Chesswood Group Limited

TSX : CHW


Chesswood Group Limited

May 05, 2014 07:30 ET

Chesswood Announces Results for Q1 2014

TORONTO, ONTARIO--(Marketwired - May 5, 2014) - 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 good 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 of operations" added Shafran.

Financial Highlights For the Three Months Ended March 31
(in CDN $000's, except EPS)
2014 2013
Income Before Taxes and Unrealized Gains (Losses) $ 5,623 $ 4,676
Net Income $ 3,129 $ 2,994
Adjusted EBITDA(1) $ 5,589 $ 5,206
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 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.

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.NorthstarLeasing.com, www.WindsetCapital.com, www.CaseFunding.com and www.AcuraSherway.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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