Element Financial reported that all five business verticals delivered record fourth-quarter origination volume totaling $1 billion contributing to a 30% increase in the company’s net finance receivables of $3 billion as at December 31, 2013 versus $2.3 billion as at September 30, 2013 and $1.3 billion at year-end 2012.
Element said after-tax adjusted operating income increased to $15.0 million in Q4/13, up from $13.5 million sequentially and $4.9 million in Q4/12. The company’s net loss of $278K in Q4/13 compared to a net loss of $3.4 million one year earlier.
New Q4/13 origination volume of $997.2 million was up from $410.4 million sequentially and $219.7 million for the same quarter one year-ago. For the full year, new originations of $2.1 billion were more than three times higher compared to $689.3 million a year earlier.
Highlights on each business vertical as follows:
“We were very active across all segments of the business in the fourth quarter which allowed us to show the core strength of this management team’s ability to grow Element’s asset base both organically and through strategic acquisitions,” said Steven Hudson, Element’s chairman and CEO. “This record performance in the fourth quarter, together with continued favorable trends for the acquisition of new capital equipment in the markets we serve in North America, positions Element for continued strong growth in 2014 across each of our business verticals,” added Hudson.
To read the full Element Financial news release, click here.
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