F IRST Q UARTER R EPORT MARCH 31, The Value of Accord. Experienced. Innovative. Responsive.

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1 F IRST Q UARTER R EPORT MARCH 31, 2007 The Value of Accord Experienced. Innovative. Responsive.

2 Letter to the Shareholders Experienced. Innovative. Responsive. The Value of Accord Enclosed is the first quarter report for the three months ended March 31, 2007 together with comparative figures for the same period of This report has not been reviewed by the Company s auditors, but has been reviewed and approved by the Company s Audit Committee and Board of Directors. Last year s first quarter was a record for us, but we had a tough time keeping up to that pace this year. Factoring volume declined slightly, from $371 million in 2006 to $366 million in Revenue fell from $7,214,000 last year to $6,616,000 this year, a decline of 8%. Our costs were somewhat lower in 2007 but not enough to cover the shortfall in revenue. As a result net earnings fell almost $300,000 to $1,394,000. Most of this reduction was in our U.S. operation which experienced a decline in yields and lower factoring volumes due to portfolio runoff, that is, clients leaving for a number of reasons. These reasons would include borrowers that were not successful and gave up business; borrowers that were too successful and graduated to other forms of finance; borrowers that were taken over by an acquirer with an abundance of cash; and borrowers poached by finance competitors willing to lend at low rates or compromise on credit quality (which Accord does not do). Incoming deal flow picked up considerably near the end of the quarter, and in due course the departing clients will be more than replaced. In Canada, borrowers are coming on board faster than old ones leaving, and at March 31, our outstandings were approaching new highs. Net earnings for the quarter were $1,394,000 or 15 cents per diluted share. This compares with $1,691,000 earned in the first quarter last year, or 17 cents per diluted share. There were more shares outstanding last year; the diluted weighted average number of common shares outstanding in the first quarter of 2006 was 10,086,000; that number fell by 5% this year to 9,569,000 as a result of share buybacks. The Company s total portfolio of receivables at March 31, 2007 was $204 million compared with the quarter-end record high last year of $217 million. Shareholders equity at March 31, 2007 stood at $40.3 million, with a book value of $4.27 per share. At the Board of Directors meeting held today, the regular quarterly dividend of 5.5 cents per common share was declared, payable June 1, 2007 to shareholders of record May 17, Ken Hitzig President Toronto, Ontario May 2, 2007 Table of Contents Letter to the Shareholders inside front cover Management s Discussion and Analysis 1 Consolidated Balance Sheets and Notice to Reader 7 Consolidated Statements of Earnings 8 Consolidated Statements of Retained Earnings 8 Consolidated Statements of Cash Flows 9 Notes to Consolidated Financial Statements 10

3 Management s Discussion and Analysis of Results of Operations and Financial Condition ( MD&A ) Quarter ended March 31, 2007 compared with quarter ended March 31, 2006 OVERVIEW The following discussion and analysis explains trends in Accord Financial Corp s ("Accord" or the "Company") results of operations and financial condition for the quarter ended March 31, 2007 compared with the quarter ended March 31, It is intended to help shareholders and other readers understand the dynamics of the Company s business and the factors underlying its financial results. Where possible, issues have been identified that may impact future results. This MD&A should be read in conjunction with the Company s interim unaudited consolidated financial statements (the "Statements") and notes for the above noted periods, which are included as part of this 2007 First Quarter Report and as an update in conjunction with the discussion and analysis and audited consolidated financial statements and notes thereto included in the Company s 2006 Annual Report. Additional information pertaining to the Company, including its Annual Information Form, is filed with SEDAR at All amounts discussed in this MD&A are expressed in Canadian dollars unless otherwise stated and have been prepared in accordance with Canadian generally accepted accounting principles ("GAAP"). Please refer to note 3(c) to the Statements regarding the Company s use of accounting estimates in the preparation of its financial statements in accordance with GAAP. The following discussion contains certain forwardlooking statements that are subject to significant risks and uncertainties that could cause actual results to differ materially from historical results and percentages. Factors that may impact future results are discussed in the Risks and Uncertainties section below. ACCORD S BUSINESS Accord is a leading North American provider of asset-based financial services to businesses, including factoring, financing, collection services, credit investigation and guarantees. The Company s financial services are discussed in more detail in its 2006 Annual Report. Its clients operate in many industries, including apparel, automotive, electronics, oilfield services, temporary staffing, telecommunications, financial services, textiles, food products, furniture, sporting goods, leisure products, transportation, footwear, plastics, freight forwarding and industrial products. The factoring industry in North America is highly competitive and continues to be in transition with the consolidation and merger of major factors, and the entry of new players in niche markets. The Company continues to search for and investigate new business opportunities and acquisitions to fuel continued growth. The Company operates three factoring companies in North America, namely, Accord Business Credit Inc. ("ABC") and Montcap Financial Corporation ("MFC") in Canada and Accord Financial, Inc. ("AFI") in the United States. ABC has been in operation since MFC and AFI were acquired on Dec. 31, The Company s business principally involves: (i) recourse factoring by MFC and AFI, which entails financing or purchasing receivables on a recourse basis, as well as financing other tangible assets, such as inventory, equipment and real estate; and (ii) nonrecourse factoring by ABC, which principally involves providing credit guarantees and collection services on a non-recourse basis, generally without financing. RESULTS OF OPERATIONS Quarter ended March 31, 2007 compared with quarter ended March 31, 2006 Net earnings declined by $297,000 or 18% to $1,394,000 in the first quarter of 2007 compared to last year s first quarter record of $1,691,000. The decrease in net earnings principally resulted from a decline in revenue. Diluted earnings per common share for the quarter were 15 cents, 12% below last year s record 17 cents. The percentage decrease in diluted earnings per share was lower than that of net earnings due to fewer shares outstanding. Factoring volume declined by 1% to $366 million but was the second highest first quarter ever compared to the record $371 million last year. Recourse volume rose by 2%, while non-recourse volume declined by 5% compared to the first quarter of Revenue decreased by 8% to $6,616,000 in the current quarter compared with the first quarter record of $7,214,000 last year. Revenue declined due to lower factoring yields, in part as a result of lower miscellaneous fees this quarter, and the decline in factoring volume. Total expenses for the first quarter decreased by First Quarter Report

