Wednesday, 13 August 2014

Carfinco – Q2 Results Reported With Record Loan Originations

Carfinco has just released its second quarter results and reported loan originations have reached a record $54 million, up nearly 20% from the first quarter of 2014.  This significant increase is attributed to a heightened focus on customer service to its dealership partners as well as expanding the financing products available to those dealerships as well as the addition of its U.S. operations.

  • Earnings per share for the quarter of 20 cents;
  • Dividends to shareholders of 12 cents per share;
  • Return on shareholders’ equity of 30.1%;
  • Return on portfolio assets of 8.7%;
  • Revenue of $24.3 million;
  • Record loan originations of $54.0 million;
  • Record finance receivables of $252.1 million; and
  • 31+ day delinquent accounts for the second quarter of 2014 were 3.5%.
Net earnings and revenues also increased over the same period in 2013 while the annualized loss rate decreased from Q1 to 14.6% from 15.2%, in line with the Company’s expectations, which range between 13%-16%.

A live conference call will be held today, Wednesday, August 13, 2014 at 11:00am MT (1:00pm ET) and will include a discussion by management about Carfinco's second 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:                1-866-233-4585
Internationally:                             1-416-640-5946

Callers should dial in five to ten minutes prior to the scheduled start time.  An audio replay may be accessed through the Investor Relations section of our web site at shortly after the conclusion of the conference call.

To view full news release, please click here.