AmeriCredit Corp. Announces Record Fourth Quarter and Fiscal Year Operating Results.FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 7, 1996--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 record operating results for its fourth quarter and fiscal year ended June June: see month. 30, 1996. Net income for the fourth fiscal quarter ended June 30, 1996 was $7,173,000, or $.24 per share. For its fiscal year ended June 30, 1996, the company reported earnings of $21,591,000, or $.71 per share. On a comparable pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta basis, AmeriCredit's earnings for the fourth quarter of fiscal 1996 were $11,369,000 vs. $3,396,000 for the same period of fiscal 1995, a 235 percent increase. Pre-tax earnings for the fiscal year ended June 30, 1996 were $34,256,000, a 242 percent increase compared to pre-tax earnings of $10,018,000 for the year ended June 30, 1995. Net income for the fourth quarter and year ended June 30, 1995 was $22,350,000, or $.73 per share, and $28,893,000, or $.95 per share respectively. These results included a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. income tax credit of $18,954,000, or $.62 per share, arising from the company's recognition of the future benefits 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. . Automobile 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 $148,486,000 for the fourth quarter of fiscal 1996, an increase of 92 percent over lending volume of $77,276,000 for the comparable period of fiscal 1995. For the year ended June 30, 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. purchased $432,442,000 of loans, up 88 percent compared to loan originations of $230,176,000 for fiscal 1995. The company's 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 totalled $523,981,000 at June 30, 1996, including $264,086,000 of owned receivables and $259,895,000 of serviced receivables. The loan portfolio grew at a rate of 117 percent during fiscal 1996. AmeriCredit opened 20 branches in the last year and at June 30, 1996 had 51 lending offices located in 26 states. The company announced that it will accelerate its branch expansion program in fiscal 1997 with plans for 30 new offices. Clifton Clifton, industrial city (1990 pop. 71,742), Passaic co., NE N.J., on the Passaic River; settled 1685, set off from Passaic and inc. 1917. It has steel, textile equipment, chemical, plastics, clothing, and electronics industries. H. Morris Jr., chairman, chief executive officer and president commented, "AmeriCredit is uniquely poised to step up our expansion efforts. Our automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. systems, risk management tools and the experience of our people support our plans to increase our 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 capacity. The opening of our new loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. center in Tempe Tempe (tĕm`pē), city (1990 pop. 141,865), Maricopa co., S Ariz., in the Salt River valley, a suburb of Phoenix; inc. 1894. Its population has grown markedly since the 1970s with the expansion of the greater Phoenix area. , Ariz., further strengthens the infrastructure that we have built to service our rapid growth." Six branch locations have been added thus far in fiscal 1997 including Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and , Winston-Salem, Tacoma, Paramus, Fredericksburg and Detroit. AmeriCredit is a consumer finance company specializing in purchasing, securitizing and servicing automobile sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. . -0-
AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Year Ended
June 30, June 30,
------------------------ -----------------------
1996 1995 1996 1995
----------- ----------- ----------- ----------
Revenue:
Finance charge
income $ 11,827 $ 10,874 $ 51,706 $ 30,249
Gain on sales
of receivables 9,527 -- 22,873 --
Servicing fee income 2,392 -- 3,712 --
Investment income 239 282 1,075 1,284
Other income 461 523 1,612 1,551
----------- ----------- ----------- -----------
24,446 11,679 80,978 33,084
----------- ----------- ----------- -----------
Costs and expenses:
Operating expenses 8,324 4,516 25,681 14,773
Provision for
losses 1,801 1,589 7,912 4,278
Interest expense 2,952 2,178 13,129 4,015
----------- ----------- ----------- -----------
13,077 8,283 46,722 23,066
----------- ----------- ----------- -----------
Income before income taxes 11,369 3,396 34,256 10,018
Income tax provision
(credit) 4,196 (18,954) 12,665 (18,875)
----------- ----------- ----------- -----------
Net income $ 7,173 $ 22,350(1) $ 21,591 $ 28,893(1)
=========== =========== =========== ===========
Earnings per share $ 0.24 $ 0.73(1) $ 0.71 $ 0.95(1)
=========== =========== =========== ===========
Weighted average
shares and share
equivalents 30,273,327 30,809,604 30,203,298 30,380,749
=========== =========== =========== ===========
(1) Includes a one-time income tax credit of $18,954,000 or $0.62
per share.
Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
June 30, March 31, June 30,
1996 1996 1995
--------- --------- ---------
Cash and short term investments $ 24,007 $ 18,136 $ 33,586
Finance receivables 264,086 267,597 241,839
Allowance for losses (13,602) (16,127) (19,951)
--------- --------- ---------
Finance receivables, net 250,484 251,470 221,888
Excess servicing receivable 33,093 20,953 --
Deferred income taxes 9,995 13,457 19,788
Other assets 12,580 10,874 10,463
--------- --------- ---------
Total assets $ 330,159 $ 314,890 $ 285,725
========= ========= =========
Liabilities $ 166,934 $ 159,149 $ 138,499
Shareholders' equity 163,225 155,741 147,226
--------- --------- ---------
Total liabilities and
shareholders' equity $ 330,159 $ 314,890 $ 285,725
========= ========= =========
CONTACT: AmeriCredit Corp. Beverly H. Mastran, 817/882-7009 |
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