Rifco cites staff turnover for lower second quarter income

Rifco Inc. (TSXV: RFC) saw its second quarter income slip from a year ago — a development the company attributed to staff turnover in key departments.

Rifco Inc. (TSXV: RFC) saw its second quarter income slip from a year ago — a development the company attributed to staff turnover in key departments.

In its financial results for the three months ended June 30, which were released on Wednesday, Red Deer-based Rifco said its total revenues hit a record $8.9 million for the quarter.

These were up from $7.0 million for the same period in 2013.

However, net income was $1.4 million, which was 13 per cent lower than the $1.6 million earned in the second quarter last year.

Earnings per share dipped to 6.5 cents from 7.5 cents.

The company said in a release that its loan delinquency rate for the quarter was nearly 4.0 per cent, as compared with just over 3.0 per cent a year earlier and 3.1 per cent in the preceding quarter.

The resulting provisions for losses impacted net income for the quarter.

Rifco said staff turnover contributed to the higher delinquency rate, but added that this issue has since been resolved.

In addition to its revenues, the company’s loan originations, finance receivables and average interest expense for the quarter were all records as well.

Rifco provides automobile loans through a dealership network across Canada.

Its annual shareholders meeting is scheduled for Sept. 4 at 3 p.m. at the iHotel in Red Deer.

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