4 Quarterly Financial Information (unaudited, in thousands of dollars, except earnings per share) Diluted Net Earnings Quarter ended Revenue Earnings Per Share 2007 March 31 $ 6,616 $ 1,394 $ December 31 $ 7,647 $ 2,460 $ 0.25 September 30 7,006 1, June 30 6,997 1, March 31 7,214 1, Total $ 28,864 $ 7,117 $ December 31 $ 7,117 $ 2,796 $ 0.28 September 30 6,691 1, June 30 6,554 1, March 31 5,868 1, Total $ 26,230 $ 6,210 $ 0.62 $101,000 or 2% to $4,514,000 compared to $4,615,000 last year. General and administrative ("G&A") expenses declined by $83,000 to $3,367,000 as the Company continued to manage expenses closely, while interest expense fell by $48,000 to $540,000 and depreciation decreased to $66,000. The provision for credit and loan losses, a combination of net charge-offs and adjustments to the Company s allowances for losses, rose by $43,000 to $540,000. G&A expenses, which comprise personnel costs and other overheads, declined by 2% on lower costs at ABC and MFC. AFI s G&A expenses increased by 9% on higher personnel and marketing costs and a slightly stronger U.S. dollar this quarter compared to the first quarter of Interest expense decreased by 8% on a 15% fall in average borrowings (bank indebtedness and notes payable). The impact of the decline in average borrowings was partly offset by higher Canadian and U.S. interest rates. The provision for credit and loan losses rose principally due to the higher increase in the allowances for losses required this quarter than in last year s first quarter. Canadian operations reported a 4% decrease in net earnings in the first quarter of 2007 compared to 2006 (see note 10 to the Statements). Net earnings fell by $46,000 to $1,020,000 compared to $1,066,000 last year on a decline in revenue. Revenue declined by $135,000 to $5,273,000 on somewhat lower factoring yields. Expenses, including income tax, declined by $89,000 or 2% to $4,253,000. The decrease in expenses resulted from a $151,000 reduction in G&A expenses, a $24,000 decrease in income tax expense on lower pre-tax earnings and a $12,000 decline in depreciation expense. Partly offsetting these decreases was a $50,000 rise in the provision for credit and loan losses principally for the reason noted above and a $48,000 rise in interest expense. U.S. operations experienced lower earnings this quarter than last year. Net earnings declined by 40% to $374,000 compared to $625,000 in 2006 s first quarter. Revenue declined by 20% to $1,561,000 on lower volume and factoring yields. Expenses, including income tax, fell by $141,000 or 11% to $1,187,000 on a $175,000 fall in income tax expense due to lower pre-tax earnings. Interest expense decreased by $27,000 to $33,000 on lower borrowings, while the provision for credit and loan losses declined by $7,000 to $60,000. G&A expenses rose by $68,000 to $857,000. Depreciation was unchanged. REVIEW OF BALANCE SHEET Shareholders equity at March 31, 2007 totalled $40,296,000, a $350,000 increase compared to $39,946,000 at March 31, 2006 and $579,000 above the $39,717,000 at December 31, Book value per common share rose by $0.25 to $4.27 at March 31, 2007 compared to $4.02 a year earlier and was $4.21 at December 31, The increase in shareholders equity largely resulted from higher retained earnings resulting from net earnings; it is noted the increase was to a large degree offset by the repurchase and cancellation of the Company s common shares pursuant to its normal course issuer bids ("Bid") and the payment of dividends. Book value per common share largely rose as a result of a lower number of outstanding shares due to repurchasing shares under the Bid. Total assets were $90,121,000 at March 31, 2007 compared to the record $96,134,000 at March 31, 2006 and $84,679,000 at December 31, Total assets largely comprised factored receivables and loans. Excluding inter-company balances, identifiable assets located in the United States were 24% of total assets at March 31, 2007 compared with 27% at March 31, Gross factored receivables and loans, before the allowance for losses thereon, totalled $88,504,000 at March 31, 2007, just 3% below the quarter-end record high of $91,490,000 at March 31, 2006 and 9% above the $81,284,000 at December 31, 2006 (see note 4 to the Statements). Factored receivables and loans, net of the allowance for losses thereon, were $86,808,000 at March 31, 2007 compared to $89,633,000 at March 31, 2006 and $79,863,000 at December 31, Factored receivables and loans principally represent advances made by our recourse factoring subsidiaries MFC and AFI to clients in a wide variety of industries. The Company also contracts with other clients to assume the credit risk associated with respect to their receivables without financing them. Since the Company does not take title to these receivables, they do not appear on its balance sheet. These "managed" receivables totalled $116 million at March 31, 2007, compared to $125 million at March 31, 2006 and $105 million at December 31, Managed receivables comprise the non-recourse receivables of ABC s clients. 2 Accord Financial Corp.

