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Press Information: ACCORD FINANCIAL CORP. Accord Reports Improved First Quarter Revenue and Earnings 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, 2008. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles.
Net earnings increased by 7% to $1,487,842 in the first quarter of 2008 compared to $1,393,809 last year, as a result of a 12% rise in revenue. Diluted earnings per common share improved to 16 cents in the first quarter compared to 15 cents last year. Factoring volume increased by 5% to a first quarter record $383 million compared to $366 million in last year’s first quarter. Revenue increased by 12% to $7,427,209 compared to $6,616,480 last year principally as a result of higher interest income from asset-based loans. Commenting on the first quarter’s results, Ken Hitzig, the Company’s President, noted that, “deal flow has been very strong so far this year, especially in the United States. Economic conditions have caused most banks to cut back loans to the small and medium size corporate sector, which is precisely our target market. The Company ended the first quarter with gross factored receivables and loans of $112 million. Including managed receivables, the Company’s total “at risk” portfolio was $230 million at March 31, 2008 compared with $204 million last year. The outlook is very encouraging for the second quarter and the balance of 2008.”
For further information please contact: Stuart Adair (416) 961-0304 Ext. 207 |
