Accord Announces Improved Second Quarter and First Half Earnings and 18% Increase in Quarterly Dividend



    TORONTO, July 23 /CNW/ - Accord Financial Corp. (TSX - ACD), a leading
North American provider of factoring and other asset-based financial services
to businesses, is pleased to announce its interim unaudited consolidated
financial results for the three and six months ended June 30, 2008. The
financial results presented in this release are reported in Canadian dollars
and have been prepared in accordance with Canadian generally accepted
accounting principles.

    
    -------------------------------------------------------------------------

    SUMMARY OF FINANCIAL RESULTS
    ----------------------------

                      Three Months Ended June 30    Six Months Ended June 30
                              2008          2007          2008          2007
                              ----          ----          ----          ----

    Factoring volume
     (millions)       $        365  $        341  $        748  $        707

    Revenue           $  7,094,273  $  6,785,396  $ 14,521,482  $ 13,401,876

    Net earnings      $  1,759,394  $  1,670,727  $  3,247,236  $  3,064,536

    Earnings per
     share
      Basic           $       0.19  $       0.18  $       0.34  $       0.32
      Diluted         $       0.18  $       0.17  $       0.34  $       0.32

    Weighted average
     number of shares
      Basic              9,497,922     9,449,499     9,481,431     9,445,541
      Diluted            9,529,659     9,564,474     9,543,033     9,566,633
    -------------------------------------------------------------------------
    

    Net earnings for the second quarter of 2008 rose by 5% to $1,759,394
compared with $1,670,727 last year. Earnings improved due to higher revenue.
Diluted earnings per share rose by 6% to 18 cents compared to 17 cents last
year. Factoring volume increased by 7% to a record $365 million in the second
quarter compared to $341 million last year, while asset-based loans to clients
were also significantly higher this year. Revenue rose by 5% to $7,094,273
from $6,785,396 principally on higher interest from asset-based loans.
    Net earnings for the first half of 2008 increased by 6% to $3,247,236
compared with $3,064,536 in 2007. Diluted earnings per share were 34 cents, 6%
higher than the 32 cents last year. Factoring volume for the first half of
2007 rose by 6% to a record $748 million, while, as noted above, asset-based
loans also rose. Total revenue increased by 8% to $14,521,482 principally on
higher interest from asset-based loans.
    The Company's Board of Directors today declared an 18% increase in its
quarterly dividend. A dividend of $0.065 per share, payable September 2, 2008
to shareholders of record August 15, 2008 was declared. The Board also
resolved, subject to regulatory approval, to renew its normal course issuer
bid, which expires August 7, 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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