Rifco reports record revenues

Red Deer-based Rifco Inc. (TSXV: RFC) generated record revenues during the second quarter of its 2013 fiscal year.

Red Deer-based Rifco Inc. (TSXV: RFC) generated record revenues during the second quarter of its 2013 fiscal year.

The company, which provides consumer financing for new and used vehicles through its subsidiary Rifco National Auto Finance Corp., reported on Wednesday that its revenues were $7.5 million for the three months ended Sept. 30.

That marked a 26 per cent increase over $6 million for the same period in 2012.

Net income for the quarter was $1.4 million, up 42 per cent from $980,000 a year earlier.

Meanwhile, the company’s earnings per share were 67 cents, up 37 per cent from the 49 cents for the second quarter last year.

Rifco also posted record receivables and low average interest expenses during the quarter.