Accord Announces Improved First Quarter 2010 Earnings and Declares Regular
Quarterly Dividend

TORONTO, May 5 /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, 2010. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles.

                                          Three Months Ended March 31
                                                   2010          2009
                                                   ----          ----

    Factoring volume (millions)             $       505   $       402

    Revenue                                 $ 6,978,924   $ 6,070,895

    Net earnings                            $ 1,610,745   $ 1,280,161

    Earnings per common share
       Basic                                $      0.17   $      0.14
       Diluted                              $      0.17   $      0.14
    Weighted average number of shares
       Basic                                  9,408,971     9,428,549
       Diluted                                9,408,971     9,444,524


Net earnings increased by 26% to $1,610,745 in the first quarter of 2010 compared to $1,280,161 last year as a result of a 15% rise in revenue. Diluted earnings per common share were 17 cents, 21% higher than the 14 cents last year.

Factoring volume increased by a strong 26% to a first quarter record $505 million compared to $402 million in last year's first quarter. Revenue rose by $908,000 or 15% to $6,979,000 this year compared to $6,071,000 in the first quarter of 2009 on higher factoring volume and commissions.

Commenting on the first quarter's results, Mr. Tom Henderson, the Company's President and CEO, noted that: "Our first quarter results are obviously quite pleasing considering the challenges faced as a result of the global recession in the last two years. Accord is seeing steady new deal flow in our lending subsidiaries as a result of weakened commercial finance competition in Canada and U.S., while our non-recourse factoring subsidiary is benefiting from new clients added in the second half of 2009. Accord, with its substantial capital and borrowing capacity, is well positioned to capitalize on market opportunities."

As noted in the Company's press release of April 23, 2010, a regular quarterly dividend of $0.065 per share has been declared payable June 1, 2010 to shareholders of record at the close of business May 14, 2010.

%SEDAR: 00001979E

SOURCE Accord Financial Corp.

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,

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890