Goeasy reports $53M loss in Q1, compared with net gain of $38.7M last year

Goeasy reported a net loss during the first quarter of $53 million, down from net income of $38.7 million during the same period last year.   

That amounted to a diluted loss per share of $3.22, compared with diluted earnings per share of $2.28 during the prior year quarter. 

The non-prime lender says its revenue amounted to $413 million during the first quarter, rising 2% year over year from $405 million.   

The company says it generated $551.3 million in loan originations, down 19% compared to last year’s first quarter of $676.8 million. 

In March, Goeasy moved to suspend its dividend and announced it would take more than $200 million in charges in its fourth quarter. 

Goeasy CEO Patrick Ens says the company took decisive action in March to reduce its exposure to merchant-originated loans and that its direct-to-consumer business remains strong.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.