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Name | Symbol | Market | Type |
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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 | 20.65 | 20.77 | 0 | 14:52:15 |
Note: All amounts in Canadian dollars unless otherwise indicated.
Second Quarter 2015 Highlights
Dividend Policy
TORONTO, Aug. 6, 2015 /CNW/ - Callidus Capital Corporation ("Callidus" or the "Company") (TSX: CBL), reported strong loan portfolio and revenue growth and improved earnings in the second quarter of 2015. Callidus, which provides flexible and innovative asset-based loans, primarily to growth and distressed or troubled companies, today reported its financial results for the second quarter ended June 30, 2015, and provided an update on the current state of its business.
Newton Glassman, Executive Chairman and Chief Executive Officer of Callidus said, "Management believes that the Company has matured to its next stage – generating enough cash to support both continued loan portfolio growth and a dividend. The Company has been growing faster than estimated at the time of the Initial Public Offering exceeding our initial projections allowing us to initiate a dividend which the company expects will grow over time. With the introduction of the dividend, we remain committed to growth and intend to get back to the original rate of doubling the book every 2-3 years. This is particularly valuable at this time given the robustness of the deal pipeline."
"The introduction of a dividend, our continued focus on growth, Callidus' ability to deal with both formal (i.e. court) and informal (i.e. out of court) restructurings as a normal part of its business model combined with a targeted 1.5% - 2.0% provisioning is a strong vote of confidence by both Management and the Board in the performance of the business" added David Reese, President and COO of Callidus.
Current state of the business, as at August 5, 2015:
Financial Highlights |
|||||
Three Months Ended |
Three Months Ended | ||||
Y/Y |
Q/Q | ||||
($ 000s) |
Jun 30, 2015 |
Jun 30, 2014 |
Mar 31, 2015 |
Change |
Change |
Average loan portfolio outstanding (1) |
$928,172 |
501,849 |
864,324 |
85% |
7% |
Total revenue (after derecognition) |
39,329 |
22,974 |
35,091 |
71% |
12% |
Gross yield (1) |
18.8% |
20.8% |
17.9% |
||
Net interest margin(1) |
13.5% |
13.3% |
12.7% |
||
Net income |
18,390 |
7,646 |
15,989 |
141% |
15% |
Earnings per share (diluted) |
$0.36 |
$0.18 |
$0.31 |
100% |
16% |
ROE |
15.2% |
8.1% |
13.6% |
Notes: |
|
(1) |
Refer to "Description of Non-IFRS Measures" in the MD&A. These financial measures are not |
Highlights of the second quarter, relative to the last quarter:
About Callidus Capital Corporation
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 inflow and outflows of each borrower, enabling Callidus to very effectively manage any risk of loss.
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 Q2 2015 results on August 7th, 2015 at 8:00 a.m. Eastern Time. The dial in number for the call is (647) 427-7450 or (888) 231-8191 (reference number: 91960960). A taped replay of the call will be available until August 14, 2015 at (416) 849-0833 or (855) 859-2056 (reference number: 91960960).
SOURCE Callidus Capital Corporation
Copyright 2015 Canada NewsWire
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