5 The Company s total portfolio, which comprises gross factored receivables and loans and managed receivables, totalled $204 million at March 31, 2007, 6% lower than the $217 million at March 31, 2006 but 9% higher than the $187 million at December 31, The Company s allowance for losses on gross factored receivables and loans decreased by $161,000 to $1,696,000 at March 31, 2007 compared to $1,857,000 at March 31, 2006 but was higher than the $1,421,000 at December 31, This allowance tends to fluctuate with gross factored receivables and loans and the credit risk inherent therein. The allowance for losses relating to the guarantee of managed receivables decreased to $811,000 at March 31, 2007 compared to $846,000 at March 31, 2006 but was higher than the $720,000 at December 31, This allowance represents the fair value of expected payments to ABC s clients under the Company s guarantees. The allowance tends to fluctuate with managed receivables and the credit risk inherent therein. As the managed receivables are off-balance sheet, this liability is included as a component of accounts payable and other liabilities. Credit risk relating to both the Company s gross factored receivables and loans and managed receivables is mitigated in a variety of ways. This is discussed on pages 19 and 20 of the Company s 2006 Annual Report. The estimate of both allowances for losses is judgmental. Management considers each allowance for losses to be adequate. Cash totalled $1,105,000 at March 31, 2007 compared with $2,158,000 at March 31, 2006 and $2,150,000 at December 31, The Company endeavors to minimize cash balances as far as possible when it has bank indebtedness outstanding. However, due to the large volume of cash being processed daily, it is necessary that a certain amount of cash be held to fund daily requirements. Changes in other assets, capital assets and goodwill were not significant. Future income tax assets declined by $1,833,000 to $192,000 at March 31, 2007 compared with $2,025,000 at March 31, 2006 and declined by $392,000 compared with $584,000 at December 31, The decrease since March 31, 2006 principally results from utilization of the majority of the tax loss carryforwards acquired as part of 2005 s purchase of i Trade Finance Inc. and also the subsequent settlement of remaining lease obligations relating to one of the Company s Montreal offices. Future tax assets had been established for both these items. Total liabilities at March 31, 2007 were $49,824,000 compared to $56,187,000 at March 31, 2006 and $44,962,000 at December 31, Bank indebtedness totalled $33,347,000 at March 31, 2007 compared to $39,315,000 at March 31, 2006 and $26,687,000 at December 31, The decrease since last March 31 principally resulted from lower gross factored receivables and loans and the increase in notes payable, among other things. Amounts due to clients totalled $3,142,000 at March 31, 2007 compared to $2,969,000 at March 31, 2006 and $4,227,000 at December 31, Amounts due to clients principally consist of receivables collected but not yet remitted to the Company s clients. Contractually, the Company remits collections a day or two after receipt. Fluctuations in amounts due to clients are not unusual. Accounts payable and other liabilities totalled $2,856,000 at March 31, 2007 compared to $4,684,000 at March 31, 2006 and $3,720,000 at December 31, As noted above, accounts payable and other liabilities include the allowance for losses on the guarantee of managed receivables. It also includes $726,000 at March 31, 2007 in respect of the fair value of a forward foreign exchange contract compared with $1,484,000 at March 31, 2006 on two outstanding contracts (see Financial Instruments section below and note 11 to the Statements). The balance at March 31, 2006 also included accrued liabilities of $701,000 related to the consolidation of the Company s Montreal operations, which was subsequently paid. Changes in income taxes payable and deferred income were not significant. Notes payable totalled $9,204,000 at March 31, 2007 compared to $7,679,000 at March 31, 2006 and $9,195,000 at December 31, 2006 (see Related Party Transactions section below). The increase since last March 31 represents additional notes issued and accrued interest. Capital stock totalled $5,990,000 at March 31, 2007 compared to $5,986,000 at March 31, 2006 and $5,991,000 at December 31, Note 7 to the Statements provides details of changes in the Company s issued and outstanding shares during the current quarter and the Company s latest Bid. This commenced August 8, 2006 and will terminate on the earlier of August 7, 2007 or the date on which a total of 488,158 common shares have been repurchased. To March 31, 2007 the Company had repurchased and cancelled 321,7000 common shares acquired under this Bid. Details of the Company s stock option plans are set out in note 10(e) to the Company s 2006 audited financial statements included in its 2006 Annual Report. Contributed surplus totalled $203,000 at March 31, 2007 compared to $225,000 at March 31, 2006 and First Quarter Report

