TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Chesswood Group Limited (the "Company" or "Chesswood") (TSX:CHW) announced today its results for the three and six-months ended June 30th.
The Company's Operating Income(1) was $9.8 million for the quarter, compared to $6.8 million in the second quarter of 2014, a 44% year-over-year increase. Recently acquired Blue Chip Leasing and EcoHome Financial generated $1.3 million of the increase, while Pawnee Leasing and Windset Capital posted very strong growth in originations and Operating Income in the quarter, generating most of the other $1.7 million of the increase.
Net Income increased by $1.9 million or 58% year-over-year to $5.1 million for the quarter, while Net Income for the six-month period was $8.6 million, an increase of 34% over the same period of last year.
"We had another quarter of very strong application flow and originations growth at Pawnee Leasing and Windset Capital as their U.S. markets continue to expand, while Blue Chip Leasing, our Canadian equipment finance business, posted double digit growth in originations compared to the prior year" said Barry Shafran, the Company's President and CEO.
| Financial Highlights | For the Three Months | For the Six Months | ||
| (in CDN $000's, except EPS ) | Ended June 30 | Ended June 30 | ||
| 2015 | 2014 | 2015 | 2014 | |
| Operating Income(1) | $9,776 | $6,766 | $16,456 | $12,556 |
| Net Income | $5,114 | $3,241 | $8,612 | $6,370 |
| Adjusted EBITDA(1) | $9,990 | $6,820 | $16,862 | $12,580 |
| Earnings Per Share - basic | $0.29 | $0.28 | $0.56 | $0.55 |
| (1) - See "Non GAAP Measures" below. | ||||
Non GAAP Measures
References to Adjusted EBITDA and Operating Income 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, 2015, for additional information concerning these measures and a reconciliation of these measures to the Company's consolidated net income for the period.
Report of Annual Meeting Voting Results
The Company also announces the results of voting at its annual shareholders meeting (the "Meeting") held on May 12, 2015. These results were previously set out in the Company's report filed on SEDAR immediately following the Meeting.
| Item Voted Upon | Voting Result | ||
| The following nominees were elected as directors until the next annual meeting of shareholders: | |||
| 1. Election of Directors | Proxies Tabulated: Clare R. Copeland Robert Day Sam Leeper David Obront Barry W. Shafran Frederick W. Steiner Daniel Wittlin Jeffrey Wortsman |
For 10,514,679 8,321,632 8,269,423 10,514,679 8,269,523 9,430,742 8,269,523 10,136,800 |
Withheld 295,610 2,488,657 2,540,766 295,610 2,540,766 1,379,547 2,540,866 673,489 |
| Total number of shares represented at the Meeting: 10,810,289 | |||
| 2. Appointment of BDO Canada LLP as auditors | BDO Canada LLP, Chartered Accountants, were reappointed as the Company's auditors for a term expiring at the close of the next annual meeting of shareholders and the directors were authorized to fix their remuneration: | ||
| Proxies Tabulated: | For | Withheld | |
| 10,809,479 | 810 | ||
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 Group Limited's operating businesses are at www.PawneeLeasing.com, www.WindsetCapital.com www.BlueChipLeasing.com, www.EcoHomeFinancial.com www.NStarleasing.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.
Contact Information:
Barry Shafran
416-386-3099
bshafran@chesswoodgroup.com