Chesswood Group Limited (the “Company” or “Chesswood”) (TSX: CHW), announced today that its monthly dividend will increase from $0.05 per share to $0.055 per share, effective with the dividend for the month of May, payable in June.
The Company also released its first quarter results for 2012. “We’re very pleased to have started the year with a strong quarter that reflects improvement over this same quarter in the prior year” said Barry Shafran, Chesswood’s President and CEO. “We generated improved earnings notwithstanding the effects of carrying the expenses of our start-up legal finance business, which was not part of our first quarter in 2011” added Shafran.
The Company’s audited consolidated financial statements for the years ended December 31, 2011 and 2010 have been filed with the related management discussion and analysis. The 2010 financial statements relate to Chesswood Income Fund (the “Fund”), which was converted from a trust structure into the Company, effective as of January 1, 2011.
|Financial Highlights (in CDN $000’s, except EPS)||For the three months ended March 31st.|
|Income before Taxes, Fair Value Adjustments||$3,623||$3,270|
|Earnings Per Share – basic||$0.17||$0.16|
(1) – See “Non-GAAP Measures” below.
The amount of any dividends payable by the Company are determined at the discretion of the board of directors of the Company, are evaluated on an ongoing basis, and may be revised subject to business circumstances, from time to time.
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-months ended March 31, 2012 for additional information concerning this measure and a reconciliation of this measure to the consolidated net income for the relevant period.
3801 Automation Way
Fort Collins, Colorado 80525