Accord Financial Corp. (TSX - ACD), a leading North American provider of factoring and other asset-based financial services to businesses is pleased to announce its unaudited consolidated financial results for the three and nine months ended September 30, 2008.
The financial figures presented in this release are reported in Canadian dollars in accordance with Canadian generally accepted accounting principles.
Net earnings for the third quarter of 2008 increased by 15% to $1,332,115 compared to $1,163,201 last year on lower provision for credit and loan losses and reduced interest expense. Diluted earnings per share were 14 cents for the quarter compared to 12 cents last year.
Factoring volume in the third quarter totalled $419 million, slightly higher than last year. Revenue declined by 5% to $6,785,016 compared to $7,173,562 last year. Revenue largely declined due to lower factoring commissions resulting from a decline in factoring yields.
Net earnings for the nine months ended September 30, 2008 increased by 8% to $4,579,351 compared to $4,227,438 in the same period last year. Diluted earnings per share for the nine months were 48 cents compared to 44 cents last year.
Factoring volume for the current nine month period rose by 4% to a record $1,167 million compared to $1,121 million last year. Revenue rose by 4% to $21,306,498 compared with $20,575,438 last year principally as a result of higher interest income from asset-based loans.
The Company's Board of Directors today declared a regular quarterly dividend of $0.065 per common share, payable December 1, 2008 to shareholders of record at the close of business November 14, 2008. -- www.cnxmarketlink.com
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