AMERICREDIT CORP. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR OPERATING RESULTS.FORT WORTH, Texas--(BUSINESS WIRE)-- Aug. 10, 1995--AmeriCredit Corp. (NYSE NYSE See: New York Stock Exchange : ACF (Advanced Communications Function) An earlier official product line name for IBM SNA programs, such as VTAM (ACF/VTAM) and NCP (ACF/NCP). ACF - Advanced Communications Function ) today announced net income of $22,350,000, or $.73 per share, for its fourth fiscal quarter ended June June: see month. 30, 1995. The fiscal 1995 fourth quarter results include an income tax benefit of $18,954,000. On a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta basis, earnings for the three months ended June 30, 1995 were $3,396,000, or $.11 per share. Net income for the same period last fiscal year was $1,386,000, or $.05 per share. For its fiscal year ended June 30, 1995, the company reported net income of $28,893,000, or $.95 per share. The fiscal 1995 year end results include an income tax benefit of $18,875,000. On a pre-tax basis, earnings for the fiscal year ended June 30, 1995 were $10,018,000, or $.33 per share. Net income for fiscal 1994 was $5,065,000, or $.16 per share. The income tax benefit included in net income for the fourth quarter and fiscal year ended June 30, 1995 arises primarily from the company's recognition of a deferred tax asset equal to the expected future tax savings from using its net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward carryforward 1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. . The company's net operating loss carryforward is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $50 million as of June 30, 1995 and expires between 2007 and 2009. Based upon the company's trend of positive operating results since entering the indirect consumer finance business in 1992 and future expectations, the company has determined that it is more likely than not that its net operating loss carryforward will be fully utilized prior to expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the carryforward period. The deferred tax asset will be expensed through a non-cash income tax provision against the company's future earnings as the net operating loss carryforward is used. The company will not pay regular federal income taxes until the net operating loss carryforward has been fully recovered. Indirect loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. were $77,276,000 and $230,176,000 for the three months and fiscal year ended June 30, 1995, respectively. Comparable loan volume for the quarter and year ended June 30, 1994 was $26,338,000 and $65,929,000, respectively. The indirect finance receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed portfolio grew by 256 percent in fiscal 1995 to $240,491,000 at June 30, 1995. Total finance receivables, including indirect and other loans, were $241,839,000 at June 30, 1995. Five branch offices were added in the fourth quarter of fiscal 1995 bringing the total number of openings to 13 in the fiscal year. The company plans to open 15 branches in fiscal 1996. AmeriCredit AmeriCredit Corp.(NYSE: ACF) is a Fort Worth-based company that provides car loans, both directly and through automobile dealerships, to medium- and high-risk customers in the United States and Canada. Their headquarters is located in Fort Worth, Texas. Corp. is a consumer finance company specializing in purchasing auto sales Auto Sales The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. finance contracts through 31 branch offices located in 20 states and a marketing representative organization. -0- AmeriCredit Corp. Consolidated Income Statements (Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Year Ended
June 30, June 30,
------------------------ ---------------------
1995 1994 1995 1994
----------- ----------- ----------- --------
Revenue:
Finance charge
income $ 10,874 $ 3,787 $ 30,249 $ 12,788
Investment income 282 393 1,284 2,550
Other income 523 113 1,551 544
----------- ----------- ----------- ---------
11,679 4,293 33,084 15,882
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Costs and expenses:
Operating expenses 4,516 2,507 14,773 9,400
Provision for
losses 1,589 361 4,278 1,249
Interest expense 2,178 39 4,015 168
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8,283 2,907 23,066 10,817
----------- ----------- ----------- -------
Income before
income tax benefit 3,396 1,386 10,018 5,065
Income tax benefit 18,954 18,875
----------- ----------- ----------- ---------
Net income $ 22,350 $ 1,386 $ 28,893 $ 5,065
=========== =========== =========== =========
Earnings per share $ .73 $ .05 $ .95 $ .16
=========== =========== =========== =========
Weighted average
shares and share
equivalents 30,809,604 30,345,589 30,380,749 31,818,083
=========== =========== =========== ==========
Condensed Consolidated Balance Sheets (Unaudited, Dollars in Thousands)
June 30, March 31, June 30,
1995 1995 1994
--------- --------- ---------
Cash and cash equivalents $ 33,586 $ 15,430 $ 42,262
Finance receivables 241,839 187,952 81,480
Allowance for losses (19,951) (16,176) (9,330)
--------- --------- ---------
Finance receivables, net 221,888 171,776 72,150
Deferred income taxes 19,788
Other assets 10,463 8,866 7,803
--------- --------- ---------
Total assets $ 285,725 $ 196,072 $ 122,215
========= ========= =========
Liabilities $ 138,499 $ 70,693 $ 2,714
Shareholders' equity 147,226 125,379 119,501
--------- --------- ---------
Total liabilities and
shareholders' equity $ 285,725 $ 196,072 $ 122,215
========= ========= =========
CONTACT: AmeriCredit Corp. Beverly Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. H. Mastran, 817/882-7009 |
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