/NOT FOR DISTRIBUTION TO
The Company reported an increase of
$0.9 million of net income before taxes for the six months endedJune 30, 2022 ;$3.2 million or 55.6% increase in net interest income for the six months endedJune 30, 2022 , compared to the same period in the prior year; and$1.3 million of adjusted net income before taxes for the six months endedJune 30, 2022
(refer to the Reconciliation of Non-IFRS Measures section on page 12 of the Q2 2022 MD&A available on www.sedar.com, for an explanation on this measure).
During the quarter, the Company also declared a quarterly cash dividend on the outstanding common shares of
Notwithstanding the challenging global macroeconomic environment, the Company's partnerships continue to have access to efficient financing from various Canadian lenders for their purchase of new auto loan receivables. Two of these facilities, are expected to be renewed for an equal or higher amount. The funding facility used for the purchase of loan receivables into another of the Company's partnerships, known as
Recent and ongoing macroeconomic global events, including COVID-19, global supply chain delays, the war in
Further information on Cliffside's financial results can be found at www.cliffsidecapital.ca.
Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside's strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside's filings on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside and its partnerships, statements with respect to the Company's ability to raise equity capital in the future, statements with respect to the expected renewals of certain debt financing facilities, the expected terms of such renewals and the anticipated use of proceeds, and the ability of management to effectively protect and grow the Company's business in light of recent and ongoing macroeconomic risks and uncertainties. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; the availability of appropriate finance receivables that may be purchased by the Company's limited partnerships under existing funding facilities; and volatility of common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the
SOURCE
© Canada Newswire, source