ECN Capital Corp. reported financial results for the first quarter. The company reported adjusted net income applicable to common shareholders of $12.6 million versus a loss of $2 million for the same period last year.

“ECN had a solid Q1 across the board earning (5 cents a share), which exceeded our previous guidance of (2 to 3 cents a share),” said Steven Hudson, CEO of ECN Capital Corp.

Originations for the quarter were $419.2 million up roughly 25 percent compared with $335.7 million for the same period last year.

Total earning assets managed and advised at March 31, 2019 were $31.9 billion versus $3.2 billion for the same period last year.

Adjusted EBITDA for the three-month period ending March 31, 2019 was $26.7 million versus $6.5 million for the same period last year. Operating expenses were $29.9 million versus $18.9 million for the same period last year. Net Income (loss) for the three-month period ending March 31, 2019 was $(22.9) million versus $3.3 million for the same period last year.

Management Transition Complete

Hudson has agreed to extend his employment contract to 2023. ECN also announced the retirement of Jim Nikopoulos as President.

“I want to thank Jim for his tremendous contributions to the success of ECN as both the President and previously the Chief Operating Officer,” Hudson said.  “Jim led the successful exit of ECN’s legacy businesses and was paramount to the transition to the business we have today. We wish Jim well in all his future endeavors.”