Element Financial YTD Volume Up 451%
Element Financial reported total originations for the first two quarters of 2012 were $236.0 million, an increase of $193.2 million or 451% over the $42.8 million generated during the comparative first two quarters of 2011.
Element said total assets have increased to $1.0 billion at June 30, 2012 an increase of $589.7 million or 41.5% over the $416.7 million reported at December 31, 2011, the result of continuing strong originations and the addition of the acquisition of TLS on June 29, 2012
The company noted that its Element Capital unit has a strong pipeline with approximately $1.0 billion under various stages of consideration confirming total origination target of $250 million for 2012.
For the six-month period, income from operations before non-cash share-based compensation expenses and business acquisition costs was $2.8 million or $0.04 per share on net finance income of $9.2 million.
Steven Hudson, Element’s chairman and CEO said, “The acquisition and integration of TLS Fleet Management during the period has added an important new category to Element’s origination capability that we expect will result in the addition of an average of $20 million worth of new financing transactions per month beginning in the second half of 2012.” .
“Together with the recent additions to our senior management team, particularly the appointment of Brad Nullmeyer who will begin scaling up the growth of our vendor finance business as president of Element’s North American operations, we expect to significantly step up the rate of organic growth in our origination volumes into 2013 and beyond,” Hudson added.
Editor’s Note: $= Canadian dollars
To read the Element Financial news release click here.