IOU Financial Inc. - IOUFF STOCK NEWS

The latest State of Small Business Survey from IOU Financial reveals strong performance and optimism among small business owners. Conducted in December 2022, the survey showed that 64% of respondents had better-than-expected performance in the latter half of 2022, while 85% rated their current business state as positive. Furthermore, 88% expect improved performance in early 2023. Concerns regarding inflation and recession have diminished since July 2022. The company emphasizes its role in supporting small businesses amid a challenging economic landscape.

IOU Financial Inc. (TSXV: IOU) has announced the repurchase of approximately $1.1 million in convertible debentures, bringing the total repurchases in 2022 to $3.5 million. This reduces the outstanding principal of debentures to $4.5 million, maturing on December 31, 2023. The company aims to lower corporate debt while enhancing loan originations, which recently hit a record US$74.2 million in Q3 2022. CEO Robert Gloer emphasized the commitment to operational scalability amidst ongoing positive earnings.

IOU Financial reported record loan originations of US$74.2 million in Q3 2022, a 25.8% increase from Q2 2022 and 42.1% over Q3 2021. Year-to-date originations totaled US$192.7 million, positioning the company to meet its 2022 guidance of US$220 million to US$260 million. Loans under management rose to US$186.1 million, up 26.1% from Q2 2022. The adjusted operating expense ratio decreased to 11.2% from 13.0% year-over-year. Despite a decline in net earnings to US$0.7 million, IOU’s strategic focus on scalability and growth remains strong.

IOU Financial Inc. has announced a repurchase of approximately $0.4 million of its convertible debentures, increasing its total repurchases for the year to $2.4 million. This strategic move reduces the outstanding principal value of the debentures to approximately $5.6 million, which are due by December 31, 2023. The company's President and CEO, Robert Gloer, emphasized the benefits of reducing corporate debt while simultaneously growing loan originations, reflecting confidence in their financial strategy.

IOU Financial Inc. announced record Q3 2022 loan originations of $74.2 million, a 25.8% increase from Q2 2022 and 42.1% year-over-year. Year-to-date originations reached $192.7 million, up 72.2% from 2021. This success is attributed to their Marketplace Strategy and Post-Pandemic Growth Plan, focusing on technology innovation, product expansion, and distribution. IOU maintains its 2022 guidance for loan originations between $220 million and $260 million.

IOU Financial Inc. (TSXV: IOU) has announced a change of auditor from PricewaterhouseCoopers LLP to KPMG LLP, effective August 26, 2022. The resignation of the Former Auditor was initiated by them, and there were no reportable events or modified opinions regarding IOU's financial statements for the last two fiscal years. KPMG will serve as the new auditor until the next annual general meeting. The company has originated over US$1 billion in small business loans since 2009 through its IOU360 technology platform.

IOU Financial Inc. reported strong financial results for Q2 2022, with net earnings of $0.9 million, marking five consecutive quarters of positive earnings. Year-to-date loan originations soared by 98.5% to $118.6 million, while Q2 originations reached $59 million, a 71.3% increase year-over-year. The company also improved its adjusted operating expense ratio to 10.2%. Revenue from servicing and fees surged 110.3% to $4.5 million, showcasing robust growth and scalability.