Home » Picture Gallery, Software » Dealnet Reports Record Originations, Consumer Finance Receivables and Revenues in First Quarter of 2016

Dealnet Reports Record Originations, Consumer Finance Receivables and Revenues in First Quarter of 2016




TORONTO, ONTARIO — (Marketwired) — 05/30/16 — Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE: DLS), reported today its first quarter 2016 results for the three months ending March 31, 2016. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars, unless otherwise specified.

Record Origination Volumes of $12.1 Million as result of organic growth as Dealnet ramped up its Consumer Finance division with the addition of new dealers originating material volumes. EcoHome Financial also contributed six weeks of better than expected origination volume during the quarter.

Consumer Finance Receivables increased to $83 Million and cash reserves held as security increased to $5.7 Million. This increase in receivables is a result of the acquisition of EcoHome Financial and strong organic growth in both One Dealer Financial Services and EcoHome Financial.

Narrowed Operating Loss to $1.9 Million, a 36% improvement over prior quarter–s loss of $3.0 Million. This is inclusive of the non-cash items of depreciation, amortization and stock based compensation, however excludes business acquisition and transaction costs, changes in the fair value of financial instruments, finance costs and income taxes. This reduction is the result of strong growth in the businesses and achievement of operational synergies. EcoHome Financial contributed six weeks of positive earnings to the quarter.

“During our first quarter, we realized a significant improvement in financial performance in all operating businesses,” stated Michael Hilmer, CEO of Dealnet. “Our Consumer Finance Division continues to accelerate as new dealers and manufacturers are selecting Dealnet as their consumer finance partner. Our engagement powered finance approach to the market is resonating well and we continue to attract more home improvement dealers leading to significant volumes of longer duration leases and loans. At the same time our underwriting capacity is expanding and we are benefitting from improving cost of funds.”

Q1 2016 BUSINESS AND OPERATIONAL HIGHLIGHTS

Q1 2016 CONFERENCE CALL DETAILS:

About Dealnet Capital Corp.

Dealnet is an engagement enabled consumer finance company that is initially focused on home improvement finance solutions including heating ventilation and air conditioning financing and leasing. Dealnet leverages its large scale customer service and engagement technology platform to attract home improvement dealers by providing front and back office services to support dealer operations leading to origination growth.

For additional information please visit .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Dealnet Capital Corp.
Michael Hilmer
CEO
+1-416-420-5529

Dealnet Capital Corp.
Nicole Marchand
Investor Relations
+1-416-428-3533





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