Home Page : Archive News : August 2011 News : Chesswood Announces Results for Q2 2011 | |
Chesswood Announces Results for Q2 2011 | |
August 18, 2011 Portfolio Growth and Low Delinquencies Continue to Generate Strong Results. Chesswood Group Limited (the "Company") (TSX:CHW), announced today its results for the second quarter of 2011, ended June 30, 2011. The Company's income before taxes and fair value adjustments on interest rate swaps and other liabilities totaled $2.7 million in the second quarter of 2011, compared to $2.8 million in the second quarter of 2010. "This year, our second quarter also includes the one-time deduction of $425,000 of acquisition costs on the closing of the purchase of Case Funding, in June" said Barry Shafran, the Company's President and CEO. The Company's largest business, Pawnee Leasing Corporation, posted another quarter of growth in its portfolio, which exceeded US$120 million for the first time in its history. The performance of the portfolio continued to reflect the strong underlying credit profile of its lessees and their guarantors, with net charge-offs for the quarter returning to levels not seen since 2006. "We're very pleased by the truly excellent performance of Pawnee, which reflects years of hard work and our successful entrance into the B+ market, back in September 2008" added Shafran. Financial Highlights (in CDN $000's ) For the Three Months Ended June 30 Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities 2011 - $2,719 2010(1) - $2,820 Net Income (Loss)(1) 2011 - $1,077 2010(1) - $862 Adjusted EBITDA(2) 2011 - $3,344 2010(1) - $3,464 For the Six Months Ended June 30 Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities 2011 - $5,989 2010(1) - $5,070 Net Income (Loss)(1) 2011 - $2,782 2010(1) - ($1,480) Adjusted EBITDA(2) 2011 - $7,369 2010(1) - $6,347 (1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units, amongst other changes, to the Fund's 2010 income. (2) - See "Non-GAAP Measures" below. Non GAAP Measures Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and IFRS and does not have a standard meaning under Canadian GAAP and IFRS. Accordingly, these measures may not be comparable to similar measures presented byother issuers. Please refer to the Company's Management Discussion and Analysis for the three and six months ended June 30, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period. Source: http://www.1888pressrelease.com/chesswood-announces-results-for-q2-2011-pr-327625.html |