{"id":378953,"date":"2020-11-11T16:08:16","date_gmt":"2020-11-11T21:08:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=378953"},"modified":"2020-11-11T16:08:16","modified_gmt":"2020-11-11T21:08:16","slug":"ecn-capital-reports-us0-10-in-adjusted-net-income-per-common-share-in-q3-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ecn-capital-reports-us0-10-in-adjusted-net-income-per-common-share-in-q3-2020\/","title":{"rendered":"ECN Capital Reports US$0.10 in Adjusted Net Income per Common Share in Q3-2020"},"content":{"rendered":"

\nSolid Q3 Results
\n<\/h2>\n
\n

TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (\u201cECN Capital\u201d or the \u201cCompany\u201d) today reported financial results for the three-month period ended September 30, 2020.<\/p>\n

For the three-month period ended September 30, 2020, ECN Capital reported Adjusted <\/strong>n<\/strong>et<\/strong>i<\/strong>ncome<\/strong>applicable to common shareholders<\/strong> from continuing operations of $23.3 million or $0.10 per share (basic) versus $17.0 million or $0.07 per share (basic) for the previous three-month period ended June 30, 2020 and $18.2 million or $0.08 per share (basic) for the same period last year.<\/p>\n

\u201cECN\u2019s strong Q3 earnings of $0.10, reflects ongoing strength in each of our businesses, which was apparent before Covid-19 and has continued in its face.\u201d, said Steven Hudson, CEO of ECN Capital Corp. \u201cWe are reiterating guidance for 2020 at $0.31-$0.33, which is 15-22% above 2019 and given our performance confidently reiterating our guidance for 2021 at $0.44 – $0.53. I am very pleased with the resiliency of each of our businesses and look forward updating everyone at our Investor Day on February 4, 2021\u201d<\/p>\n

\n Originations<\/strong> for the three-month period ended September 30, 2020 were $842 million versus $676 million in the previous three-month period and $639 million for the same period last year.<\/p>\n

\n Total Earning Assets<\/strong>
\n Manage<\/strong>
\n d<\/strong>
\n and Advis<\/strong>
\n ory<\/strong> as at September 30, 2020 were $32.2 billion, versus $33.3 billion as at June 30, 2020 and $32.6 billion at September 30, 2019.<\/p>\n

\n Adjusted <\/strong>
\n EBITDA<\/strong> for the three-month period ended September 30, 2020 was $38.9 million versus $31.3 million for the previous three-month period and $34.0 million for the same period last year.<\/p>\n

\n Operating Expenses<\/strong> for the three-month period ended September 30, 2020 were $30.6 million versus $29.9 million reported for the previous three-month period and $29.3 million for the same period last year.<\/p>\n

\n Net Income<\/strong>
\n (loss) <\/strong>
\n attributable to common shareholders <\/strong>for the three-month period ended September 30, 2020 was $5.6 million versus ($1.8) million for the previous three-month period and $2.4 million for the same period last year.<\/p>\n

\n Dividends Declared<\/strong>\n <\/p>\n

The Company\u2019s Board of Directors has authorized and declared a quarterly dividend of $0.025 per outstanding common share to be paid on December 31, 2020 to shareholders of record at the close of business on December 15, 2020. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).<\/p>\n

The Company\u2019s Board of Directors declared the following dividends on ECN Capital\u2019s preferred shares:<\/p>\n