Accord Financial Corp., a leading North American provider of asset-based financial services to businesses, including factoring, financing, credit investigation and guarantees, has announced its consolidated financial results for the fourth quarter and year ended 31 December 2003. Net earnings for 2003 increased by 26% to C$5,839,000 compared to C$4,649,000 for 2002.
Factoring volume for fiscal year 2003 increased by 5% to a company record C$1,439 million compared to C$1,366 million last year.
Total revenue for 2003 declined slightly to C$26,214,000 compared to C$26,235,000 last year. The impact of the decline in the US dollar against the Canadian dollar this year has served to reduce 2003 revenue by approximately C$780,000, while, in 2002, revenue included interest of C$598,000 from a former affiliate and a gain of C$100,000 on the sale of the company's interest in that affiliate.
