Wednesday, 21 March 2012

Carfinco Ends 2011 In The Winners Circle

Carfinco Financial Group Inc.


TSX: CFN
Shares outstanding: 24.65 million
Shares fully diluted: 24.65 million
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Carfinco continues to amaze shareholders and the investment community with its continued outstanding performance.


Late yesterday, the company released its 2011 year end results, which is also its eleventh consecutive quarter of record pre-tax earnings.

HIGHLIGHTS INCLUDE:
• Record pre‐tax earnings for 2011 of $23.1 million;
• After tax earnings per fund unit for 2011 of 70 cents;
• After tax return on unitholder’s equity for the year of 55.5%;
• Record loan originations of $116.3 million for 2011;
• Record principal balance of finance receivables at the end of 2011 of $167.6 million;
• 31+ day delinquent accounts for the fourth quarter of 2011 are 2.90%.


Revenues of $59.6 million for 2011 increased 23.5% from the revenues of $48.2 million for 2010.


Revenues of $16.5 million for the fourth quarter of 2011 represent an increase of 8.7% from the $15.2 million for the third quarter of 2011 and a 28.0% increase from the $12.9 million for the fourth quarter of 2010.


Loan originations for 2011 were $116.3 million, a 19.9% increase from $97.0 million in 2010. Loan originations of $32.2 million for the fourth quarter of 2011 was a 1.6% increase from the $31.7 in loan originations for the third quarter of 2011 and an increase of 31.3% from the $24.5 million in the fourth quarter of 2010.


Finance receivables at the end of 2011 were $150.5 million, an increase of 20.2% from $125.2 million for 2010, which is in line with our goal of 20% annual growth.


Carfinco's disciplined lending approach to its sub-prime customers lead to a superbly low 31+ days delinquency rate of 2.9% versus 3.1% for the fourth quarter of 2010.

The company converted to a corporation from an income trust in January of this year.


Carfinco's superb performance has attracted a growing number of analysts and funds over the past year. To see the list, click here.