Chesswood Announces Results for Q3 2011
Portfolio and Earnings Growth, Litigation Finance Launch
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/08/11 -- Chesswood Group Limited (the "Company")(TSX: CHW), announced today its results for the third quarter of 2011, ended September 30, 2011.
The Company's income before taxes and fair value adjustments totaled $2.7 million in the third quarter of 2011, compared to $2.3 million in the third quarter of 2010. "Our third quarter reflected the continuation of the trend of the first two quarters of 2011, with growth and strong performance in Pawnee's portfolio" said Barry Shafran, the Company's President and CEO.
The Company's largest business, Pawnee Leasing Corporation, posted another successive quarter of growth in its portfolio, which now exceeds US$125 million for the first time. Net charge-offs during the quarter were also modest at US$1.1 million, contributing to the strong results.
"In addition, this was the first full quarter for Case Funding Inc., Chesswood's litigation finance business, which began building its portfolio in late June. Case Funding originated approximately $700,000 in finance receivables for the quarter as our team builds toward critical mass that complies with our underwriting guidelines" added Shafran.
Non GAAP Measures
Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and IFRS and does not have a standard meaning under Canadian GAAP and IFRS. 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, 2011 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.
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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. Please refer to "FORWARD- LOOKING STATEMENTS" in our Managements Discussion and Analysis for the three and nine months ended September 30, 2011.
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: 08.11.2011 - 08:07 Uhr
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