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RIFCO Reports $35K Second Quarter Profit

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  Published in Business and Finance on Friday, November 13th 2009 at 9:32 GMT by Market Wire
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 Highlights: - Net Income in Q2 decreased to $35K from net profit of $321K (YOY) - Revenue in Q2 decreased to $2.76M from $2.94M (YOY) - Managed Loans increased 28.1% to $53.18M (YOY) - Loan Originations in Q2 reduced 38.7% to $6.34M (YOY) - Loans Securitized decreased to $6.47M from $8.94M (YOY) - Q2 - EPS was zero down from $0.02 (YOY) - Book value per share has increased to $0.46 from $0.42 (YOY) - Operating Expense Ratio reduced by 1.21% to 5.21% (YOY) - Funding Costs increased to 7.26% from 6.81% (YOY) - Average Cost of Borrowing increased to 7.87% from 7.76% (YOY) - Delinquency Ratio increased by 1.99% to 5.76% (YOY) - Average Loan Loss Rate increased from 4.40% to 5.68% (YOY) - Managed Loans down 10.3% over the prior quarter - Loan Originations down 11.2% over the prior quarter - Operating Expense Ratio increased to 5.21% from 5.02% in the prior quarter - Delinquency Ratio increased to 5.76% from 5.58% in the prior quarter - Average Loan Loss Rate increased to 5.68% from 5.36% in the prior quarter As is RIFCO's custom, please note the Q2 progress report against RIFCO's specific objectives for 2010 as published in the 2009 annual report to the shareholders. 1. Maintain loan originations of over $40 million Loan originations in the first two quarters were $13.47M. 2. Grow managed assets by 40% to over $70 million Managed financed receivables in the first two quarters grew to $53.18M. 3. Maintain revenue of over $12 million Revenue in the first two quarters reached $5.64M. 4. Achieve managed finance receivables annualized write offs between 5.5% and 6.5% Year-to-date average loss rate currently stands at 5.68%. About RIFCO RIFCO is one of Canada's fastest growing automotive finance companies. Non-traditional auto loans are indirectly originated through a growing network of selected new and used vehicle dealers operating in all provinces except Saskatchewan and Quebec. The common shares of RIFCO INC. are traded on the TSX Venture Exchange under the symbol "RFC". There are 19.23 million shares (basic) outstanding and 20.98 million (fully diluted) shares. Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.