Chesswood Group Limited (the “Company” or “Chesswood”) (TSX: CHW), announced today its results for the third quarter of 2012, ended September 30, 2012.
The Company’s income before taxes and fair value adjustments totaled $3.6 million in the third quarter of 2012, compared to $2.7 million in the third quarter of 2011. “We’re pleased by another quarter of very strong results, as our growth continues to translate into increased earnings. Our third quarter and year-to-date earnings are up by more than 40% over 2011” said Barry Shafran, the Company’s President and CEO.
(1) – See “Non-GAAP Measures” below.
Non-Executive Chairman Stepping Down; Will Continue to Provide Strategic Advice
The Company also announces that Edward Sonshine has informed the Board of Directors that he is stepping down as Non-Executive Chairman and as a Board member due to the time demands of his other corporate positions.
Mr. Sonshine has served as a director and as Non-Executive Chairman since Chesswood’s predecessor company first became public. Mr. Sonshine continues to be Chesswood’s largest shareholder, and now becomes a strategic advisor to the Board of Directors. Fred Steiner, who is also a significant shareholder of Chesswood and has also served as a director since Chesswood’s predecessor company first became public, is assuming the position of Non-Executive Chairman. Mr. Steiner has been chair of the Chesswood’s Audit Committee for several years and has been actively involved in Chesswood’s strategic planning.
“On behalf of the Board, I want to thank Ed for his many years of leadership. We look forward to the continuing benefit of his strategic advice as he takes on the role of advisor to the Board” stated Mr. Steiner.
Non GAAP Measures
Adjusted EBITDA is not a recognized measure under generally accepted accounting principles and does not have a standard meaning. Accordingly, this measure 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, 2012 for additional information concerning this measure and a reconciliation of this measure to the Company’s consolidated net income for the period.
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