In 2015, Chesswood posted its fifth consecutive year of record earnings. Net income was $19.8 million, up from $11.5 million in 2014, while operating income was $28.8 million compared to $19.6 million the year prior. Chesswood’s two largest entities, Pawnee Leasing and Blue Chip Leasing, had originations growth of 37% and 47% respectively, to drive the record earnings.

The company’s operating earnings reflect the pretax profits from Pawnee Leasing, Blue Chip Leasing and Windset Capital. During the year, Chesswood sold the assets of Case Funding, as well as Acura Sherway and completed the sale of EcoHome Financial early in 2016. These businesses are reflected as discontinued operations in Chesswood’s results for Q4/15 and year ended December 2015 and therefore the earnings and the net gains on sale are not included in operating earnings.

“We are very proud of achieving another record year and of the efforts of our extraordinary team,” said Barry Shafran, Chesswood’s president and CEO. “We believe that our North American equipment finance businesses are extremely well positioned to continue to grow and to make use of our very strong balance sheet and access to multiple funding sources, in pursuit of market share.”

Operating income for Q4/15 was $7.5 million, compared to $6.8 million in Q4/15 and $4.0 million in Q4/14. Chesswood’s gross receivables from continuing operations totaled $480 million at December 31, 2015, up from
$451 million at the end of Q3/15.

Chesswood also announced that Daniel Wittlin, current chief operating officer, will also serve as a strategic advisor to Chesswood going forward. Wittlin became a director, officer and shareholder of Chesswood upon the company’s acquisition of Blue Chip Leasing and EcoHome Financial.

“Both our board and management greatly appreciate the role that Daniel provided in the successful integration of Blue Chip Leasing and the divestiture of EcoHome Financial,” said Shafran. “We value the entrepreneurial spirit and industry knowledge that Daniel provides and look forward to the continuing benefit of his strategic advice as a director and in his role of advisor.”