AUTOFINANCE GROUP, INC. REPORTS RECORD RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED DECEMBER 1994.WESTMONT Westmont is the name of some places in the United States:
The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. contracts from franchised new car dealers, today announced record results for the quarter and six months ended December December: see month. 1994. Revenues for the second quarter of the 1995 fiscal year increased 49% to $10.6 million from $7.1 million for the comparable prior-year period. Net income for the quarter rose 26% to $2.4 million compared with $1.9 million for the second quarter of fiscal 1994. Net income per share was $0.13 on 18.8 million average shares outstanding compared with $0.12 per share on 16.2 million average shares outstanding for the prior-year period. For the six months ended December 31, 1994, revenues were $20.1 million, a 60% increase from $12.6 million for the comparable prior-year period. Net income for the six months rose 54% to $4.7 million from $3.1 million for the first six months of fiscal 1994. Net income per share was $0.25 on 18.8 million average shares outstanding compared with $0.19 per share on 16.1 million average shares outstanding for the prior-year period. The increase in the average shares outstanding for both the quarter and six months reflects the March 1994 common stock offering. Commenting on the results, President A.E. Steinhaus Steinhaus may refer to:
tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of the senior undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in the principal remaining from our November 1991 securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. for $1.2 million. "During the second quarter, we securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. $40.0 million in 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 , resulting in a total for the six-month period of $70.0 million. In fiscal 1994, we securitized receivables of $22.0 million for the second quarter and $31.7 million for the first six months. As we anticipated, there has been a shift in the peak loss period and an increase in delinquencies. These changes are attributable to the increasing debt burden of this credit segment. There has also been a slight increase in the average loss per vehicle due to weakness in used car values which is attributable to the large number of vehicles coming off of leases." At December 31, 1994, the total principal outstanding of contracts owned and/or serviced by AFG AFG Afghanistan (international vehicle registration) AFG American Financial Group AFG Assistance to Firefighters Grant AFG Arbeitsförderungsgesetz (German: Labor Advancement Law) AFG Accreditation for Growth was $210.2 million, a 103% increase from the $103.8 million outstanding a year ago and a 32% increase compared with the $159.4 million outstanding at June 30, 1994. AutoFinance Group, with offices in Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , works with franchised new car dealers in 24 states to provide indirect new and used car financing for non-prime customers. In addition, AFG offers contract origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real and/or contract servicing/administration services for third parties. -0-
AUTOFINANCE GROUP, INC.
Unaudited Financial Highlights
Three Months Ended
December 31,
1994 1993
Revenues $ 10,570,000 $ 7,086,000
Net income $ 2,410,000 $ 1,913,000
Net income per common and common
equivalent share $ 0.13 $ 0.12
Weighted average common
shares outstanding 18,816,000 16,200,000
Portfolio Information:
Number of contracts acquired 3,617 1,961
Dollar value of contracts acquired $ 46,499,000 $ 22,454,000
Repurchase of senior undivided 86% interest
in AFG 1991-A Grantor Trust
Number of contracts 574
Dollar value of contracts
reacquired $ 1,239,000
Six Months Ended
December 31,
1994 1993
Revenues $ 20,116,000 $ 12,564,000
Net income $ 4,739,000 $ 3,071,000
Net income per common and
common equivalent share $ 0.25 $ 0.19
Weighted average common
shares outstanding 18,845,000 16,108,000
Portfolio Information:
Number of contracts acquired 7,159 4,427
Dollar value of contracts acquired $ 92,350,000 $ 50,274,000
Repurchase of senior undivided 86% interest
in AFG 1991-A Grantor Trust
Number of contracts 574
Dollar value of contracts
reacquired $ 1,239,000
At December 31:
Principal Outstanding of
Contracts Serviced $210,219,000 $103,808,000
CONTACT: AutoFinance Group, Inc. Blair T. Nance, 708/655-7100 |
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