TORONTO, ONTARIO -- (Marketwired) -- 11/06/14 -- Chesswood Group Limited (the "Company") (TSX: CHW), announced today its results for the three and nine-month periods ended September 30th, 2014.
The Company's income before taxes and other items was $5.3 million for the quarter, compared to $5.0 million in the third quarter of 2013. For the nine-months ended September 30th, Chesswood's income before taxes and other items increased by 18%, from $15.0 million in 2013 to $17.7 million in 2014.
"Chesswood's third quarter and nine-months ended September 30th continued our trend of exceeding the prior years' results" said Barry Shafran, the Company's President and CEO.
Financial Highlights For the Three Months For the Nine Months
(in CDN $000's, except EPS ) Ended September 30 Ended September 30
2014 2013 2014 2013
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Income before taxes, fair value
adjustments and unrealized
foreign exchange $ 5,327 $ 4,993 $ 17,673 $ 15,011
Net Income $ 3,269 $ 2,872 $ 9,639 $ 9,195
Earnings Per Share - basic $ 0.27 $ 0.25 $ 0.82 $ 0.81
Adjusted EBITDA(1) $ 5,406 $ 5,329 $ 17,819 $ 16,382
(1) - See "Non-GAAP Measures" below.
Non GAAP Measures
References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, 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, 2014 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period.
About Chesswood Group Limited
Chesswood Group Limited is a financial services company with operating businesses in both Canada and the U.S.
To learn more about Chesswood Group Limited, visit www.ChesswoodGroup.com.
The separate websites of Chesswood Group Limited's operating businesses are at www.PawneeLeasing.com, www.WindsetCapital.com, www.nstarleasing.com, www.CaseFunding.com, and www.AcuraSherway.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Contacts:
Chesswood Group Limited
Barry Shafran
416-386-3099
bshafran@chesswoodgroup.com
