Chesswood Group Limited

TSX : CHW


Chesswood Group Limited

April 30, 2013 08:00 ET

Chesswood Announces Results for Q1 2013

Income before taxes and unrealized gains up by more than 20%

TORONTO, ONTARIO--(Marketwired - April 30, 2013) - Chesswood Group Limited (the "Company" or "Chesswood") (TSX:CHW), announced today its results for the first quarter of 2013, ended March 31st.

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 For the Three-Months
(in CDN $000's, except EPS) 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 this measure and a reconciliation of this measure to the Company's consolidated net income for the period.

About Chesswood Group Limited

The Company operates primarily in the financial services industry with operating businesses in both Canada and the U.S. To learn more about Chesswood, visit www.ChesswoodGroup.com.

The separate websites of Chesswood's operating businesses are at www.PawneeLeasing.com, www.CaseFunding.com, www.AcuraSherway.com and www.cars4U.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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