MISSISSAUGA, Ontario, July 12, 2018 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY ), (“ goeasy ” or the “ Company ”), a leading full-service provider of goods and alternative financial services that improve the lives of everyday Canadians, today announced select preliminary unaudited financial results for the second quarter ended June 30, 2018 based on information currently available to management. The Company is making this announcement because the same information is being provided concurrently to potential investors in connection with a capital raise by the Company.
Highlights
The Company anticipates that the financial results for the second quarter of 2018 will include the following highlights:
- Gross consumer loans receivable portfolio as at June 30, 2018 reached approximately $686.6 million compared to $425.3 million in the second quarter of 2017, an increase of approximately 61.4%.
- Loan book growth in the second quarter of 2018 was a record of approximately $84.9 million compared with growth of $38.3 million in the second quarter 2017, an increase of approximately 122.8%
- Net charge-offs as a percentage of the average gross consumer loans receivable on an annualized basis was approximately 12.4% compared with 14.7% in the second quarter 2017, a decrease of approximately 15.6%
Positive momentum for the business continued in Q2 with record loan book growth and declining loss rates. To reflect this ongoing trend of positive performance, the Company will be revising our three-year targets as previously communicated in our Q1 reporting when we release our Q2 audited results on August 7 2018.
The Company’s unaudited interim condensed consolidated financial statements and its management's discussion and analysis for the second quarter ended June 30, 2018 are currently expected to be available and filed under the Company’s profile on SEDAR at www.sedar.com after the market closes on August 7, 2018.
All figures reported above with respect to the second quarter of 2018 are preliminary and are subject to change and adjustment as the Company’s financial results for the second quarter ended June 30, 2018 are finalized. Accordingly, investors are cautioned not to place undue reliance on the foregoing guidance. The Company does not intend to provide unaudited preliminary results in the future. The preliminary unaudited results provided in this news release constitute forward-looking statements within the meaning of applicable securities laws, are based on a number of assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially. Please see the section below entitled "Forward-Looking Statements".
Forward-Looking Statements
This press release includes forward-looking statements about goeasy, including, but not limited to, the Company’s expectations regarding its financial results for the second quarter of 2018. In certain cases, forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘budgeted’, ‘estimates’, ‘forecasts’, ‘targets’ or negative versions thereof and similar expressions, and/or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. Forward-looking statements are based on certain factors and assumptions, including expected growth, market conditions, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company’s operations, economic factors and the industry generally, as well as those factors referred to in the Company’s Annual Information Form dated February 20, 2018, its Management Discussion and Analysis for the year ended December 31, 2017 and its Management Discussion and Analysis for the three month period ended March 31, 2018, as available on www.sedar.com , in each case in the section entitled “Risk Factors”. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.
About goeasy
goeasy Ltd. is a leading full-service provider of goods and alternative financial services that provides everyday Canadians with a chance for a better tomorrow, today. goeasy Ltd. serves its customers through two key operating divisions, easyfinancial and easyhome. easyfinancial is a non-prime consumer lender that bridges the gap between traditional financial institutions and costly payday lenders. It is supported by a strong central credit adjudication process and industry leading risk analytics. easyfinancial also operates an indirect lending channel, offering loan products to consumers at the point-of-sale of third party merchants. easyhome is Canada's largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. Both operating divisions of goeasy Ltd. offer the highest level of customer service and enable customers to transact through a national store and branch network and through its online and mobile eCommerce enabled platforms.
goeasy Ltd. is listed on the TSX under the symbol ‘GSY’.
For further information contact:
David Ingram Chief Executive Officer (905) 272-2788
