EDMONTON, Nov. 18, 2013 /CNW/ - Carfinco Financial Group Inc.
("Carfinco" or the "Company") has amended and restated its unaudited
consolidated interim financial statements and related management's
discussion and analysis ("MD&A") for the three and nine months ended
September 30, 2013.
Since issuing its consolidated interim financial statements and MD&A for
the third quarter, the Company's management discovered that it made an
error in the calculation of the weighted average number of shares
outstanding for the three and nine months ended September 30, 2013,
creating an incorrect calculation in the Company's basic and diluted
earnings per share. The Company has corrected this error and, as a
result, made certain adjustments to the earnings per share in the
financial information presented in its interim financial statements and
MD&A originally issued for this period. Earnings per share for the
three months ended September 30, 2013 have been amended from 17 cents
per share to 16 cents per share and earnings per share for the nine
months ended September 30, 2013 have been amended from 61 cents per
share to 59 cents per share.
The refiled interim financial statements and MD&A have been filed with
the Canadian securities regulators on SEDAR and are available at www.sedar.com.
About Carfinco Financial Group Inc.
Carfinco, through its Canadian and United States subsidiaries (the
"Subsidiaries"), focuses on providing indirect consumer vehicle loans
to borrowers unable to obtain financing through traditional lending
sources. A network of select independent and franchise dealerships
offer the Subsidiaries payment plans to their customers who must, along
with the vehicle, meet the Subsidiaries underwriting guidelines. The
shares of Carfinco trade on The Toronto Stock Exchange under the symbol
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and should not place undue reliance on such forward-looking statements.
Caution Regarding Non-IFRS Financial Measures - Carfinco uses certain
measures in this press release which do not have a standardized meaning
as prescribed by International Financial Reporting Standards ("IFRS"),
and are unlikely to be comparable to similar measures presented by
other issues. These non-IFRS measures have been presented in this
press release in order to provide shareholders and potential investors
with additional information regarding the Company but should not be
considered in isolation or as a substitute for measures prepared in
accordance with IFRS. Please refer to the Company's management's
discussion and analysis as at and for the three and nine months ended
September 30, 2013 and 2012 for definitions and reconciliations of
these non-IFRS measures to measures prescribed by IFRS.
SOURCE: Carfinco Financial Group Inc.
For further information:
Mr. Tracy A. Graf
CEO & Director of Carfinco Financial Group Inc.
Web site: www.carfinco.com
The Howard Group Inc.
Web site: www.howardgroupinc.com