Chesswood Group Limited announced earnings results the third quarter and nine months ended September 30, 2012. For the quarter, the company's income before taxes and fair value adjustments totaled CAD 3.6 million compared to CAD 2.7 million in the third quarter of 2011. Net income was CAD 1,558,000 against CAD 1,098,000 a year ago. Adjusted EBITDA was CAD 4,112,000 against CAD 3,233,000 a year ago. Earnings per share – basic were CAD 0.14 against CAD 0.09 a year ago.

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.