ECN Capital Corp. reported adjusted net income applicable to common shareholders of $16.6 million for the second quarter ended June 30 versus $5.6 million for the same period last year.

Originations for the three-month were $598 million versus $419.2 million in the first quarter and $505.2 million for the second quarter last year.

Total earning assets managed and advised as at June 30, 2019 were $32.2 billion, versus $31.9 billion in the previous three-month period and $28.2 billion for the second quarter last year.

Adjusted EBITDA for the three-month period ending June 30, 2019 was $32.4 million versus $26.7 million for the previous three-month period and $19 million for the same period last year.  Operating Expenses for the three-month period ending June 30 were $29.6 million versus $29.9 million reported for the previous three-month period and $22.6 million for the same period last year.

Net Income (loss) for the three-month period ending June 30, 2019 was $9.9 million versus $(22.9) million for the previous three-month period and $2.6 million for the same period last year.

“We are excited to print a solid, clean quarter with Adjusted EPS of $0.07, which is at the high end of our guidance range of $0.06-$0.07”, said Steven Hudson, CEO of ECN Capital Corp.  “We continue to see great opportunity in each of our three operating businesses in the second half of 2019 and beyond.”

Governance Update

Donna Toth has resigned from the ECN Board. Separately, the company welcomed Karen Martin to the ECN Board. She is retiring from Element Fleet Management Corp. to pursue board opportunities.

Read the full press release here.