VANCOUVER, British Columbia, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Dominion Lending Centres Inc. (TSXV:DLCG) (“DLCG” or the “Corporation”) is pleased to report its financial results for the three and six months ended June 30, 2021 (“Q2-2021”). For complete information, readers should refer to the interim financial statements and management discussion and analysis (“MD&A”) which are available on SEDAR at www.sedar.com and on the Corporation’s website at www.dlcg.ca. All amounts are presented in Canadian dollars unless otherwise stated.
Reference herein to the Dominion Lending Centres Group of Companies (the “DLC Group” or “Core Business Operations”) includes the Corporation and its three main subsidiaries, MCC Mortgage Centres Canada Inc. (“MCC”), MA Mortgage Architects Inc. (“MA”), and Newton Connectivity Systems Inc. (“Newton), and excludes the Non-Core Business Asset Management segment and their corresponding historical financial and operating results. The “Non-Core Business Asset Management” segment represents the Corporation’s share of income in its equity accounted investments in Club16 Limited Partnership and Cape Communications International Inc. (“Impact”) (collectively, the “Non-Core Assets”), the expenses, assets and liabilities associated with managing the Non-Core Assets, the credit facility with Sagard Credit Partners, and public company costs.
Q2-2021 Financial Highlights
- Record quarterly funded volumes during Q2-2021 of $21.9 billion, representing a 99% increase as compared to Q2-2020;
- Record DLC Group revenue of $21.3 million generated over Q2-2021, representing an 87% increase as compared to Q2-2020;
- Record DLC Group Adjusted EBITDA of $12.8 million in Q2-2021, representing a 124% increase as compared to Q2-2020; and
- Subsequent to the end of the quarter, the Corporation further improved leverage by making a repayment on its Sagard credit facility of USD $5.2 million (CAD $6.9 million) from free cash flows, resulting in the facility having an outstanding principal balance of USD $24.7 million as at the date hereof.
Gary Mauris, Executive Chairman and CEO, commented, “We are pleased to announce our Q2-2021 financial and operating results. First, we would like to thank our franchisees and mortgage professionals for their continued hard work over the first 6 months of the year. It has been such an incredible year thus far, which we directly attribute to our industry leading mortgage professionals. The Q2-2021 results for funded volumes, revenues and Adjusted EBITDA are the highest quarterly financial and operational results in the DLC Group’s 15-year history. Further, our network generated over $35 billion of funded volumes and $21.2 million in Adjusted EBITDA over the first six months of the year. This is a phenomenal achievement for the DLC Group of Companies. And last, Newton adoption remains robust as the percentage of mortgage volumes submitted through Velocity increased by 20% from Q1-2021 and 100% relative to Q2-2020.
https://www.globenewswire.com/news-release/2021/08/23/2285110/0/en/DLC-Releases-Q2-2021-Results-Achieves-35-3-Billion-in-Funded-Volumes-YTD-Representing-a-77-Increase-Over-the-Prior-Year.html