TORONTO, Nov 4, 2013 – Chesswood Group Limited (the “Company” or “Chesswood”)(TSX:CHW) announced today its results for the third quarter and nine months ended September 30th, 2013.
The Company’s income before taxes and unrealized gains was $5.0 million for the quarter and $15.0 million for the nine month period, compared to $3.8 million and $11.8 million respectively, in 2012. “Our results in the third quarter reflect the long-term growth Pawnee has been generating, as well as the more recent growth at Case Funding and Acura Sherway” said Barry Shafran, the Company’s President and CEO.
“We are very pleased that our results enable us to once again provide our shareholders with an increase in our monthly dividend, from $0.06 per share to $0.065 per share, for an increase of 8.3%” added Mr. Shafran.”While we have seen a rise in competitive pressure in the U.S. this quarter, we are very comfortable providing this latest increase in dividends to our shareholders” said Mr. Shafran.
The dividend will be payable to shareholders of record at the close of business on November 30, 2013 and will be paid on December 15, 2013.
(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 nine months ended September 30, 2013 for additional information concerning these measures and a reconciliation of these measures to the consolidated net income for the period.
TORONTO, October 2, 2013 – Chesswood Group Limited (“Chesswood”) (TSX: CHW), announced today that it has launched its new working capital loan business, WINDSET CAPITAL CORPORATION (“WINDSET” or “WINDSET CAPITAL”), headquartered in Salt Lake City, Utah. WINDSET will provide working capital loans to tenured small businesses throughout the United States.
More than ever before, small business owners in the United States find that banks either will not consider them for working capital loans or the process of applying for a bank loan may take too long and the outcome is less than certain.
“To meet the rapidly growing demand by small business for timely access to capital, in an environment where many banks simply will not transact, we have launched WINDSET CAPITAL. WINDSET will leverage off of the equipment finance business expertise of our subsidiary, Pawnee Leasing Corporation, and use its experience, processes and broker channel to offer this new product to small businesses throughout the U.S., further expanding our footprint in specialty finance in the U.S.” said Barry Shafran, Chesswood’s President and CEO.
WINDSET CAPITAL can provide businesses with at least two years of time-in-business with working capital loans up to $250,000, approved within one working day and funded within three business days, or less. Many U.S. banks can no longer afford to consider loans under $250,000 due to their high internal administration and regulatory costs.
While the working capital loan market that WINDSET joins is a newer market that sprung from the financial crisis, the significant demand for this product has been clearly demonstrated, as billions of dollars of loans have been originated since 2008.
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