Chesswood Group Limited Announces Earnings Results the Third Quarter and Nine Months Ended September 30, 2012; Announces Resignation of Edward Sonshine as Non-Executive Chairman and Board Member
For the nine months, the company's net income was CAD 5,766,000 against CAD 3,880,000 a year ago. Adjusted EBITDA was CAD 12,904,000 against CAD 10,602,000 a year ago. Earnings per share - basic were CAD 0.51 against CAD 0.35 a year ago. Income before taxes, fair value adjustments and unrealized foreign exchange was CAD 11,295,000 against CAD 8,790,000 a year ago.
The company also announces that Edward Sonshine has informed the Board of Directors that he is stepping down as Non-Executive Chairman and as a Board member due to the time demands of his other corporate positions. Mr. Sonshine has served as a director and as Non-Executive Chairman since Chesswood's predecessor company first became public. Mr. Sonshine continues to be Chesswood's largest shareholder, and now becomes a strategic advisor to the Board of Directors.