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AUTOFINANCE GROUP INC. ANNOUNCES 1993 FISCAL YEAR EARNINGS

 WESTMONT, Ill., Aug. 23 /PRNewswire/ -- A.E. Steinhaus, president of AutoFinance Group Inc. (NASDAQ: AUFN), today announced unaudited fourth quarter results and audited revenues and earnings for the year ended June 30, 1993. Revenues for the year were $15,340,000, a 66 percent increase from $9,264,000 reported the year earlier. Income before extraordinary credit was $2,717,000 for the current year, compared to $717,000 in 1992. Net income for the current year increased 139 percent to $3,033,000, from the 1992 net income of $1,268,000. On a per common and common equivalent share basis, income before extraordinary credit and net income was $0.22 and $0.24, respectively for the year ended June 30, 1993, compared to $0.10 and $0.17, respectively, for the prior year.
 The significant increase in operating results is attributable to an increased level of securitization transactions completed, the December 1992 merger with Patlex Corp. and an increase in the contract acquisition volume of the company. In the prior fiscal year, the company acquired automotive installment sales contracts totaling $32,746,000. The acquisition volume for 1993 increased 68 percent to $54,890,000. At June 30, 1993, the total principal outstanding of contracts owned and/or serviced by the company was $72,957,000; a 74 percent increase from the $41,819,000 outstanding at June 30, 1992.
 For the quarter ended June 30, 1993, the company reported unaudited revenues of $6,572,000, a 103 percent increase from the $3,242,000 reported for 1992's fourth quarter. Income before extraordinary credit and net income, respectively, were $1,584,000 and $1,900,000 for the current quarter. For the fourth quarter of 1992, the company reported income before extraordinary credit and net income of $595,000 and $956,000, respectively. Income before extraordinary credit was $0.13 for the 1993 quarter, compared to $0.08 for the quarter ended June 30, 1992. Income per share was $0.15 and $0.12 for the quarters ended June 30, 1993 and 1992, respectively.
 AUTOFINANCE GROUP INC.
 Financial Highlights
 For the periods ended June 30, 1993 and 1992
 Year Ended Three Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (Unaudited)
 Revenues $15,340,000 $9,264,000 $6,572,000 $3,242,000
 Income before
 extraordinary
 credit 2,717,000 717,000 1,584,000 595,000
 Net income 3,033,000 1,268,000 1,900,000 956,000
 Per common
 and common
 equivalent share:
 Income before
 extraordinary
 credit 0.22 0.10 0.13 0.08
 Net income 0.24 0.17 0.15 0.12
 -0- 8/23/93
 /CONTACT: A.E. Steinhaus, president, or Blair T. Nance, CFO, of AutoFinance Group, 708-655-7100/
 (AUFN)


CO: AutoFinance Group Inc. ST: Illinois IN: FIN AUT SU: ERN

BP-JL -- LA003 -- 4898 08/23/93 08:00 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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