Carfinco Amends 2013 Third Quarter Results

TSX: CFN

EDMONTON, Nov. 18, 2013 /CNW/ - Carfinco Financial Group Inc. ("Carfinco" or the "Company") has amended and restated its unaudited consolidated interim financial statements and related management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2013.

Since issuing its consolidated interim financial statements and MD&A for the third quarter, the Company's management discovered that it made an error in the calculation of the weighted average number of shares outstanding for the three and nine months ended September 30, 2013, creating an incorrect calculation in the Company's basic and diluted earnings per share.  The Company has corrected this error and, as a result, made certain adjustments to the earnings per share in the financial information presented in its interim financial statements and MD&A originally issued for this period.  Earnings per share for the three months ended September 30, 2013 have been amended from 17 cents per share to 16 cents per share and earnings per share for the nine months ended September 30, 2013 have been amended from 61 cents per share to 59 cents per share.

The refiled interim financial statements and MD&A have been filed with the Canadian securities regulators on SEDAR and are available at www.sedar.com.

About Carfinco Financial Group Inc.

Carfinco, through its Canadian and United States subsidiaries (the "Subsidiaries"), focuses on providing indirect consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources.  A network of select independent and franchise dealerships offer the Subsidiaries payment plans to their customers who must, along with the vehicle, meet the Subsidiaries underwriting guidelines. The shares of Carfinco trade on The Toronto Stock Exchange under the symbol "CFN".

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company.  These statements are subject to a number of risks and uncertainties.  Actual results may differ materially from results contemplated by the forward-looking statements.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.

Caution Regarding Non-IFRS Financial Measures - Carfinco uses certain measures in this press release which do not have a standardized meaning as prescribed by International Financial Reporting Standards ("IFRS"), and are unlikely to be comparable to similar measures presented by other issues.  These non-IFRS measures have been presented in this press release in order to provide shareholders and potential investors with additional information regarding the Company but should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.  Please refer to the Company's management's discussion and analysis as at and for the three and nine months ended September 30, 2013 and 2012 for definitions and reconciliations of these non-IFRS measures to measures prescribed by IFRS.

SOURCE: Carfinco Financial Group Inc.

Mr. Tracy A. Graf 
CEO & Director of Carfinco Financial Group Inc. 
Telephone: [phone] 
Facsimile: 1-888-486-7456 
E-mail: [email protected] 
Web site: www.carfinco.com 

The Howard Group Inc.
Jeff Walker
Investor Relations
Telephone: [phone]
E-mail: [email protected]
Web site:  www.howardgroupinc.com