Le Lézard
Classified in: Business
Subjects: ERN, DIV

CLIFFSIDE CAPITAL LTD. REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS


/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

TORONTO, May 27, 2022 /CNW/ - Cliffside Capital Ltd. ("Cliffside" or the "Company") (TSXV: CEP) is pleased to announce financial results for the first quarter ended March 31. 2022.

The Company reported an increase of $74.3 million, or 71.4%, in gross finance receivables from $104.1MM as at March 31, 2021 to a record high of $178.4 million as at March 31, 2022 which generated:

During the quarter, the Company also declared a quarterly cash dividend on the outstanding common shares of $0.0025 per common share ($0.01 on an annualized basis). Each such dividend qualified as an "eligible" dividend as defined in the Income Tax Act (Canada). The dividends were subject to customary Canadian withholding tax for shareholders that are non- resident in Canada."

"I am very pleased with the results for the first quarter. Performance of the finance receivables continue to be stable with delinquencies and credit losses being at the low end of the targeted range. As markets continue to normalize post pandemic and with continued inflationary pressures, we remain focused on ensuring we balance growth with acquiring quality receivables that will deliver appropriate risk-adjusted returns" said CEO Steve Malone.  

Further information on Cliffside's financial results can be found at www.cliffsidecapital.ca.

About Cliffside

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. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Cliffside Capital Ltd.


These press releases may also interest you

at 07:29
In a strategic move to address the growing talent shortage in the global construction equipment industry, XCMG Machinery (SHE:000425, "XCMG") has launched an extensive cross-training program for its employees from XCMG Global Business Headquarters....

at 07:05
Syngenta Group today announced financial results for the fourth quarter and full year 2023. Syngenta Group sales for full year 2023 were $32.2 billion, down $1.2 billion or 4 percent year-on-year (-1% CER). Full year EBITDA decreased 18 percent...

at 07:00
Scrum Ventures, a San Francisco and Tokyo-based early-stage venture capital firm, announced that NBA Champion and entrepreneur Kyle Kuzma, will join the fund as an advisor....

at 07:00
Operation HOPE announced today that "FINANCIAL LITERACY FOR ALL," the latest book by its Founder and CEO John Hope Bryant, has reached #1 on Amazon for Economics, prior to its April 16, 2024 release. From the best-selling author of "Up from Nothing,"...

at 06:37
According to a Department of Justice press release, a South Carolina man was recently sentenced to serve time in federal prison after a criminal tax conviction. This story should serve as a reminder that the consequences of intentionally dodging tax...

at 06:17
NEI Global Relocation's latest whitepaper, "2024 Relocation Trends | Manufacturing," provides a compelling look into how innovative relocation strategies are crucial for the manufacturing sector's talent acquisition and retention efforts. This comes...



News published on and distributed by: