TORONTO
,
Oct. 26
/CNW/ - Accord Financial Corp. (TSX - ACD), a leading North American provider of factoring and other asset-based financial services to businesses, today released its interim unaudited consolidated financial results for the three and nine months ended
September 30, 2009
. The financial results presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles.
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SUMMARY OF FINANCIAL RESULTS
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Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
---- ---- ---- ----
Factoring volume
(millions) $ 449 $ 419 $ 1,232 $ 1,167
Revenue $ 5,663,933 $ 6,785,016 $ 17,412,184 $ 21,306,498
Net earnings $ 709,231 $ 1,332,115 $ 2,483,575 $ 4,579,351
Earnings per share
Basic $ 0.08 $ 0.14 $ 0.26 $ 0.48
Diluted $ 0.08 $ 0.14 $ 0.26 $ 0.48
Weighted average
number of shares
Basic 9,427,823 9,546,936 9,421,466 9,503,266
Diluted 9,427,823 9,568,058 9,426,791 9,551,374
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Net earnings for the third quarter of 2009 declined to
$709,231
compared with
$1,332,115
last year. Earnings declined due to lower revenue and a higher provision for credit and loan losses. Diluted earnings per share for the third quarter decreased to 8 cents compared to 14 cents last year. Factoring volume increased by 7% to a record
$449 million
in the third quarter compared to
$419 million
last year. Revenue, however, declined to
$5,663,933
from
$6,785,016
last year as a result of lower funds employed, as well as reduced yields due, in part, to lower interest rates and an increase in non-performing loans.
Net earnings for the nine months ended
September 30, 2009
declined to
$2,483,575
compared with
$4,579,351
in 2008. Diluted earnings per share were 26 cents compared to 48 cents last year. Factoring volume for the first nine months of 2009 rose by 6% to a record
$1,232 million
. Total revenue decreased to
$17,412,184
for reasons similar to those noted above.
The Company's Board of Directors today declared a regular quarterly dividend of
$0.065
per share, payable
December 1, 2009
to shareholders of record
November 13, 2009
.
%SEDAR: 00001979E
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, [email protected]
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