Wednesday, 14 May 2014

Carfinco Increases Net Earnings & Finance Receivables

CFN:TSX

Carfinco announced its Q1, 2014 financial results today showing a 5.5% increase in net earnings while growing its finance receivable portfolio $1.1 million over the previous quarter.

In the release, Management noted that while Canadian competition has increased, Carfinco remains focused on long-term growth and structures its credit policies and programs in that regard.  It was mentioned that management continues to add financing programs that are beneficial to both its dealership network and its business strategy designed to retain valued customers that have established a positive payment history.

Carfinco continues to provide a strong return on shareholders equity at 30.8% and a low debt-to-equity ratio of 2.14:1, far below the 3.50:1 its credit facility allows for.

HIGHLIGHTS FOR THE FIRST QUARTER OF 2014
  • Earnings per share of 20.0 cents;
  • Dividends per share of 12.0 cents;
  • Return on invested capital of 22.3%;
  • Revenue of $24.0 million;
  • Loan originations of $45.2 million;
  • Loan originations have now reached over $1 billion since commencement of operations;
  • Record finance receivables of $245.3 million; and
  • 31+ day delinquent accounts were 4.0% at the quarter end.

A live conference call will be held today, Wednesday, May 14, 2014 at 11:00am MT (1:00pm ET) and will include a discussion by management about Carfinco‘s first quarter results followed by a question and answer period. Participants can access the conference call by phone within Canada and the U.S. by dialing the following numbers:

North America Toll-Free: 1-888-389-5988
Internationally: 1-719-325-2177

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.

To view press release in it's entirety, please CLICK HERE.


Shares Outstanding: 26.4 million
Shares Fully Diluted: 26.4 million