Chesswood Announces Results for Fiscal 2014 Fourth Consecutive Record Year
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/25/15 -- Chesswood Group Limited (the "Company") (TSX: CHW), announced today its results for the year ended December 31, 2014.
Chesswood had its fourth consecutive year of record earnings in 2014. Income before taxes was $20.4 million for the year, compared to $19.7 million in the prior year. This year's results include the write-off of $607,000 in non-cash banking fees from the Company's prior banking syndicate, which was replaced in December by Chesswood's new syndicated banking facility.
"Our largest business, Pawnee Leasing, located in Colorado, once again delivered excellent profitability and return on equity" said Barry Shafran, Chesswood's President and CEO. As a large portion of Chesswod's profits are earned in United States, the Company expects results in 2015 to benefit from the more recent strength of the U.S. dollar.
"Not only was 2014 another record year for us, but since January 2014 when the Company purchased Northstar Leasing, through the first few months of 2015, Chesswood has undergone considerable and significant change. We believe these changes greatly strengthen our strategic positioning for future growth in both Canada and the United States" said Barry Shafran, the Company's President and CEO.
The changes include;
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 year ended December 31, 2014 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period.
About Chesswood Group Limited
Chesswood Group Limited is a financial services company with operating businesses in both Canada and the U.S.
To learn more about Chesswood Group Limited, visit .
The separate websites of Chesswood Group Limited's operating businesses are at , , , , and
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: 25.03.2015 - 10:45 Uhr
Sprache: Deutsch
News-ID 380886
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TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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