Chesswood Group Limited
TSX : CHW

Chesswood Group Limited

November 04, 2013 17:08 ET

Chesswood Announces Results for Q3 2013 and Dividend Increase

Year Over Year Earnings Growth Continues

TORONTO, ONTARIO--(Marketwired - 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.

Financial Highlights For the Three Months For the Nine months
(in CDN $000's, except EPS ) Ended September 30 Ended September 30
2013 2012 2013 2012
Income before taxes, fair value adjustments and unrealized foreign exchange $ 4,993 $ 3,790 $ 15,011 $ 11,804
Net Income $ 2,872 $ 1,558 $ 9,195 $ 5,766
Adjusted EBITDA(1) $ 5,329 $ 4,288 $ 16,382 $ 13,413
Earnings Per Share - basic $ 0.25 $ 0.14 $ 0.81 $ 0.51
(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 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.WindsetCapital.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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