Chesswood’s Q2/12 Results Reflect Pawnee Leasing Growth
Published August 8, 2012
Categories: Recent Earnings
Chesswood Group announced its results for the six-months and second quarter ended June 30, 2012. Chesswood said its earnings reflected continued growth in Pawnee Leasing’s portfolio along with excellent portfolio performance. Chesswood’s net income more than doubled for the second quarter, compared to the second quarter of last year, while net earnings for the first six months of this year were up by more than 50% over the prior year.
“We are extremely pleased with our excellent results in the first half of the year. Each of our businesses posted strong operating results for the quarter” said Barry Shafran, Chesswood’s president and CEO. “While the economic environment in the U.S. is dominated by uncertainty, we remain focused on strengthening and growing each of our businesses,” added Shafran.
Case Funding’s portfolio also grew and exceeded $3.5 million by quarter end, generating finance income that resulted in a small operating profit before non-cash share-based compensation and an accrual for a potential earn-out bonus. Acura Sherway began selling two new Acura models in the quarter – the new ILX entry level sedan and the newly redesigned RDX sport utility vehicle – and grew its earnings in the quarter on the heels of the introduction of these long awaited new products.
To read Chesswood’s full financial report click here.