Chesswood Group Limited (the “Company” or “Chesswood”) (TSX: CHW), announced today its results for the second quarter and six-months ended June 30, 2013.
The Company’s income before taxes and unrealized gains was $5.3 million for the quarter and $10.0 million for the six-month period, compared to $4.2 million and $8.0 million, respectively, for the same periods in 2012. “Our earnings for the quarter and for the first half of 2013 are records for Chesswood and reflect the growth we are enjoying in all of our businesses and the ongoing efforts of our outstanding operating teams.” said Barry Shafran, the Company’s President and CEO.
“Pawnee continues to post outstanding results, our legal finance business, Case Funding, posted its third straight quarter of profitability in only its eighth quarter since its start-up while Acura Sherway finished well ahead of its 2012 results.” added Shafran.
(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 six months ended June 30, 2013 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the period.
3801 Automation Way
Fort Collins, Colorado 80525