 cents last year. Factoring volume increased to $357 million in the first quarter compared to $346 million last year. Volume was a new first-quarter company record. Revenue increased by 5% to $6,501,844 compared to $6,196,856 last year on record recourse factoring volume. The Company’s Board of Directors declared a regular quarterly dividend of $0.045 per share, payable June 1, 2004, to shareholders of record May 14, 2004. The directors also considered the fact that the Company has excess capital and has more than adequate resources for any internal growth or acquisitions. Accordingly, a special dividend of $1.50 per share was declared, payable July 2, 2004 to shareholders of record June 15, 2004. The directors also approved a $1.50 reduction in the exercise price of all outstanding stock options on June 15, 2004. The Company wishes to advise that its Annual Meeting
of Shareholders will be held on Thursday, For further information please contact: Stuart Adair (416) 961-0304 Ext. 207
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