6 $201,000 at December 31, The small increase in 2007 comprises the first quarter s stock-based compensation expense. Please refer to note 6 to the Statements. Retained earnings totalled $38,645,000 at March 31, 2007 compared to $37,976,000 at March 31, 2006 and $37,780,000 at December 31, In the current quarter, retained earnings increased by $865,000, which was comprised of net earnings of $1,394,000 less dividends paid of $519,000 (5.5 cents per common share) and the approximate $10,000 premium paid on the 1,300 shares repurchased under the Bid. In the first quarter of 2006, retained earnings increased by $1,239,000, which was comprised of net earnings of $1,691,000 less dividends paid of $447,000 (4.5 cents per common share) and the $5,000 premium paid on the 800 shares repurchased under the Bid. Please refer to the Consolidated Statements of Retained Earnings on page 8 of this report. Accumulated other comprehensive loss, which comprises the unrealized loss on translation of the Company s U.S. operations (formerly known as the cumulative translation adjustment), was negative $4,541,000 at March 31, 2007 compared to negative $4,241,000 at March 31, 2006 and negative $4,255,000 at December 31, The $300,000 decline since March 31, 2006 was caused by the impact of the decline in the U.S. dollar against the Canadian dollar on the Company s net investment in its U.S. subsidiary of approximately US$26 million. The value of the U.S. dollar declined against the Canadian dollar from $1.168 at March 31, 2006 to approximately $1.155 at March 31, 2007 thereby reducing the Canadian dollar equivalent of the Company s investment by $300,000. LIQUIDITY AND CAPITAL RESOURCES Quarter ended March 31, 2007 compared with quarter ended March 31, 2006 The Company s financing and capital requirements generally increase with the level of factored receivables and loans outstanding. The collection period and resulting turnover of outstanding receivables also impact financing needs. In addition to cash flow generated from operations, the Company maintains bank lines of credit in Canada and the United States. Bank borrowings are usually margined as a percentage of outstanding factored receivables and loans. The Company also raises funds through its notes payable program. During the current quarter the Company expanded its available credit lines by $25 million and had credit lines totalling approximately $92 million at March 31, The Company borrowed approximately $33 million against these facilities. Funds generated through notes payable and from operations decrease the usage of, and dependence on, the Company s bank lines. As noted in the Review of Balance Sheet section above, the Company had cash of $1,105,000 at March 31, 2007 compared to $2,158,000 at March 31, As far as possible, cash balances are maintained at a minimum and surplus cash is used to repay bank indebtedness. Cash inflow from operating activities before changes in non-cash operating items totalled $2,358,000 in the first quarter of 2007 compared with $2,717,000 last year. After changes in non-cash operating items are taken into account, there was a net cash outflow from operating activities of $6,889,000 in the first quarter compared to $5,787,000 last year. The net cash outflow in the current quarter largely resulted from funding a $7,220,000 increase in gross factored receivables and loans. In the first quarter of 2006, the net cash outflow principally resulted from funding a $5,759,000 rise in gross factored receivables and loans. Changes in other non-cash operating items are discussed above and are set out in the Company s Consolidated Statements of Cash Flows on page 9 of this report. Cash outflows from investing activities, namely, net capital expenditures, totalled $21,000 in the current quarter compared to $8,000 in the first quarter of Net cash inflow from financing activities totalled $6,141,000 in the current quarter compared to $6,662,000 last year. In the current quarter, bank indebtedness rose by $6,661,000, principally to fund the increase in gross factored receivables and loans, while notes payable, net, of $9,000 were issued. Offsetting these cash inflows, were dividend payments of $519,000 and the repurchase of common shares under the Bid at a cost of $10,000. In the first quarter of 2006, bank indebtedness rose by $6,723,000, principally to fund the increase in gross factored receivables and loans, while notes payable, net, and common shares of $381,000 and $11,000, respectively, were issued. Offsetting these cash inflows, were dividend payments of $447,000 and the repurchase of common shares under the Bid at a cost of $6,000. The effect of change from translation in the current quarter comprised a $276,000 decrease compared to a $123,000 increase last year. In total, there was a $1,045,000 decline in cash in the current quarter compared to a $990,000 increase in the first quarter of Management believes that the current cash balance and existing credit lines together with cash flow from operations will be more than sufficient to meet the cash requirements of working capital, capital expenditures, operating expenditures, dividend payments and share repurchases and provide sufficient liquidity and capital resources for future growth. 4 Accord Financial Corp.

