Chesswood Group Limited (the “Company” or “Chesswood”) (TSX:CHW) announced today its results for the first quarter of 2014, ended March 31st.
The Company’s income before taxes and unrealized gains/losses was $5.6 million for the quarter, compared to $4.7 million in the first quarter of 2013, an increase of 20%. Adjusted EBITDA increased to $5.6 million, a gain of 7.4% over the first quarter of last year. These results also reflect the deduction in the quarter of $167,000 of acquisition expenses for the purchase of Northstar Leasing.
“Chesswood’s increased earnings this quarter reflect the growth we are enjoying from our more recent businesses, Windset Capital and Case Funding, along with continued strong performance from both Pawnee and Acura Sherway. We’re very pleased to once again start off our year with strong results” said Barry Shafran, the Company’s President and CEO.
“Our first quarter was particularly noteworthy as Windset Capital generated far better growth than expected and has already contributed to our overall profitability, in just six months operations”, added Shafran.
|Financial Highlights (in CDN $000’s, except EPS)||For the Three Months Ended March 31|
|Income before Taxes and Unrealized Gains(Losses)||$5,623||$4,676|
|Earnings Per Share – basic||$0.27||$0.26|
(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 and year ended March 31, 2014 for additional information concerning this measure and a reconciliation of this measure to the Company’s consolidated net income for the period.
3801 Automation Way
Fort Collins, Colorado 80525