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Name | Symbol | Market | Type |
---|---|---|---|
Franklin Core ETF Portfolio | TSX:CBL | Toronto | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 20.67 | 20.52 | 20.85 | 0 | 01:00:00 |
All amounts in Canadian dollars unless otherwise indicated.
First Quarter 2016 Highlights
TORONTO, May 11, 2016 /CNW/ - Callidus Capital Corporation (TSX:CBL), ("Callidus" or the "Company"), today announced its unaudited financial and operating results for the first quarter ended March 31, 2016.
"Our record of consistently strong performance continued in the first quarter of 2016 with significant gains in revenue, net income and ROE over the prior period and year over year. Our pipeline continued to grow while the loan book was intentionally held basically constant, as we accumulated cash in order to evaluate the best use thereof upon completion of the SIB in late May." said Newton Glassman, Executive Chairman and Chief Executive Officer of Callidus. "During the first quarter, we began pursuing yield enhancement measures previously discussed and reflected in the National Bank Financial Valuation disclosed with the SIB material. We have agreed to terms pertaining to "yield enhancement options" related to seven of the loans in our portfolio, and expect to finalize the agreements on three additional loans next quarter. They are a technical way of improving returns when a client needs or desires changes to the original loan agreement. This quarter we have provided a description of the yield enhancement mechanisms in our MD&A, and we will begin reporting them on a prospective basis beginning in the second quarter. Please note that the first quarter results do not reflect the impact of the yield enhancement mechanisms. We expect the value of these interests to continue to grow as our existing loans mature and new loans are originated."
David Reese, President and Chief Operating Officer added, "The first quarter reflects our focus on maintaining and improving our operating performance over multiple quarters and our intention is to maintain that focus and further improve thereon. We anticipate favourable market conditions, our sound and proven business model, strong credit quality, and unique competitive advantage, will be reflected positively in our future results."
Business Update (As at May 11, 2016)
Financial Highlights
Three Months Ended | |||
($ 000s unless otherwise indicated) |
March 31, 2016 |
December 31, 2015 |
March 31, 2015 |
Average loan portfolio outstanding (1) |
$ 1,226,881 |
$ 1,192,994 |
$ 864,324 |
Total revenue (after derecognition) |
49,540 |
48,467 |
35,091 |
Gross yield (%) (1) |
19.4% |
19.1% |
17.9% |
Net interest margin (%) (1) |
12.5% |
12.2% |
12.7% |
Net income |
17,072 |
7,648 |
15,989 |
Earnings per share (diluted) |
$0.34 |
$0.15 |
$0.31 |
ROE (%) |
13.9% |
6.2% |
13.6% |
Leverage ratio (%)(1) |
38.9% |
50.9% |
40.3% |
(1) |
Refer to "Description of Non-IFRS Measures" in the MD&A. These financial measures are not |
About Callidus Capital Corporation
During the quarter, Paula Myson joined Callidus as Vice President Investor Relations and Special Projects. Paula is a CFA charterholder with extensive experience in capital markets, finance and operations in domestic and international companies. Further descriptions of our Management Team can be found on our website, www.calliduscapital.ca.
Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the company's assets, its enterprise value and borrowing needs. Callidus employs a proprietary system of monitoring collateral and exercising control over the cash inflows and outflows of each borrower, enabling Callidus to very effectively manage risk of loss. Further information is available on our website, www.calliduscapital.ca.
Forward-Looking Statements
Certain statements made herein contain forward-looking information. Although Callidus believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. Furthermore, the forward-looking statements contained in this press release are made as at the date of this press release and Callidus does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Conference call
Callidus will host a conference call to discuss Q1 2016 results on May 12, 2016 at 9:00 a.m. Eastern Time. The dial in number for the call is (647) 427-7450 or (888) 231-8191 (reference number: 93999844). A taped replay of the call will be available until May 19, 2016 at (416) 849-0833 or (855) 859-2056 (reference number: 93999844).
SOURCE Callidus Capital Corporation
Copyright 2016 Canada NewsWire
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