Friday, 15 November 2013

Carfinco Breaks Further Records In Q3 – Hosting Quarterly ConferenceCall


TSX: CFN
Shares Outstanding: 26.4 million
Shares Fully Diluted: 26.4 million
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We would use the term, “understatement” to describe a line in today’s news release that it’s been a “busy and productive quarter”.

As the third quarter came to a close, Carfinco recorded record revenue, record loan originations, record finance receivables, has expanded into the United States with the acquisition of PAC and is also bidding on another potential U.S. acquisition.  



HIGHLIGHTS
  • Earnings per share for the quarter of 17 cents, 61 cents year to date;
  • Dividends to shareholders of 12.0 cents per share;
  • Record revenue of $21.4 million;
  • Record loan originations of $46.5 million;
  • Record finance receivables of $240.9 million; and
  • 31+ day delinquent accounts for the third quarter of 2013 were 3.3% combined (2.6% for CAR, compared to 2.5% for CAR in the second quarter of 2013).

Growth is not inexpensive and net earnings in Q3 reflected the costs associated with the recent U.S. expansion.  Net earnings for Q3 were $4.3 million compared to $5.6 million in Q3, 2012.  Carfinco incurred substantial professional fees during the quarter and only benefited from a partial month of earnings from PAC in the U.S..

Management will be hosting a conference call today, Friday November 15th at 11:00 am MT (1:00 pm ET) to discuss Q3 and will offer a Q&A session. Participants can access the conference call by phone within Canada and the U.S. by dialing the following numbers:

North America Toll-Free:     1-888-241-0326 using Conference ID #97962451
Internationally:                    1-647-427-3411 using Conference ID #97962451

Callers should dial in five to ten minutes prior to the scheduled start time.  An archive of the conference call will be posted in the Investor Relations section of the Carfinco website (www.carfinco.com), as soon as available from the provider.

Today’s news release can be read by clicking here...