AmeriCredit Corp. announces first quarter operating results.FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 12, 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 ) announced today net income of $2,520,000, or $.08 per share, for its first fiscal quarter ended Sept. 30, 1995, as compared to earnings of $1,801,000, or $.06 per share, for the same period last fiscal year. The current quarter results represent increases over the prior fiscal year's first quarter of 40 percent in net income and 33 percent in earnings per share. Earnings for the quarter ended Sept. 30, 1995 include a primarily non- non- word element [L.]not . non- pref. Not: noninvasive. cash income tax provision of $1,418,000 as a result of the company's recognition at June June: see month. 30, 1995 of a deferred tax asset related to 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. and other future tax benefits. The results for the three months ended Sept. 30, 1994 do not include any federal income tax provision. The company also announced that it will structure its next issuance of automobile receivables-backed securities in a manner which will result in the recognition of a gain on sale of 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 at the time such transaction is completed. The company's previous automobile receivables- backed securities transactions were structured as debt issuances by subsidiaries of the company and thus were accounted for as borrowings. The company's 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 $74,686,000 for the first quarter of fiscal 1996, an increase of 103 percent over loan volume of $36,808,000 for the first quarter of fiscal 1995. The finance receivables portfolio has grown by 169 percent since Sept. 30, 1994 to $286,719,000 at Sept. 30, 1995. Branch offices have been opened in Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. , Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Orlando Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. and Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. , bringing the total number of consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. offices to 35 in 21 states. The company plans to open a total of 15 branches is fiscal 1996. AmeriCredit 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. -0- AmeriCredit Corp. Consolidated Income Statements (Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended
September 30,
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1995 1994
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Revenue:
Finance charge income $ 13,377 $ 4,826
Investment income 281 348
Other income 265 487
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13,923 5,661
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Costs and expenses:
Operating expenses 4,904 3,121
Provision for losses 1,967 654
Interest expense 3,114 49
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9,985 3,824
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Income before income taxes 3,938 1,837
Provision for income taxes 1,418 36
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Net income $ 2,520 $ 1,801
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Earnings per share $ .08 $ .06
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Weighted average shares
and share equivalents 31,223,551 30,122,210
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Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
Sept. 30, June 30, Sept. 30,
1995 1995 1994
-------- -------- --------
Cash and short
term investments $ 17,408 $ 33,586 $ 19,519
Finance receivables 286,719 241,839 106,433
Allowance for losses (22,174) (19,951) (10,875)
-------- -------- --------
Finance receivables, net 264,545 221,888 95,558
Deferred income taxes 18,711 19,788
Other assets 10,172 10,463 8,346
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Total assets $310,836 $285,725 $123,423
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Liabilities $162,081 $138,499 $ 2,104
Shareholders' equity 148,755 147,226 121,319
-------- -------- --------
Total liabilities and
shareholders' equity $310,836 $285,725 $123,423
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CONTACT: AmeriCredit Corp. Beverly H. Mastran, 817/882-7009 |
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