ECN Capital Reports US$0.00 in Adjusted Net Income per Common Share in Q3-2023

TORONTO, Nov. 13, 2023 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended September 30, 2023.

For the three-month period ended September 30, 2023, ECN Capital reported Adjusted net income applicable to common shareholders from continuing operations of $0.5 million or $0.00 per share (basic) versus $0.7 million or $0.00 per share (basic) for the previous three-month period and $11.8 million or $0.05 per share (basic) for the same period last year.

“Skyline’s strategic investment in ECN closed in the quarter and we began developing the new products and services needed to launch the Champion Financing JV in early 2024.”, said Steven Hudson, CEO of ECN Capital Corp. “Separately, the corporate simplification plan announced last quarter is on track and new funding arrangements are in place at Triad and in the works at RV Marine. Triad’s new President, Lance Hull has implemented his 100-day plan, which should result in improved efficiencies and increased originations and new executive leadership has been added at Source One to drive the next phase of growth. Finally, after further review, we accelerated Triad pool sales in the quarter resulting in another quarter of reduced gains on sale and a subsequent markdown. Our goal in all these initiatives is to put ECN’s operating businesses on the best footing to resume growth in 2024 and beyond”.

Originations for the three-month period ended September 30, 2023 were $571.5 million, versus $622.0 million in the previous three-month period and $679.5 million for the same period last year. Originations for the three-month period ended September 30, 2023 include $360.6 million of originations from our Manufactured Housing Finance segment and $210.9 million of originations from our Recreational Vehicle and Marine Finance segment.          

Managed Assets as at September 30, 2023 were $4.8 billion versus $4.7 billion as at June 30, 2023 and $4.1 billion as at September 30, 2022.

Adjusted EBITDA for the three-month period ended September 30, 2023 was $24.1 million versus $24.5 million for the previous three-month period and $31.4 million for the same period last year.

Operating Expenses for the three-month period ended September 30, 2023 were $26.3 million versus $26.0 million for the previous three-month period and $26.6 million for the same period last year.