7 CONTRACTUAL OBLIGATIONS AND COMMITMENTS AT MARCH 31, 2007 Payments due in Less than (in thousands) 1 year 1 to 3 years 4 to 5 years After 5 years Total Operating lease obligations $ 298 $ 489 $ 474 $ 607 $1,868 Purchase obligations Total $ 436 $ 489 $ 474 $ 607 $2,006 RELATED PARTY TRANSACTIONS As noted above, the Company has borrowed funds (notes payable) on an unsecured basis from shareholders, management, employees, other related individuals and third parties. These notes are repayable on demand and bear interest at bank prime rate less one half of one percent per annum, which is below the rate of interest the Company pays to its banks. Notes payable at March 31, 2007 increased to $9,204,000 compared with $7,679,000 at March 31, Of these notes payable, $7,954,000 ( $6,770,000) was owing to related parties and $1,250,000 ( $909,000) to third parties. Interest expense on these notes in the current quarter was $106,000 ( $85,000). FINANCIAL INSTRUMENTS Financial assets and liabilities, such as factored receivables and loans, cash, bank indebtedness, amounts due to clients, accounts payable and other liabilities, and notes payable, recorded at cost are short term in nature and, therefore, the carrying values approximate fair values. In order to manage its foreign exchange exposure on a US$3,000,000 loan payable, the Company entered into a forward foreign exchange contract with a financial institution that matures on June 15, 2007 and obliges the Company to sell Canadian dollars and buy US$3,000,000 at an exchange rate of The Company recognized an unrealized loss of $726,000 in respect of the contract at March 31, 2007, being the fair value of this financial instrument as at that date ( $1,484,000 on two outstanding contracts totalling US$7,000,000). As a result of entering into the contract, the Company has not been exposed to any foreign exchange gains or losses on the loan. CRITICAL ACCOUNTING ESTIMATES Critical accounting estimates represent those estimates that are highly uncertain and for which changes in those estimates could materially impact the Company s financial results. The following are accounting estimates that the Company considers critical to the financial results of its business segments: i) the allowance for credit and loan losses on both its factored receivables and loans and its guarantee of managed receivables. The Company maintains a separate allowance for losses on each of the above items at amounts, which, in management's judgment, are sufficient to cover losses thereon. The allowances are based upon several considerations including current economic trends, condition of the loan and receivable portfolios and typical industry loss experience. These estimates are particularly judgmental and operating results may be adversely affected by significant unanticipated credit or loan losses, such as occur in a bankruptcy or insolvency. Management believes that its allowances for losses are sufficient and appropriate and does not consider it reasonably likely that the Company s material assumptions will change (see note 4 to the Statements). ii) the extent of any provisions required for outstanding claims. In the normal course of business there is outstanding litigation, the results of which are not normally expected to have a material effect upon the Company. However, the adverse resolution of a particular claim could have a material impact on the Company s financial results. We are not aware of any significant claims currently outstanding. ADOPTION OF NEW ACCOUNTING POLICIES Effective January 1, 2007 the Company adopted The Canadian Institute of Chartered Accountants ("CICA") new accounting standards comprising handbook sections 3855 "Financial Instruments Recognition and Measurement", 3865 "Hedges", 1530 "Comprehensive Income", and 3251 "Equity". These standards provide guidance on the recognition, measurement and classification of financial assets, financial liabilities and non-financial derivatives. All financial assets, including derivatives, are measured at fair value on the consolidated balance sheet with the exception of loans, receivables, investments classified as held to maturity and certain private equity investments, which are measured at cost or amortized cost. Financial liabilities that are held for trading or are derivatives or guarantees are measured at fair value on the consolidated balance sheet. Other financial liabilities are measured at amortized cost. The new standards also establish the accounting requirements for hedges. Any hedge ineffectiveness will be recognized immediately in income. Accumulated other comprehensive income (AOCI) will be included on the consolidated balance sheet as a separate component of shareholders equity. There were no changes in the carrying value of financial instruments and related deferred balances as a result of adopting these new standards. RISKS AND UNCERTAINTIES THAT COULD AFFECT FUTURE RESULTS Past performance is not a guarantee of future performance. Although management remains optimistic about the Company s long-term prospects, future results are subject to substantial risks and First Quarter Report

8 uncertainties. Factors that may impact the Company s results include, but are not limited to, the factors discussed below. Competition The Company operates in an intensely competitive environment and its results could be significantly affected by the activities of other industry participants. The Company expects competition to persist and intensify in the future as the markets for its services continue to develop and as additional companies enter its markets. There can be no assurance that the Company will be able to compete effectively with current and future competitors. If these or other competitors were to engage in aggressive pricing policies with respect to competing services, the Company would likely lose some clients or be forced to lower its rates, both of which could have a material adverse effect on the Company s business, operating results and financial condition. The Company will not, however, compromise its credit standards. Economic slowdown The Company operates in Canada and the United States. Economic weakness in either of the Company s markets affects its ability to do new business as quality prospects become limited. Further, the Company s clients and their customers are often adversely affected by economic slowdowns and this can lead to increases in its provision for credit and loan losses. Credit risk The Company is in the business of factoring its clients receivables and making other asset-based loans. The Company s portfolio totalled approximately $204 million at March 31, Operating results may be adversely affected by large bankruptcies and/or insolvencies. Interest rate risk The Company's agreements with its clients (interest revenue) and lenders (interest expense) usually provide for rate adjustments in the event of interest rate changes so that the Company's spreads are protected to some degree. However, as the Company s factored receivables and loans substantially exceed its borrowings, the Company is exposed to some degree to interest rate fluctuations. Foreign currency risk The Company operates internationally. Accordingly, a portion of its financial resources are held in currencies other than the Canadian dollar. The Company s policy is to manage financial exposure to foreign exchange fluctuations and to attempt to neutralize the impact of foreign exchange movements on its operating results where possible. In recent years, the Company has seen the weakening of the U.S. dollar against the Canadian dollar affect its operating results upon the translation of its U.S. subsidiary s results into Canadian dollars. It has also caused a decrease in the value of the Company s net Canadian dollar investment in its U.S. subsidiary. Potential acquisitions and investments The Company seeks to acquire or invest in businesses that expand or complement its current business. Such acquisitions or investments may involve significant commitments of financial or other resources of the Company. There can be no assurance that any such acquisitions or investments will generate additional earnings or other returns for the Company, or that financial or other resources committed to such activities will not be lost. Such activities could also place additional strains on the Company s administrative and operational resources and its ability to manage growth. Personnel significance Employees are a significant asset of the Company. Market forces and competitive pressures may adversely affect the ability of the Company to recruit and retain key qualified personnel. The Company mitigates this risk by providing a competitive compensation package, which includes profit sharing and medical benefits, as it continuously seeks to align the interests of employees and shareholders. OUTLOOK The Company s principal objective is managed growth putting quality new business on the books while maintaining high standards of credit. Recent marketing initiatives and alliances are continuing to bear fruit. Export Ease, our export factoring program, and our association with Liquid Capital Corp. have been producing growth. MFC has a long standing referral program with Bank of Nova Scotia, which includes an export factoring program marketed to the bank s customers, and future referrals. Our U.S. operation is starting to see increased deal flow and is active within the turnaround management industry and private equity investors. Through experienced management and staff, coupled with its financial resources, the Company is well positioned to meet increased competition and develop new opportunities, although it continues to look to introduce new financial and credit services to fuel growth in a very competitive and challenging environment. Finally, it continues to seek promising companies or loan portfolios to acquire. Stuart Adair Chief Financial Officer May 2, Accord Financial Corp.

