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.
- 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.
Lance A. Kadatz
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007
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.