ECN Capital Reports US $0.00 in Adjusted Net Income per Common Share in Q1-2024 Triad results significantly improved and ECN ahead of quarterly guidance

TORONTO, May 09, 2024 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the three-month period ended March 31, 2024.

For the three-month period ended March 31, 2024, ECN Capital reported Adjusted net (loss) income applicable to common shareholders from continuing operations of ($.3) million or nil per share (basic) versus ($13.5) million or ($0.05) per share (basic) for the previous three-month period and $1.4 million or $0.01 per share (basic) for the same period last year.

“Q1 marks the beginning of a rebound from a difficult 2023”, said Steven Hudson, CEO of ECN Capital Corp. “I am pleased to deliver results that are ahead of our Q1 guidance of ($0.01)-($0.02). ECN’s businesses have exceeded expectations and are well positioned to deliver growth in 2024. Our management teams are driving operational improvements that will enhance and deepen our relationships with manufacturers, dealers and consumers. We have strong liquidity in 2024 and continue to see excess demand for our unique assets from funding partners including life insurers, institutional investors, banks and credit unions. ECN is reiterating our full year 2024 guidance of $0.10-$0.16.”

Originations for the three-month period ended March 31, 2024 were $468.4 million, versus $503.1 million in the previous three-month period and $465.1 million for the same period last year. Originations for the three-month period ended March 31, 2024 include $302.4 million of originations from our Manufactured Housing Finance segment and $165.9 million of originations from our Recreational Vehicle and Marine Finance segment.

Managed Assets as at March 31, 2024 were $5.2 billion versus $4.9 billion as at December 31, 2023 and $4.7 billion as at March 31, 2023.

Adjusted EBITDA for the three-month period ended March 31, 2024 was $21.8 million versus $5.5 million for the previous three-month period and $23.4 million for the same period last year.

Operating Expenses for the three-month period ended March 31, 2024 were $27.8 million versus $34.7 million for the previous three-month period and $24.4 million for the same period last year.

Net (Loss) Income attributable to common shareholders for the three-month period ended March 31, 2024 was ($8.5) million versus ($56.0) million for the previous three-month period and ($20.9) million for the same period last year.

Dividends Declared

The Company’s Board of Directors has authorized and declared a quarterly dividend of C$0.01 per outstanding common share to be paid on July 2, 2024 to shareholders of record at the close of business on June 14, 2024. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).