9 Notice to Reader Management has prepared these interim unaudited consolidated financial statements and notes and is responsible for the integrity and fairness of the financial information presented therein. They have been reviewed and approved by the Company's Audit Committee and Board of Directors. The Company's auditors have not reviewed or audited these interim unaudited consolidated financial statements. Consolidated Balance Sheets (unaudited) March March December Assets (Audited) Factored receivables and loans, net $ 86,807,989 $ 89,632,751 $ 79,862,733 Cash 1,105,182 2,157,907 2,150,126 Other assets 217, , ,501 Future income taxes, net 192,275 2,024, ,013 Capital assets 688, , ,928 Goodwill 1,110,375 1,123,262 1,120,761 $ 90,121,039 $ 96,133,903 $ 84,679,062 Liabilities Bank indebtedness $ 33,347,288 $ 39,315,386 $ 26,686,667 Due to clients 3,142,193 2,968,975 4,226,682 Accounts payable and other liabilities 2,856,485 4,683,616 3,719,852 Income taxes payable 221, , ,796 Deferred income 1,051,865 1,131, ,986 Notes payable 9,204,396 7,679,067 9,194,764 49,824,064 56,187,410 44,961,747 Shareholders' equity Capital stock 5,989,821 5,985,664 5,990,645 Contributed surplus 202, , ,396 Retained earnings 38,645,033 37,976,300 37,779,781 Accumulated other comprehensive loss (note 12) (4,540,681) (4,240,661) (4,254,507) 40,296,975 39,946,493 39,717,315 $ 90,121,039 $ 96,133,903 $ 84,679,062 Common shares outstanding 9,441,471 9,932,071 9,442,771 First Quarter Report

10 Consolidated Statements of Earnings (unaudited) Three months ended March Revenue Factoring commissions, discounts, interest and other income $ 6,616,480 $ 7,213,759 Expenses Interest 539, ,344 General and administrative 3,367,804 3,451,094 Provision for credit and loan losses 540, ,888 Depreciation 66,056 78,218 4,513,671 4,614,544 Earnings before income taxes 2,102,809 2,599,215 Income tax expense 709, ,000 Net earnings $ 1,393,809 $ 1,691,215 Earnings per common share Basic $ 0.15 $ 0.17 Diluted $ 0.15 $ 0.17 Weighted average number of common shares Basic 9,441,583 9,930,806 Diluted 9,568,792 10,085,791 Consolidated Statements of Retained Earnings (unaudited) Three months ended March Retained earnings at January 1 $ 37,779,781 $ 36,737,298 Net earnings 1,393,809 1,691,215 Dividends (519,280) (446,943) Premium on shares repurchased for cancellation (9,277) (5,270) Retained earnings at March 31 $ 38,645,033 $ 37,976,300 8 Accord Financial Corp.

11 Consolidated Statements of Cash Flows (unaudited) Three months ended March Cash provided by (used in) Operating activities Net earnings $ 1,393,809 $ 1,691,215 Items not affecting cash Allowances for losses, net of charge-offs and recoveries 366, ,400 Deferred income 138, ,404 Depreciation 66,056 78,218 Future income tax expense 391, ,035 Stock-based compensation expense 1,406 5,247 2,357,888 2,716,519 Change in non-cash operating items Factored receivables and loans, gross (7,220,256) (5,759,268) Due to clients (1,084,489) (2,123,227) Income taxes payable 1, ,315 Other assets 11,304 (96,337) Accounts payable and other liabilities (954,367) (849,275) (9,246,767) (8,503,792) (6,888,879) (5,787,273) Investing activities Additions to capital assets, net (21,149) (7,681) Financing activities Bank indebtedness 6,660,621 6,722,590 Notes issued, net 9, ,254 Issuance of shares 10,800 Repurchase and cancellation of shares (10,101) (5,744) Dividends paid (519,280) (446,943) 6,140,872 6,661,957 Effect of change from translation (275,788) 122,581 (Decrease) increase in cash (1,044,944) 989,584 Cash at beginning of period 2,150,126 1,168,323 Cash at end of period $ 1,105,182 $ 2,157,907 Supplemental cash flow information Interest paid $ 456,615 $ 494,820 Income taxes paid $ 598,725 $ 244,470 First Quarter Report

