ECN Capital Reports US$0.08 in Adjusted Earnings per Common Share in Q4-2019 and US$0.27 for full year 2019

Solid Q4 2019 and FY 2019 Performance Across Businesses

TORONTO, Feb. 26, 2020 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period and year ended December 31, 2019.

For the three-month period ended December 31, 2019, ECN Capital reported Adjusted net income applicable to common shareholders from continuing operations of $18.5 million or $0.08 per share (basic) versus $18.2 million or $0.08 per share (basic) for the previous three-month period ended September 30, 2019 and $15.4 million or $0.05 per share (basic) for the same period last year. For the 12-month period, the Company reported Adjusted net Income applicable to common shareholders of $66.0 million or $0.27 per share (basic) versus $36.6 million or $0.11 per share (basic) for the same period last year.

“2019 was an excellent year at ECN as each of our businesses met or exceeded our raised guidance for the year”, said Steven Hudson, CEO of ECN Capital Corp. “We continue to expect significant growth and great opportunities, which is reflected in our 2020 guidance of US$0.36 – US$0.41 that was announced at our January investor day.”

Originations for the three-month period ended December 31, 2019 were $542 million versus $639 million in the previous three-month period and $463 million for the same period last year.

Total Earning Assets Managed and Advised as at December 31, 2019 were $33.6 billion, versus $32.6 billion as at September 30, 2019.

Adjusted EBITDA for the three-month period ended December 31, 2019 was $33.1 million versus $34.0 million for the previous three-month period and $34.1 million for the same period last year. 

Operating Expenses for the three-month period ended December 31, 2019 were $32.9 million versus $29.3 million reported for the previous three-month period and $33.3 million for the same period last year.

Net Income (loss) for the three-month period ended December 31, 2019 was ($8.9) million versus $2.4 million for the previous three-month period and ($107.5) million for the same period last year. For the 12-month period ended December 31, 2019 the Company reported net income (loss) of ($24.4) million versus ($166.5) million for the same period last year.

Dividends Declared

The Company’s Board of Directors has authorized and declared a quarterly dividend of $0.025 per outstanding common share to be paid on April 15, 2020 to shareholders of record at the close of business on March 31, 2020.  These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).