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Chesswood Posts Record Year; Pawnee Leasing Key Contributor

March 26, 2015, 07:00 AM
Filed Under: Industry News

Chesswood Group Limited announced its results for the year ended December 31, 2014.

Chesswood had its fourth consecutive year of record earnings in 2014. Income before taxes was $20.4 million for the year, compared to $19.7 million in the prior year. This year's results include the write-off of $607,000 in non-cash banking fees from the Company's prior banking syndicate, which was replaced in December by Chesswood's new syndicated banking facility.

"Our largest business, Pawnee Leasing, located in Colorado, once again delivered excellent profitability and return on equity" said Barry Shafran, Chesswood's President and CEO. As a large portion of Chesswod's profits are earned in United States, the Company expects results in 2015 to benefit from the more recent strength of the U.S. dollar.

"Not only was 2014 another record year for us, but since January 2014 when the Company purchased Northstar Leasing, through the first few months of 2015, Chesswood has undergone considerable and significant change. We believe these changes greatly strengthen our strategic positioning for future growth in both Canada and the United States" said Barry Shafran, the Company's President and CEO.

To read the full press release, click here.

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