Income before taxes and unrealized gains up by more than 20%
Chesswood Group Limited (the “Company” or “Chesswood”) (TSX: CHW), announced today its results for first quarter of 2013, ended March 31st, 2013.
The Company’s income before taxes and unrealized gains was $4.7 million for the quarter, compared to $3.8 million in the first quarter of 2012. “Chesswood has posted another excellent quarter and we’re thrilled to get off to a strong start in 2013” said Barry Shafran, the Company’s President and CEO.
“Each of our operating businesses posted results ahead of the same quarter last year, with Pawnee Leasing and Case Funding each attaining meaningful milestones. Pawnee had an excellent quarter of originations that resulted in another record quarter for new business, while Case Funding recorded its best results to date and posted another profitable quarter” added Shafran.
Financial Highlights (in CDN $000’s, except per share amounts)
For the Three-Months Ended March 31.
2013
2012
Income before Taxes and Unrealized Gains
$4,676
$3,834
Net Income
$2,994
$1,901
Adjusted EBITDA(1)
$5,207
$4,444
Earnings Per Share – basic
$0.26
$0.17
(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 months ended March 31, 2013 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the period.
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