Accord Announces 15% Increase in Third Quarter Earnings and 8% Rise in Nine Months Earnings and Declares Regular Quarterly Dividend



    TORONTO, Oct. 28 /CNW/ - Accord Financial Corp. (TSX - ACD) (the
"Company"), a leading North American provider of factoring and other
asset-based financial services to businesses is pleased to announce its
unaudited consolidated financial results for the three and nine months ended
September 30, 2008. 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             Nine Months Ended
                               September 30                  September 30

                           2008           2007           2008           2007
                           ----           ----           ----           ----

    Factoring volume
     (millions)    $        419   $        413   $      1,167   $      1,121

    Revenue        $  6,785,016   $  7,173,562   $ 21,306,498   $ 20,575,438

    Net earnings   $  1,332,115   $  1,163,201   $  4,579,351   $  4,227,737

    Earnings
     per share
      Basic        $       0.14   $       0.12   $       0.48   $       0.45
      Diluted      $       0.14   $       0.12   $       0.48   $       0.44
    Weighted
     average
     number of
     shares
      Basic           9,546,936      9,490,117      9,503,266      9,460,399
      Diluted         9,568,058      9,593,812      9,551,374      9,575,692
    


    Net earnings for the third quarter of 2008 increased by 15% to $1,332,115
compared to $1,163,201 last year on lower provision for credit and loan losses
and reduced interest expense. Diluted earnings per share were 14 cents for the
quarter compared to 12 cents last year.
    Factoring volume in the third quarter totalled $419 million, slightly
higher than last year. Revenue declined by 5% to $6,785,016 compared to
$7,173,562 last year. Revenue largely declined due to lower factoring
commissions resulting from a decline in factoring yields.
    Net earnings for the nine months ended September 30, 2008 increased by 8%
to $4,579,351 compared to $4,227,438 in the same period last year. Diluted
earnings per share for the nine months were 48 cents compared to 44 cents last
year.
    Factoring volume for the current nine month period rose by 4% to a record
$1,167 million compared to $1,121 million last year. Revenue rose by 4% to
$21,306,498 compared with $20,575,438 last year principally as a result of
higher interest income from asset-based loans.
    The Company's Board of Directors today declared a regular quarterly
dividend of $0.065 per common share, payable December 1, 2008 to shareholders
of record at the close of business November 14, 2008.

    %SEDAR: 00001979E




For further information:

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


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