Accord Announces 41% Increase In First Quarter 2013 Net Earnings

TORONTO, May 1, 2013 /CNW/ - 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, 2013. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards.

 
SUMMARY OF FINANCIAL RESULTS Three Months Ended March 31
  2013   2012
Factoring volume (millions) $ 448   $ 437
Revenue $ 5,947,217   $ 5,679,624
Net earnings $ 1,246,028   $ 883,216
Basic and diluted earnings per common share $ 0.15   $ 0.10
Basic and diluted weighted
  average number of shares outstanding 8,221,498   8,535,243
     

Net earnings rose 41% to $1,246,028 in the first quarter of 2013 compared to last year's $883,216. Net earnings improved on a combination of a lower provision for losses and overheads, and higher revenue. Earnings per common share increased to 15 cents compared to 10 cents last year.

Factoring volume increased to $448 million compared to $437 million in last year's first quarter on higher recourse factoring volume. Revenue rose by 5% to $5,947,217 this year compared to $5,679,624 in the first quarter of 2012 as a result of higher funds employed and increased volume.

Commenting on the first quarter's results, Mr. Tom Henderson, the Company's President and CEO, noted: "Our much improved results are primarily attributable to the performance at our U.S. recourse factoring and finance business. That unit started 2012 at a low point in business activity and progressed handsomely during the course of the year. We are seeing the benefits of year-over-year net earnings improvements as a result."

As noted in the Company's press release of April 16, 2013, a regular quarterly dividend of $0.08 per share has been declared payable June 3, 2013 to shareholders of record at the close of business May 15, 2013.

SOURCE: Accord Financial Corp.

For further information:

Stuart Adair
Vice President, Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, 18th floor
Toronto, Ontario, M5S 1M2
(416) 961-0304 Ext. 207
sadair@accordfinancial.com


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