Fort Collins, CO, June 11, 2011 --(PR.com
)-- Chesswood Group Limited (the "Company") (TSX: CHW), the successor to Chesswood Income Fund (the "Fund"), announced today its results for the first quarter of 2011, ended March 31, 2011.
The Company’s income before taxes and fair value adjustments on interest rate swaps and other liabilities totaled $3.3 million in the first quarter of 2011, compared to $2.4 million for the Fund, in the first quarter of 2010, an increase of more than 37.5%.
"Our first quarter of 2011 was another strong one, as we once again posted improved results compared to the prior year, and the prior quarter," said Barry Shafran, the Company’s President and CEO. "Our results were driven by the continued strength of Pawnee’s business, with portfolio growth of almost 5% for the first three months of the year, combined with our lowest net charge-off quarter in more than two years," added Shafran.
Financial Highlights For the Three Months (in CDN $000's) Ended March 31st.
Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities (and Distributions in 2010)
2010(1) - $2,351
2011 - $3,270
Net Income (Loss)(1)
2010(1) - ($1,928)
2011 - $1,705
2010(1) - $2,883
2011 - $4,025
(1) - The adoption of International Financial Reporting Standards ("IFRS") resulted in the deduction of the Fund's distributions and a fair value adjustment of its units, amongst other changes, to the Fund's income for the first quarter of 2010. In 2010, the Fund reported Net Income of $825,000 for Q1.
(2) - See "Non-GAAP Measures" below.
Non GAAP Measures
Reference to Adjusted EBITDA is not a recognized measure under Canadian GAAP and IFRS and does not have a standard meaning under Canadian GAAP and IFRS. Accordingly, these measures may not be comparable to similar measures presented byother issuers.
Please refer to the Company’s Management Discussion and Analysis for the three months ended March 31, 2011 for additional information concerning this measure and a reconciliation of this measure to the Company’s consolidated net income for the period.