12 Notes to Consolidated Financial Statements (unaudited) Three months ended March 31, 2007 and Description of the business Accord Financial Corp. (the "Company") is incorporated by way of Articles of Continuance under the Business Corporations Act (Ontario) and, through its subsidiaries, is engaged in providing asset-based financial services, including factoring, financing, credit investigation, guarantees and receivables collection to industrial and commercial enterprises, principally in Canada and the United States of America. 2. Basis of presentation These interim unaudited consolidated financial statements (the "Statements") are expressed in Canadian dollars and have been prepared in accordance with Canadian generally accepted accounting principles ("GAAP") with respect to interim financial statements, applied on a consistent basis. Accordingly, they do not include all of the information and footnotes required for compliance with GAAP in Canada for annual audited financial statements. These Statements and notes should be read in conjunction with the audited consolidated financial statements and notes included in the Company s Annual Report for the fiscal year ended Dec. 31, The accounting policies adopted for the preparation of these Statements are the same as those applied for the Company s audited financial statements for the fiscal year ended Dec. 31, 2006, except for the adoption of the new accounting policies detailed in note 3(a) below. The preparation of these Statements and the accompanying unaudited notes requires management to make estimates and assumptions that affect the amounts reported (see note 3(c)). In the opinion of management, these Statements reflect all adjustments necessary to state fairly the results for the periods presented. Actual results could vary from these estimates and the operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. 3. Significant accounting policies a) Adoption of new accounting policies Effective January 1, 2007 the Company adopted The Canadian Institute of Chartered Accountants ("CICA") new accounting standards comprising handbook sections 3855 "Financial Instruments Recognition and Measurement", 3865 "Hedges", 1530 "Comprehensive Income", and 3251 "Equity". These standards provide guidance on the recognition, measurement and classification of financial assets, financial liabilities and non-financial derivatives. All financial assets, including derivatives, are measured at fair value on the consolidated balance sheet with the exception of loans, receivables, investments classified as held to maturity and certain private equity investments, which are measured at cost or amortized cost. Financial liabilities that are held for trading or are derivatives or guarantees are measured at fair value on the consolidated balance sheet. Other financial liabilities are measured at amortized cost. The new standards also establish the accounting requirements for hedges. Any hedge ineffectiveness is recognized immediately in income. Accumulated other comprehensive income or loss is now included on the consolidated balance sheet as a separate component of shareholders equity. There were no changes in the carrying value of financial instruments and related deferred balances as a result of adopting these new standards. b) Basis of consolidation These financial statements consolidate the accounts of the Company and its subsidiaries, namely, Accord Business Credit Inc. ("ABC") and Montcap Financial Corporation ("MFC") in Canada and Accord Financial, Inc. ("AFI") in the United States. Inter-company balances and transactions are eliminated upon consolidation. 10 Accord Financial Corp.

13 c) Accounting estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Estimates that are particularly judgmental relate to the determination of the allowance for losses relating to factored receivables and loans and to the guarantee of managed receivables (see note 4). Management believes that both allowances for losses are adequate. d) Revenue recognition Revenue principally comprises factoring commissions from our recourse and non-recourse factoring businesses. Factoring commissions are calculated as a discount percentage of the gross amount of the factored invoice. These commissions are recognized as revenue at the time of factoring. A portion of the revenue is deferred and recognized over the period when costs are being incurred in collecting the receivables. Additional factoring commissions are charged on a per diem basis if the invoice is not paid on the due date. Interest charges on loans are recognized in revenue on an accrual basis. Other revenue, such as due diligence fees, documentation and commitment fees is recognized as revenue when earned. e) Allowances for losses The Company maintains a separate allowance for losses on both its factored receivables and loans and its guarantee of managed receivables. The Company maintains these allowances for losses at amounts, which, in management's judgment, are sufficient to cover losses thereon. The allowances are based upon several considerations including current economic trends, condition of the loan and receivable portfolios and typical industry loss experience. Credit losses on factored receivables are charged to the respective allowance for losses account when debtors are known to be bankrupt or insolvent. Losses on loans are charged to the allowance for losses when collectibility becomes questionable and the underlying collateral is considered insufficient to secure the loan balance. Recoveries on previously written-off accounts are credited to the respective allowance for losses account. f) Foreign subsidiary The assets and liabilities of the Company's self-sustaining U.S. subsidiary are translated into Canadian dollars at the exchange rate prevailing at the balance sheet date. Revenue and expenses are translated into Canadian dollars at the average monthly exchange rate then prevailing. Resulting foreign exchange gains and losses are credited or charged to the accumulated other comprehensive income or loss component of shareholders equity. 4. Factored receivables and loans (in thousands) Mar. 31, 2007 Mar. 31, 2006 Dec. 31, 2006 Factored receivables $ 63,112 $ 65,342 $ 57,839 Loans to clients 25,392 26,148 23,445 Gross factored receivables and loans 88,504 91,490 81,284 Allowance for losses 1,696 1,857 1,421 Net factored receivables and loans $ 86,808 $ 89,633 $ 79,863 Managed receivables $ 115,731 $ 125,496 $ 105,339 The Company has also entered into agreements with certain clients whereby it has assumed the credit risk with respect to the majority of those clients receivables ("managed receivables"). Management has provided an amount of $811,000 ( $846,400) as an allowance for losses on the guarantee of these managed receivables. As these managed receivables are off-balance sheet, this liability has been included in the total of accounts payable and other liabilities. 5. Income taxes The Company provides for income taxes in its interim unaudited consolidated financial statements based on the estimated effective tax rate for the full fiscal year in those jurisdictions in which the Company and its subsidiaries operate. 6. Stock-based compensation The Company accounts for stock-based compensation, including stock option grants, using a fair value based method. Stock options are granted to employees First Quarter Report

