Chesswood Announces Year-End Results for 2011
Pretax Income of $12.6 Million
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/19/12 -- Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW), announced today results for its year-ended December 31, 2011.
Chesswood posted another year of record earnings before taxes in 2011.
"We earned $12.6 million before taxes this past year, driven by the continued double-digit growth of Pawnee's portfolio and strong overall portfolio performance" said Barry Shafran, the Company's President and CEO. "Our business model, which withstood the toughest economic climate in decades, is now showing its strength in a time of growth, as well" added Shafran.
The Company's audited consolidated financial statements for the years ended December 31, 2011 and 2010 have been filed with the related management discussion and analysis. The 2010 financial statements relate to Chesswood Income Fund (the "Fund"), which was converted from a trust structure into the Company, effective as of January 1, 2011.
The common shares of the Company began trading on the Toronto Stock Exchange on January 4, 2011, under the symbol "CHW". Concurrently, the Fund's trust units were delisted.
Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.
Please refer to the Company's Management Discussion and Analysis for the years ended December 31, 2011 and 2010 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the relevant period.
About Chesswood Group Limited
The Company operates primarily in the financial services industry with operating businesses in both Canada and the U.S.
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This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Contacts:
Chesswood Group Limited
Barry Shafran
416-386-3099
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Datum: 19.03.2012 - 15:00 Uhr
Sprache: Deutsch
News-ID 126077
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TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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