Chesswood Announces Increase in Dividend and Earnings
FOR: CHESSWOOD GROUP LIMITED
MAY 4, 2012 - 08:32 ET
TORONTO, ONTARIO--(Marketwire - May 4, 2012) - Chesswood Group Limited (the "Company" or "Chesswood") (TSX:CHW), announced today that its monthly dividend will increase from $0.05 per share to $0.055 per share, effective with the dividend for the month of May, payable in June.
The Company also released its first quarter results for 2012. "We're very pleased to have started the year with a strong quarter that reflects improvement over this same quarter in the prior year" said Barry Shafran, Chesswood's President and CEO. "We generated improved earnings notwithstanding the effects of carrying the expenses of our start-up legal finance business, which was not part of our first quarter in 2011" added Shafran.
|Financial Highlights||For the Three-Months|
|(in CDN $000's, except EPS)||Ended March 31|
|Income Before Taxes and Fair Value Adjustments||$||3,623||$||3,270|
|Earnings Per Share - basic||$||0.17||$||0.16|
|(1) - See "Non-GAAP Measures" below.|
The amount of any dividends payable by the Company are determined at the discretion of the board of directors of the Company, are evaluated on an ongoing basis, and may be revised subject to business circumstances, from time to time.
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-months ended March 31, 2012 for additional information concerning this measure and a reconciliation of this measure to the consolidated net income for the relevant period.
About Chesswood Group Limited
The Company operates primarily in the financial services industry with operating businesses in both Canada and the U.S.
For more information visit www.ChesswoodGroup.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.