14 and non-executive directors at prices not less than the market price of such shares on the grant date. These options vest over a period of three years provided certain earnings criteria are met. The Company utilizes the Black-Scholes option-pricing model to calculate the fair value of the stock options on the grant date. This fair value is expensed over the award's vesting period. No stock options were granted by the Company during the quarters ended March 31, 2007 and The stock-based compensation expense recorded in general and administrative expenses for the quarter ended March 31, 2007 was $1,406 ( $5,247) with a corresponding credit to contributed surplus. This expense pertains to options granted for which the vesting period of such options includes, in whole or in part, the quarter ended March 31, Capital stock a) Issued and outstanding The common shares issued and outstanding are as follows: Number Amount Number Amount Balance at January 1 9,442,771 $5,990,645 9,929,871 $5,975,338 Issued on exercise of stock options 3,000 10,800 Shares repurchased for cancellation (1,300) (824) (800) (474) Balance at March 31 9,441,471 $5,989,821 9,932,071 $5,985,664 (b) Share repurchase program On August 3, 2005, the Company received approval from the Toronto Stock Exchange ("TSE") to commence a normal course issuer bid (the "2005 Bid") for up to 497,278 of its common shares at prevailing market prices on the TSE. The 2005 Bid commenced August 5, 2005 and terminated on August 4, A total of 291,400 common shares were repurchased under the 2005 Bid at an average price of $7.89 per share for a total cost of $2,297,821. This amount was applied to reduce share capital and retained earnings by $177,245 and $2,120,576, respectively. On August 2, 2006, the Company received approval from the TSE to commence a new normal course issuer bid (the "2006 Bid") for up to 488,158 of its common shares at prevailing market prices on the TSE. The 2006 Bid commenced August 8, 2006 and will terminate on the earlier of August 7, 2007 or the date on which a total of 488,158 common shares have been repurchased pursuant to its terms. All shares repurchased pursuant to the 2006 Bid will be cancelled. To March 31, 2007, the Company had repurchased and cancelled 321,700 common shares acquired under the 2006 Bid at an average price of $7.62 per common share for a total consideration of $2,451,975, which was applied to reduce share capital by $204,091 and retained earnings by $2,247,884. During the quarter ended March 31, 2007, the Company repurchased and cancelled 1,300 common shares acquired under the 2006 Bid at an average price of $7.77 per common share for a total consideration of $10,101, which was applied to reduce share capital by $824 and retained earnings by $9,277. During the quarter ended March 31, 2006, the Company repurchased and cancelled 800 common shares acquired under the 2005 Bid at an average price of $7.18 per common share for a total consideration of $5,744, which was applied to reduce share capital by $474 and retained earnings by $5, Weighted average number of common shares outstanding Basic earnings per common share have been calculated based on the weighted average number of common shares outstanding in the period without the inclusion of dilutive effects. Diluted earnings per common share are calculated based on the weighted average number of common shares plus dilutive common share equivalents outstanding in the period which, in the Company s case, consist entirely of stock options. The following is a reconciliation of common shares used in the calculations: Three months ended March Basic weighted average number of common shares outstanding 9,441,583 9,930,806 Effect of dilutive stock options 127, ,985 Diluted weighted average number of common shares outstanding 9,568,792 10,085, Accord Financial Corp.

15 9. Contingent Liabilities (a) In the normal course of business there is outstanding litigation, the results of which are not expected to have a material effect upon the Company. (b) At March 31, 2007, the Company was contingently liable with respect to unaccepted letters of credit issued on behalf of clients in the amount of $1,383,753 ( $854,512). In addition, the Company was contingently liable with respect to letters of guarantee issued on behalf of clients in the amount of $509,983 ( $328,156). These amounts have been considered in determining the allowance for losses on factored receivables and loans. 10. Segmented information The Company operates and manages its businesses in one dominant industry segment providing asset-based financial services to industrial and commercial enterprises principally in Canada and the United States. There were no significant changes to capital assets and goodwill during the periods under review. Three months ended March 31, 2007 United Inter- (in thousands) Canada States company Total Identifiable assets $ 68,736 $ 34,078 $ (12,693) $ 90,121 Revenue $ 5,273 $ 1,561 $ (218) $ 6,616 Expenses Interest (218) 539 General and administrative 2, ,368 Provision for credit and loan losses Depreciation Income tax expense ,253 1,187 (218) 5,222 Net earnings $ 1,020 $ 374 $ $ 1,394 Three months ended March 31, 2006 United Inter- (in thousands) Canada States company Total Identifiable assets $ 70,655 $ 36,085 $ (10,606) $ 96,134 Revenue $ 5,408 $ 1,953 $ (147) $ 7,214 Expenses Interest (147) 589 General and administrative 2, ,451 Provision for credit and loan losses Depreciation Income tax expense ,342 1,328 (147) 5,523 Net earnings $ 1,066 $ 625 $ $ 1, Financial instruments At March 31, 2007, the Company had entered into a forward foreign exchange contract with a financial institution that matures on June 15, 2007 and obliges the Company to sell Canadian dollars and buy US$3,000,000 at an exchange rate of The contract was entered into by the Company for the purpose of managing its foreign exchange exposure on a US$3,000,000 loan. The Company recognized a liability of $726,450 in respect of the contract at March 31, 2007 ( $1,484,000 on outstanding contracts of US$7,000,000), which represented the fair value of this derivative financial instrument as at that date. This liability is included in the total of accounts payable and other liabilities. As a result of entering into the contract, the Company has not been exposed to any foreign exchange gains or losses on the loan. 12. Accumulated other comprehensive loss on translation of foreign operations Three months ended March 31 (in thousands) Balance at beginning of period (4,255) (4,368) Unrealized (loss) gain on translation of net U.S. operations (286) 127 Balance at end of period (4,541) (4,241) First Quarter Report

16 Keeping Business Liquid A CCORD F INANCIAL C ORP. (800) A CCORD B USINESS C REDIT I NC. (800) M ONTCAP F INANCIAL C ORP. (800) A CCORD F INANCIAL, INC. (800)

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