TORONTO, Feb. 19, 2013 /CNW/ - Accord Financial Corp. (TSX - ACD), a
leading North American provider of factoring and other asset-based
financial services to businesses today announced its financial results
for the fourth quarter and year ended December 31, 2012. The financial
figures presented in this release are reported in Canadian dollars and
have been prepared in accordance with International Financial Reporting
Standards.
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SUMMARY OF FINANCIAL RESULTS
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Three Months Ended
December 31
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Year Ended
December 31
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2012
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2011
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2012
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2011
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Factoring volume (millions)
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$ 511
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$ 453
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$ 1,865
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$ 1,914
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Revenue
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$ 7,139,431
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$ 7,370,759
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$ 25,890,527
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$ 28,408,075
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Net earnings
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$ 2,524,965
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$ 2,344,328
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$ 6,376,597
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$ 7,584,602
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Basic and diluted earnings
per common share
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$ 0.31
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$ 0.27
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$ 0.76
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$ 0.85
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Basic and diluted weighted
average number of shares
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8,221,498
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8,720,135
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8,403,725
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8,894,246
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Net earnings for 2012 declined 16% to $6,377,000 compared to $7,585,000
last year as a result of lower revenue. Earnings per share fell 11% to
76 cents from 85 cents in 2011. The Company's return on average
shareholders' equity was 13.8% in 2012 compared with 16.8% in 2011.
Factoring volume in 2012 fell by 3% to $1.86 billion from $1.91 billion
the previous year. Revenue declined by 9% to $25,891,000 from
$28,408,000 in 2011. Revenue decreased on a combination of lower
non-recourse factoring volume and somewhat lower yields in our recourse
factoring operation.
Net earnings for the fourth quarter of 2012 rose 8% to $2,525,000
compared to $2,344,000 last year on a larger recovery of credit and
loan losses. Earnings per share rose by 15% to 31 cents compared to 27
cents in the fourth quarter of 2011.
Factoring volume for the fourth quarter of 2012 increased 13% to $511
million compared with $453 million the prior year. Revenue decreased by
3% to $7,139,000 compared to $7,371,000 in the fourth quarter of 2011
on lower non-recourse volume.
Commenting on 2012's results, Tom Henderson, the Company's President and
CEO stated: "I am pleased the way 2012 turned out. We finished 2012 on
a high note unlike 2011 which saw declines in top line revenues at our
U.S. business and our Canadian non-recourse factoring business. Our
recourse factoring operation saw record funds employed in the last few
months of 2012 resulting in improved operating results, although our
non-recourse factoring operation had a challenging year. We are
cautiously optimistic for 2013".
SOURCE: Accord Financial Corp.
Stuart Adair
Vice President, Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, 18th floor
Toronto, Ontario, Canada M5S 1M2
(416) 961-0304 Ext. 207
sadair@accordfinancial.com