Mr. David Ingram reports
GOEASY LTD. ANNOUNCES SELECT PRELIMINARY UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2018
goeasy Ltd. has released 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.
The company anticipates that the financial results for the second quarter of 2018 will include the following highlights:
- The gross consumer loans receivable portfolio as at June 30, 2018, reached approximately $686.6-million, compared with $425.3-million in the second quarter of 2017, an increase of approximately 61.4 per cent.
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 of 2017, an increase of approximately 122.8 per cent.
Net charge-offs as a percentage of the average gross consumer loans receivable on an annualized basis was approximately 12.4 per cent, compared with 14.7 per cent in the second quarter of 2017, a decrease of approximately 15.6 per cent.
Positive momentum for the business continued in Q2 with record loan book growth and declining loss rates. To reflect this continuing trend of positive performance, the company will be revising its three-year targets as previously communicated in its Q1 reporting when it releases its Q2 audited results on Aug. 7, 2018.
The company's unaudited interim condensed consolidated financial statements and its management 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 after the market closes on Aug. 7, 2018.
All figures reported herein 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.
We seek Safe Harbor.
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