ECN Capital reported financial results for the three-month period ending March 31, 2018. Readers should note that as of January 1, 2018, the Company changed its presentation and functional currency from Canadian dollars to U.S. dollars. In addition, the sale of the Canadian Commercial & Vendor Finance business that was announced in the fourth quarter and closed January 31, 2018, has been reported as discontinued operations. Consolidated numbers are reported in the Financial Statements.
For the three-month period ending March 31, 2018, ECN Capital reported Adjusted Net Income applicable to common shareholders of $6.1 million. Excluding the impact of discontinued operations, Adjusted Net Income applicable to common shareholders was $4.9 million (basic) versus $8.3 million (basic) for the previous three-month period ending December 31, 2017 and $9.2 million (basic) for the same period last year.
Originations for the three-month period ending March 31, 2018 were $349.2 million versus $249.4 million in the previous three-month period and $31.0 million for the same period last year.
Total Earning Assets Owned and Managed as at March 31, 2018 were $4.5 billion, versus $4.4 billion as at December 31, 2017 and $2.4 billion as at March 31, 2017.
Net Financial Income, net of interest expense and provision for credit losses, for the three-month period ending March 31, 2018 was $30.9 million versus $24.4 million for the previous three-month period and $21.9 million for the same period last year.
Operating Expenses for the three-month period ending March 31, 2018 were $21.8 million versus $13.5 million reported for the previous three-month period ending December 31, 2017 and $9.4 million for the same period last year.
Net Income (Loss) for the three-month period ending March 31, 2018 was $3.3 million versus ($8.3) million for the previous three-month period and $214.5 million for the same period last year.
“I am very excited about ECN’s progress in the first quarter” said Steven Hudson, CEO of ECN Capital Corp. “Service Finance is performing above expectations, Triad’s first quarter as part of ECN is on target, ECN returned an additional C$115 million to shareholders through April’s SIB, and today we announced the strategic investment in The Kessler Group.”