Red Deer, Alberta--(Newsfile Corp. - August 25, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") is pleased to announce its consolidated first quarter results for the period ended June 30, 2021.
First Quarter Highlights
While the Company is cautiously optimistic about recent and near-term results, the economic forecast in this COVID-19 environment is uncertain.
Rifco Quarterly Comparative Results
Statements of income | Current Quarter 3 Months Ended June 30, 2021 | Prior Quarter 3 Months Ended March 31, 2021 | Comparable Quarter 3 Months Ended June 30, 2020 | ||||||
($,000's, except per share, % of average loan receivables) | |||||||||
Average loan receivables for the period | 195,667 | 194,058 | 216,988 | ||||||
Financial revenue | 8,450 | 17.27% | 8,240 | 16.98% | 9,047 | 16.68% | |||
Credit losses | 1,929 | 3.95% | 2,250 | 4.64% | 2,934 | 5.40% | |||
Credit Spread | 6,521 | 13.32% | 5,990 | 12.34% | 6,113 | 11.28% | |||
Financial expenses | 2,201 | 4.50% | 2,249 | 4.64% | 2,660 | 4.90% | |||
Adjusted Net Financial Income before Operating Expenses | 4,320 | 8.82% | 3,741 | 7.70% | 3,453 | 6.38% | |||
Adjusted Operating Expenses | 2,497 | 5.10% | 2,666 | 5.49% | 2,626 | 4.84% | |||
Adjusted Net Income before Taxes | 1,823 | 3.72% | 1,075 | 2.21% | 827 | 1.54% | |||
Strategic review process | - | 0.00% | - | 0.00% | 482 | 0.89% | |||
Decrease (increase) in provision for impairment | 1,138 | 2.33% | (182 | ) | (0.38%) | 1,344 | 2.48% | ||
Net income before taxes | 2,961 | 6.05% | 893 | 1.83% | 2,653 | 4.91% | |||
Income tax expense | (674 | ) | (1.38%) | (193 | ) | (0.40%) | (843 | ) | (1.55%) |
Net income | 2,287 | 4.67% | 700 | 1.43% | 1,810 | 3.36% | |||
Weighted average number of outstanding shares at period end | 21,750 | 21,750 | 21,597 | ||||||
Fully diluted basis | 21,750 | 21,750 | 21,597 | ||||||
Adjusted Net Income before taxes per Common Share basic Diluted | $0.084 $0.084 | $0.049 $0.049 | $0.038 $0.038 | ||||||
Net income (loss) per common share basic Diluted | $0.105 | $0.032 | $0.084 |
Rifco, today, filed its quarterly financial statements and management discussion and analysis for the period ended June 30, 2021. The previously released financial statements and the related management's discussion and analysis can be viewed at www.sedar.com or at www.rifco.net.
Non-IFRS Measures
Throughout this Press Release, management uses terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other issuers. Specifically, management presents an Adjusted Net Income measure, along with related Adjusted sub-totals and ratios. These measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. A full description of these measures can be found in the management discussion and analysis that accompany the financial statements for the period ended June 30, 2021.
About Rifco
Rifco National Auto Finance Corporation ("RNAF"), Rifco's sole, wholly owned, subsidiary operates with a purpose to help its clients obtain a safe and reliable vehicle by providing alternative finance solutions. RNAF currently distributes its alternative finance products indirectly through select automotive dealer partners.
Rifco is built on a foundation of trust, respect, empowerment, accountability and passion which are exhibited by each and every member of the Rifco team, as we collaboratively pursue our collective vision and do so in a manner that is consistent with our purpose.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 21.75 million shares (basic) outstanding and 22.70 million (fully diluted) shares.
CONTACT:
Rifco Inc.
Warren Van Orman
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007
Fax: 1-403-314-1132
Email: [email protected]
Website: www.rifco.net
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94454