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 unaudited consolidated financial results for the first quarter ended March 31, 2003.
Factoring volume rose 17% to C$346 million in the first quarter of 2003 compared with C$296 million last year. It was the highest first quarter volume in the Company’s history. Revenue, however, decreased by 7% to C$6.196 million for the quarter compared to C$6.663 million last year. The decrease in revenue principally results from the loss of interest income from a non-performing loan to a former affiliate, the non-recurring gain from the sale of the affiliate in the first quarter of 2002, and the decline in the U.S. dollar, which has resulted in lower Canadian dollar equivalent revenues from U.S operations.
