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Chesswood Announces Results for Third Quarter 2011 - Portfolio and earnings growth, litigation finance launch - PawneeLeasing.com
Chesswood Announces Results for Third Quarter 2011

 

NewswireToday - /newswire/ - Fort Collins, CO, United States, 2011/11/10 - Portfolio and earnings growth, litigation finance launch - PawneeLeasing.com.

   
 
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Chesswood Group Limited (the "Company"), 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.

Financial Highlights (in CDN $000's)

For the Three Months Ended September 30

Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities
2011 - $2,726
2010(1) - $2,325

Net Income (Loss)(1)
2011 - $1,098864.4266
2010(1) - ($450)

Adjusted EBITDA(2)
2011 - $3,233
2010(1) - $3,299

For the Nine Months Ended September 30

Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities
2011 - $8,715
2010(1) - $7,395

Net Income (Loss)(1)
2011 - $3,880
2010(1) - ($1,930)

Adjusted EBITDA(2)
2011 - $10,602
2010(1) - $9,646

(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of Chesswood Income Fund's distributions and a fair value adjustment of its units, amongst other changes, to it's 2010 results.

(2) - See "Non-GAAP Measures" below.

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. ccordingly, 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.

 
 
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Written by / Agency / Source: Pawnee Leasing Corporation

 
 

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Chesswood Announces Results for Third Quarter 2011

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Publisher Contact: Gary H. Souverein - PawneeLeasing.com 
970-482-2556 x222 pr[.]pawneeleasing.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Pawnee Leasing Corporation securities in any jurisdiction including any other companies listed or named in this release.

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