Chesswood Announces Results for Q3 2015
Record Q3 Originations in the U.S. and Canada
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/04/15 -- Chesswood Group Limited (the "Company" or "Chesswood") (TSX: CHW) announced today its results for the three and nine-months ended September 30th.
"We had another strong quarter of originations in all of our businesses, which, along with the strength of the U.S. dollar, drove the growth in our gross receivables to more than $550 million, from $500 million at June 30th," said Barry Shafran, Chesswood's President and CEO. "In fact, both of our equipment finance businesses, Pawnee and Blue Chip, experienced record third quarter application flow and origination volumes," Shafran added.
"Our Adjusted EBITDA(1) and Operating Income(1) increased by almost 50% compared to Q3 last year, a reflection of our portfolio growth and the acquisition in March this year of Blue Chip and EcoHome, our Canadian finance businesses," said Shafran.
Net Income for the quarter was impacted by an increase in Chesswood's non-cash allowance for doubtful accounts of $1.8 million as well as by a non-cash mark-to-market loss on interest rate swaps of $1.3 million. The Company's allowance on its U.S. based finance receivables is calculated according to a formula based largely on the change in 30-day past due delinquency, which increased during the quarter primarily in the start-up segment of the lease portfolio, one of the company's highest yielding products.
Non GAAP Measures
References to Adjusted EBITDA and Operating Income 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 three- and nine-months ended September 30, 2015 for additional information concerning these measures and a reconciliation of these measures to the Company's consolidated net income for the period.
About Chesswood Group Limited
The Company operates primarily in the financial services industry with operating businesses in both Canada and the U.S. To learn more about Chesswood, 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: 04.11.2015 - 12:30 Uhr
Sprache: Deutsch
News-ID 431841
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Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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