Chesswood Announces Results for Q3 2012 - Strong Growth in Earnings Continues

Chesswood Group Limited (the "Company" or "Chesswood") announced today its results for the third quarter of 2012, ended September 30, 2012.

Fort Collins, CO (I-Newswire) November 9, 2012 - The Company's income before taxes and fair value adjustments totaled $3.6 million in the third quarter of 2012, compared to $2.7 million in the third quarter of 2011. "We're pleased by another quarter of very strong results, as our growth continues to translate into increased earnings. Our third quarter and year-to-date earnings are up by more than 40% over 2011" said Barry Shafran, the Company's President and CEO.

Financial Highlights (in CDN $000's except per share amounts)

For the Three Months Ended September 30

Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities
2012 - $3,614
2011 - $2,708

Net Income
2012 - $1,558
2011 - $1,098

Adjusted EBITDA(1)
2012 - $4,112
2011 - $3,233

Earnings Per Share - basic
2012 - $0.14
2011 - $0.09

For the Nine Months Ended September 30

Income before Taxes, Fair Value Adjustments on Swaps and Other Liabilities
2012 - $11,295
2011 - $8,790

Net Income
2012 - $5,766
2011 - $3,880

Adjusted EBITDA(1)
2012 - $12,904
2011 - $10,602

Earnings Per Share - basic
2012 - $0.51
2011 - $0.35

(1) - See "Non GAAP Measures" below

Non-Executive Chairman Stepping Down; Will Continue to Provide Strategic Advice
The Company also announces that Edward Sonshine has informed the Board of Directors that he is stepping down as Non-Executive Chairman and as a Board member due to the time demands of his other corporate positions.

Mr. Sonshine has served as a director and as Non-Executive Chairman since Chesswood's predecessor company first became public. Mr. Sonshine continues to be Chesswood's largest shareholder, and now becomes a strategic advisor to the Board of Directors. Fred Steiner, who is also a significant shareholder of Chesswood and has also served as a director since Chesswood's predecessor company first became public, is assuming the position of Non-Executive Chairman. Mr. Steiner has been chair of the Chesswood's Audit Committee for several years and has been actively involved in Chesswood's strategic planning.

"On behalf of the Board, I want to thank Ed for his many years of leadership. We look forward to the continuing benefit of his strategic advice as he takes on the role of advisor to the Board" stated Mr. Steiner.

Non GAAP Measures
Adjusted EBITDA is not a recognized measure under generally accepted accounting principles and does not have a standard meaning. Accordingly, this measure may not be comparable to similar measures presented by other issuers.

Please refer to the Company's Management Discussion and Analysis for the three and nine months ended September 30, 2012 for additional information concerning this measure and a reconciliation of this measure to the Company's consolidated net income for the period.

About Pawnee Leasing Corporation

Pawnee Leasing Corporation (est. 1982), is a small-ticket funding source specializing in start-up bu   More..siness and less traditional credits up to $30,000.Less..

Contact Information

Pawnee Leasing Corporation
Gary H. Souverein
700 Centre Avenue
Fort Collins, Co
Phone : 9704822556

Published in:

Business > Finance

Published On:

November 9, 2012

Print Release:

Print Release

If you have questions regarding information in this press release contact the company listed above. is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.

Related Releases

South Africa Investment Forum 2014 JumpStarts Nelson Mandela's Vision with EZ-XPO
eZ-Xpo in partnership with SOSA-2030 who are the supporters of the South African Investment Forum 2030 (SAIF 2030) sponsored by ICON Business magazine will launch the World's 1st global forum to follow Nelson Mandela's dream by reigniting a global c

The Latest Version To EzPaycheck 2014 Includes Form 941 Update For Business Owners
Payroll software developer released new ezPaycheck payroll software with 2014 tax tables and tax forms. Employers that need to file form 941 in time can test drive at

Custom Yard Signs with H-Wire
MBK Media Group proud themselves on being to offer the latest and greatest in print and design work.

Spencer & Barnes Ltd. Is a Partner of the FXIC 2014 Exhibition in New York City
Spencer & Barnes Ltd. today announced that they will be sponsoring the FXIC NYC 2014 (, a global foreign exchange industry conference. The event will be on the 20th of June 2014 at the Grand Hyatt in New York City.

Bringing Celebrated Coaches and Speakers Together, District 30 Toastmasters Sets the Stage for Spring Conference 2014
In a move to improve speaking and leadership skills, District 30 Toastmasters brings globally acclaimed speakers to the stage