Steven Hudson, ECN Capital CEO, has agreed to extend his employment contract to 2023. ECN also announced the retirement of Jim Nikopoulos as President effective May 8, 2019, and thanked him for all his significant contributions to the success of ECN.
“I want to thank Jim for his tremendous contributions to the success of ECN as both the President and previously the Chief Operating Officer”, said Hudson. “Jim led the successful exit of ECN’s legacy businesses and was paramount to the transition to the business we have today. We wish Jim well in all his future endeavors.”
Along with these announcements, ECN Capital reported Q1/19 financial results that exceeded expectations. As of January 1, 2018, the company changed its presentation and functional currency from Canadian dollars to U.S. dollars.
“ECN had a solid Q1 across the board earning $0.05, which exceeded our previous guidance of $0.02 – $0.03”, said Steven Hudson, CEO of ECN Capital Corp. “Further, we are raising the range of expected EPS in 2019 from $0.23 – $0.25 to $0.25 – $0.28, a 10%+ improvement at the midpoint.”
Originations for the three-month period ending March 31, 2019 were $419.2 million versus $463.1 million in the previous three-month period and $335.7 million for the same period last year.
Total earning assets managed and advised as of March 31, 2019 were $31.9 billion, versus $31.1 billion in the previous three-month period and $3.2 billion for the same period last year.
Adjusted EBITDA for the three-month period ending March 31, 2019 was $26.7 million versus $34.1 million for the previous three-month period and $6.5 million for the same period last year.
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