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Chesswood Announces Results for Second Quarter 2011 - Portfolio growth and low delinquencies continue to generate strong results (TSX: CHW) - PawneeLeasing.com
Chesswood Announces Results for Second Quarter 2011

 

NewswireToday - /newswire/ - Fort Collins, CO, United States, 2011/08/17 - Portfolio growth and low delinquencies continue to generate strong results (TSX: CHW) - PawneeLeasing.com.

   
 
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Chesswood Group Limited (the "Company"), announced today its results for the second quarter of 2011, ended June 30, 2011.

The Company’s income before taxes and fair value adjustments on interest rate swaps and other liabilities totaled $2.7 million in the second quarter of 2011, compared to $2.8 million in the second quarter of 2010. "This year, our second quarter also includes the one-time deduction of $425,000 of acquisition costs on the closing of the purchase of Case Funding, in June" said Barry Shafran, the Company’s President and CEO.

The Company’s largest business, Pawnee Leasing Corporation, posted another quarter of growth in its portfolio, which exceeded US$120 million for the first time in its history. The performance of the portfolio continued to reflect the strong underlying credit profile of its lessees and their guarantors, with net charge-offs for the quarter returning to levels not seen since 2006.

"We’re very pleased by the truly excellent performance of Pawnee, which reflects years of hard work and our successful entrance into the B+ market, back in September 2008" added Shafran.

Financial Highlights (in CDN $000's )

For the Three Months Ended June 30
Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities
2011 - $2,719
2010(1) - $2,820

Net Income (Loss)(1)
2011 - $1,077
2010(1) - $862

Adjusted EBITDA(2)
2011 - $3,344
2010(1) - $3,464

For the Six Months Ended June 30
Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities
2011 - $5,989
2010(1) - $5,070

Net Income (Loss)(1)
2011 - $2,782
2010(1) - ($1,480)

Adjusted EBITDA(2)
2011 - $7,369
2010(1) - $6,347

(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units, amongst other changes, to the Fund's 2010 income.
(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. Accordingly, these measures may not be comparable to similar measures presented byother issuers.

Please refer to the Company’s Management Discussion and Analysis for the three and six months ended June 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 Second 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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