AmeriCredit Corp. announces record second quarter operating results.FORT WORTH, Texas--(BUSINESS WIRE)--Jan. 15, 1997--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 net income of $9,198,000, or $.30 per share, for its second fiscal quarter ended Dec. 31, 1996, as compared to earnings of $5,586,000, or $.18 per share, for the same period last fiscal year. The current quarter results represent increases over the prior fiscal year's second quarter of 65 percent in net income and 67 percent in earnings per share. For the six months ended Dec. 31, 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. reported record net income of $17,270,000, or $.57 per share vs. earnings of $8,106,000, or $.26 per share, for the six month period ended Dec. 31, 1995. On a comparative bases, net income rose 113 percent per share were up 119 percent. Automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of loan purchases were $183,515,000 for the second quarter of fiscal 1997, an increase of 112 percent over lending volume of $86,583,000 for the comparable quarter of fiscal 1996. For the six months ended Dec. 31, 1996, automobile loan purchases were $359,407,000, 123 percent higher than new loan volume of $161,269,000 for the six months ended Dec. 31, 1995. The company's total managed automobile 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 were $761,716,000 at Dec. 31, 1996, an increase of 124 percent since Dec. 31, 1995. AmeriCredit opened six branch locations in the second quarter, and as of Dec. 31, 1996, operated 66 automobile lending offices in 27 states. The company's financial results include the operations of Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Vista Mortgage Corporation since its acquisition on Nov. 22, 1996. Rancho Vista originated $7,733,000 of home equity loans from the acquisition date through Dec. 31, 1996. AmeriCredit is a consumer finance company specializing in purchasing, securitizing and servicing automobile sales finance contracts and through Rancho Vista, purchasing and selling home equity loans. -0-
AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Six Months Ended
December 31, December 31,
1996 1995 1996 1995
Revenue:
Finance charge
income $ 10,739 $ 13,852 $ 21,503 $ 27,229
Gain on sale
of receivables 15,561 5,621 28,151 5,621
Servicing fee income 4,599 215 8,242 215
Investment income 684 275 1,152 556
Other income 292 298 622 563
31,875 20,261 59,670 34,184
Costs and expenses:
Operating expenses 11,920 5,538 21,747 10,442
Provision for
losses 1,614 2,145 3,231 4,112
Interest expense 3,386 3,748 6,612 6,862
16,920 11,431 31,590 21,416
Income before
income taxes 14,955 8,830 28,080 12,768
Income tax
provision 5,757 3,244 10,810 4,662
Net income $ 9,198 $ 5,586 $ 17,270 $ 8,106
Earnings per share $ .30 $ .18 $ .57 $ .26
Weighted average
shares and share
equivalents 30,678,189 31,120,461 30,420,676 31,130,423
Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
Dec. 31, Sept. 30, Dec. 31,
1996 1996 1995
Cash and short term investments $ 57,921 $ 43,592 $ 17,122
Auto receivables, net 221,619 248,270 253,277
Excess servicing receivable 59,780 42,656 9,243
Other assets 30,562 18,941 28,419
Total assets $ 369,882 $ 353,459 $ 308,061
Liabilities $ 182,600 $ 184,587 $ 158,507
Shareholders' equity 187,282 168,872 149,554
Total liabilities and
shareholders' equity $ 369,882 $ 353,459 $ 308,061
Other Financial Data
(Unaudited, Dollars in Thousands)
Dec. 31, 1996
Total
Owned Serviced Managed
Auto receivables portfolio
Principal $ 233,792 $ 527,924 $ 761,716
Allowance for losses (12,173) (49,313) (61,486)
Net $ 221,619 $ 478,611 $ 700,230
CONTACT: AmeriCredit Corp., Forth Worth 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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