Chesswood Group Limited
TSX : CHW

Chesswood Group Limited

August 07, 2014 07:54 ET

Chesswood Announces Results for Q2 2014

Income before taxes and unrealized items of $6.7 million up by more than 20%

TORONTO, ONTARIO--(Marketwired - Aug. 7, 2014) - Chesswood Group Limited (the "Company") (TSX:CHW), announced today its results for the three and six-month periods ended June 30th, 2014.

The Company's income before taxes and unrealized items was $6.7 million for the quarter, compared to $5.3 million in the second quarter of 2013. For the first half of the year Chesswood's income before taxes and unrealized items increased by 23%, from $10.0 million in 2013 to $12.3 million in 2014.

"Chesswood's second quarter and six-months ended June 30th continued our trend of exceeding the prior year's results," said Barry Shafran, the Company's President and CEO. "We're grateful to all of our teams for their focused efforts and commitment to performance. They've generated another excellent quarter for Chesswood," added Shafran.

Financial Highlights For the Three Months For the Six Months
(in CDN $000's, except EPS) Ended June 30 Ended June 30
2014 2013 2014 2013
Income before taxes, fair value adjustments and unrealized foreign exchange $ 6,723 $ 5,342 $ 12,346 $ 10,018
Net Income $ 3,241 $ 3,329 $ 6,370 $ 6,323
Earnings Per Share - basic $ 0.28 $ 0.30 $ 0.55 $ 0.56
Adjusted EBITDA(1) $ 6,820 $ 5,847 $ 12,413 $ 11,053
(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, 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

Chesswood Group Limited is a financial services company with operating businesses in both Canada and the U.S.

To learn more about Chesswood Group Limited, visit www.ChesswoodGroup.com.

The separate websites of Chesswood Group Limited's operating businesses are at www.PawneeLeasing.com, www.WindsetCapital.com, www.nstarleasing.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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