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.

Just Posted

Child’s play at Westerner Days

Balloons bring out the child in everyone

‘Do Indians have property rights?’ Former Alberta chief’s land dispute in court

STANDOFF, Alta. — A dispute between two families over land on Canada’s… Continue reading

Missing female found near Sundre

Local rancher finds missing female

Buyers turn to letters to snag homes in Canada’s hot real estate markets

TORONTO — Monica Martins and her husband had been looking for a… Continue reading

WATCH: Gazebo groundbreaking in Waskasoo

Fifty per cent of the $100,000 project is funded by a provincial government grant

Second World War Two-era B-29 Superfortress named ‘Fifi’ lands for first-ever Canadian tour

MONTREAL — A rare Second World War-era bomber named “Fifi” has touched… Continue reading

Magnus Cort Nielsen wins Stage 15 of Tour de France

CARCASSONNE, France — Magnus Cort Nielsen of Denmark sprinted away from two… Continue reading

Ryan Reynolds teases ‘Deadpool 2’ extended cut at Comic-Con

SAN DIEGO — Ryan Reynolds has made a triumphant return to San… Continue reading

‘Wonder Woman,’ ‘Aquaman’ and ‘Shazam!” thrill Comic-Con

SAN DIEGO — Warner Bros. brought out all the stops Saturday at… Continue reading

All shell, no shock: Lobster prices strong, season picks up

PORTLAND, Maine — New England’s lobster industry faces big new challenges in… Continue reading

Woman killed in collision near Olds

A woman is dead after a collision west of Olds Saturday afternoon.… Continue reading

Evacuation numbers remain at nearly 1,000 as B.C. wildfires rage on

SUMMERLAND, B.C. — Officials in British Columbia’s Okanagan region hope that fire… Continue reading

Survivors recount deadly Missouri duck boat sinking

BRANSON, Mo. — “Grab the baby!” Those were the last words Tia… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month