Accord Reports First Quarter 2009 Earnings



    TORONTO, May 6 /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, 2009. The financial figures 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 March 31
                                                          2009          2008
                                                          ----          ----
    Factoring volume (millions)                    $       402   $       383

    Revenue                                        $ 6,070,895   $ 7,427,209

    Net earnings                                   $ 1,280,161   $ 1,487,842

    Earnings per common share
      Basic                                        $      0.14   $      0.16
      Diluted                                      $      0.14   $      0.16
    Weighted average number of shares
      Basic                                          9,428,549     9,464,940
      Diluted                                        9,444,524     9,556,406
    -------------------------------------------------------------------------
    

    Net earnings declined by 14% to $1,280,161 in the first quarter of 2009
compared to $1,487,842 last year, largely as a result of a decrease in
revenue. Diluted earnings per common share declined to 14 cents compared to 16
cents last year.
    Factoring volume increased by 5% to a first quarter record $402 million
compared to $383 million in last year's first quarter. Revenue declined by 18%
to $6,071,000 in the first quarter from $7,427,000 last year despite higher
volume. Revenue decreased as a result of a combination of lower loans
outstanding and reduced yields, in part as the result of lower interest rates
and an increase in non-performing loans.
    As noted in the Company's press release of April 24, a regular quarterly
dividend of $0.065 per share has been declared, payable June 1, 2009, to
shareholders of record at the close of business May 15, 2009.

    %SEDAR: 00001979E




For further information:

For further information: Stuart Adair, 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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