Press release from Marketwire
Chesswood Announces Results for Q2 2013
Income before taxes and unrealized gains increases by more than 25% for the three and six-months ended June 30th
Tuesday, July 30, 2013
Chesswood Announces Results for Q2 201307:30 EDT Tuesday, July 30, 2013
TORONTO, ONTARIO--(Marketwired - July 30, 2013) - Chesswood Group Limited (the "Company" or "Chesswood") (TSX:CHW) announced today its results for the second quarter and six-months ended June 30th, 2013.
The Company's income before taxes and unrealized gains was $5.3 million for the quarter and $10.0 million for the six-month period, compared to $4.2 million and $8.0 million, respectively, for the same periods in 2012. "Our earnings for the quarter and for the first half of 2013 are records for Chesswood and reflect the growth we are enjoying in all of our businesses and the ongoing efforts of our outstanding operating teams." said Barry Shafran, the Company's President and CEO.
"Pawnee continues to post outstanding results, our legal finance business, Case Funding, posted its third straight quarter of profitability in only its eighth quarter since its start-up while Acura Sherway finished well ahead of its 2012 results." added Shafran.
|Financial Highlights||For the Three Months||For the Six Months|
|(in CDN $000's, except EPS )||Ended June 30||Ended June 30|
|Income before taxes, fair value adjustments and unrealized foreign exchange||$5,342||$4,180||$10,018||$8,014|
|Earnings Per Share - basic||$0.30||$0.20||$0.56||$0.37|
|(1) - See "Non-GAAP Measures" below.|
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 three and six months ended June 30, 2013 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
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 www.ChesswoodGroup.com.
The separate websites of Chesswood's operating businesses are at www.PawneeLeasing.comwww.CaseFunding.comwww.AcuraSherway.com and www.cars4U.com.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chesswood Group Limited