Scott, the link was just to this press release and it works from my end.
>>Wednesday October 28, 10:34 pm Eastern Time
Newcourt third-quarter profits match forecasts
By Jeffrey Hodgson
TORONTO, Oct 28 (Reuters) - Canada's Newcourt Credit (Toronto:NCT.TO - news) Group Inc., whose stock was battered earlier this month by a wave of negative rumors, on Wednesday posted third-quarter profits in line with analysts' expectations.
North America's second-largest commercial finance company chalked up profits of C$78.5 million, or C$0.54 a share, near the average consensus estimate of C$0.55 a share, based on a survey of seven analysts by investment research network I.B.E.S.
The results bettered Newcourt's second-quarter profit of C$69.8 million, or C$0.49 a share, and a year-earlier loss of C$0.04 a share, which came after the company took a one-time charge.
For the first nine months, net income rose to C$190.7 million from C$108.8 million a year earlier.
''It looks exactly where we would have expected. But don't miss that on a year-over-year basis, on an operating earnings basis they're up about 50 percent...this is a tremendously powerful story,'' said Mark Maxwell, financial services analyst for CIBC Wood Gundy Securities Inc.
After the results, Newcourt shares were up C$1.55 to C$46.05 in mid-afternoon Toronto Stock Exchange trading of more than 260,000 shares. In New York, Newcourt rose 1 3/16 to 30 with 106,500 shares changing hands.
Earlier this month, Newcourt shares crumbled to a 16-month low of C$30.75, hammered by negative rumors and concerns about its access to capital. The stock has since recovered as executives rushed to assure analysts the rumors were false and that the company was not experiencing a credit squeeze.
Maxwell said the fact Newcourt was able to securitize C$1.83 billion of debt during the quarter was a reflection of the company's strong fundamentals. Securitization is the process of converting loans to marketable securities, which can then be sold to take them off Newcourt's balance sheet.
''That demonstrates their ability to get funding. In other words the entire crisis over the past month with the stock has been a liquidity crisis, 'Can they access capital?'. I think they've proven that they can,'' said Maxwell.
It was the third time Newcourt reported earnings integrated with those of AT&T Capital since it bought the company for $1.61 billion in November, 1997. The purchase made Newcourt the second-biggest non-bank financing company in North America after General Electric Co.'s (NYSE:GE - news) GE Capital unit.
($1=$1.54 Canadian)<<
A working association with them can't help but ensure confidence in MOND's ability to finance all aspects of the operation.
JOE |
