Rifco Releases Annual Objectives
June 11 2014 - 3:29PM
Access Wire
Red Deer, AB /
ACCESSWIRE / June 11, 2014 / Rifco Inc.
(TSX.V-RFC) is pleased to announce its specific objectives for the
upcoming year.
Rifco's custom is to set and
report on specific measurable objectives annually. For the fiscal
year ending March 31, 2015, the following objectives have been set.
Progress towards these objectives will be updated in each quarterly
report.
2015
Objectives
-
-
Achieve Record Originations of over $170 million.
Growth rate of
35%
-
Achieve Record Finance Receivables of over $278 million.
Growth rate of
39%
-
Achieve Record Revenue of over $39.5 million. Growth rate of
31%
-
Achieve Record Earnings Per Share of $0.43. Growth rate of
41%
-
Achieve an Average (12 month rolling) Credit Loss rate below
3.55%.
It is the goal of Rifco to
deliver a loan origination growth rate of between 30% and 50% per
year. We believe this average growth rate is achievable with
increasing levels of profit as a result of our strong
ROA.
In 2014, we delivered loan
origination growth of 39%, exceeding our target of 32%.
Rifco today released its
annual results for the year ended March 31, 2014. The previously
released annual financial statements and the related management's
discussion and analysis can be viewed at www.sedar.com or at
www.rifco.net.
Rifco's Annual Shareholders
Meeting will be held on September 4, 2014 at 3:00PM at the iHotel,
6500 - 67th Street, Red Deer, Alberta. We
look forward to meeting with our shareholders and interested
parties to detail the 2014 results and share our vision for the
future.
About Rifco Inc.
Rifco Inc. operates through
its wholly owned subsidiary Rifco National Auto Finance Corporation
to provide automobile loans through its dealership network across
Canada.
Rifco National Auto Finance
provides consumers with financing options on new and used vehicles.
Rifco specializes in building long-term partnerships with dealers
by investing time in personalized services through dedicated
account representatives. Rifco's quick credit decisions, common
sense lending, and expedited funding processes give its dealers
better financing options and more closed deals. Rifco's most
successful partnerships result in Fast Forward 500 Club status for
its loyal dealerships.
Rifco is committed to
continuing growth. Key strategies for achieving this growth include
the expansion of its automobile dealer base, excellence in credit
and collections processes, and exceptional service to its Dealer
partners and its customers.
The
common shares of Rifco Inc. are traded on the TSX Venture Exchange
under the symbol "RFC". There are 21.03 million shares (basic)
outstanding and 22.21 million (fully diluted) shares.
----------------------------------------------
|CONTACT: | |
|Rifco Inc. | |
|Lance A. Kadatz | |
|Vice President and Chief Financial Officer| |
|Telephone: 1-403-314-1288 Ext 7007 | |
|Fax: 1-403-314-1132 | |
|Email: kadatz@RIFCO.net | |
|Website:www.RIFCO.net | |
| | |
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Certain information contained in
this press release, including information and statements which may
contain words such as "objective", "estimates", "would", "will",
"contemplates", "expects" and similar expressions and statements
relating to matters that are not historical facts, are
forward-looking information including, but not limited to,
information as to future performance.
This forward-looking
information is based on certain material factors, assumptions and
analyses made by Rifco in light of its experience and its
perception of historical trends, current conditions and expected
future developments as well as other factors it believes are
appropriate in the circumstances. However, whether actual results,
performance or achievements will conform with Rifco's conclusions,
forecasts, projections, expectations and predictions expressed or
implied by the forward-looking information in this press release is
subject to known and unknown risks and uncertainties which could
cause actual results to differ materially from Rifco's conclusions,
forecasts, projections, expectations and predictions expressed or
implied by the forward-looking information in this press release,
including: adverse market and economic conditions. Additional risks
may be described in Rifco's Annual Report for the most recently
completed financial year end which may be found on SEDAR at
www.sedar.com. If any of the above risks or uncertainties
materialize, or if the material factors, assumptions and analyses
applied by Rifco are incorrect, actual results may vary materially
from those expected in the forward-looking information in this
press release.
Consequently, all of the
forward-looking information contained in this press release is
qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by
Rifco expressed or implied by the forward-looking information in
this press release will be realized or, even if substantially
realized, that they will have the expected consequences to or
effects on Rifco or its business operations. Rifco assumes no
obligation, except as required by law, to update publicly any such
forward-looking information, whether as a result of new
information, future events or otherwise. Readers should not place
undue reliance on forward-looking information.
Neither 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: Rifco Inc.
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