Newsroom

Press Information:
Toronto - October 26, 2005

ACCORD FINANCIAL CORP.

Accord Posts Third Quarter and Nine Months' Earnings and Declares Regular Quarterly Dividend

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 unaudited consolidated financial results for the three and nine months ended September 30, 2005. The financial figures presented in this release are reported in Canadian dollars in accordance with Canadian generally accepted accounting principles.

SUMMARY OF FINANCIAL RESULTS
	Three Months Ended September 30		Nine Months Ended September 30
	2005	2004	2005	2004
Factoring volume (millions)	$ 402	$ 419	$ 1,055	$ 1,131
Revenue	$ 6,691,359	$ 6,948,035	$ 19,113,318	$ 20,223,574
Net earnings	$ 1,000,473	$ 1,697,971	$ 3,414,660	$ 4,852,606
Earnings per share
Basic	$ 0.10	$ 0.17	$ 0.34	$ 0.50
Diluted	$ 0.10	$ 0.17	$ 0.34	$ 0.49
Weighted average number of shares
Basic	9,940,185	9,837,926	9,913,641	9,760,445
Diluted	10,086,088	10,063,161	10,102,311	9,982,665

Net earnings for the third quarter of 2005 declined by 41% to $1,000,473 compared to $1,697,971 last year. Diluted earnings per share were 10 cents for the quarter compared to 17 cents last year.

Factoring volume in the third quarter was $402 million, a 4% decline compared to last year’s record volume of $419 million. Revenue declined by 4% to $6,691,359 compared to $6,948,035 last year.

Net earnings for the nine months ended September 30, 2005 fell by 30% to $3,414,660 compared to $4,852,606 in the same period of 2004. Diluted earnings per share for the nine months declined to 34 cents compared to 49 cents last year.

Factoring volume for the current nine month period fell by 7% to $1,055 million compared to $1,131 million last year. Revenue declined by 5% to $19,113,318 compared with $20,223,574 last year.

Net earnings for the three and nine months ended September 30, 2005 were affected by an after-tax charge of $298,000 relating to the consolidation of the Company’s Montreal operations. This served to reduce diluted earnings per share by 3 cents for those periods.

The Company's Board of Directors today declared a regular quarterly dividend of $0.045 per share, payable December 1, 2005 to shareholders of record at the close of business November 15, 2005.

For further information please contact:

Stuart Adair
Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, 18th floor
Toronto, ON M5S 1M2

(416) 961-0304 Ext. 207
info@accordfinancial.com

Return to Archive landing page