Accord Financial Corp. (TSX – ACD), a leading North American provider of asset-based financial services to businesses, including factoring, financing, credit investigation and guarantees, is pleased to announce its unaudited consolidated financial results for the three and nine months ended September 30, 2004. The financial figures presented in this release are reported in Canadian dollars in accordance with Canadian generally accepted accounting principles.
Net earnings for the third quarter of 2004 increased by 10% to $1,697,971 compared to $1,538,885 last year. Diluted earnings per share were 17 cents for the quarter compared to 16 cents last year.
Factoring volume in the third quarter was a company record $419m, a 9% increase over last year’s third quarter volume of $384m. Revenue rose by 6% to $6,948,035 compared to $6,577,426 last year.
