AmeriCredit Corp. announces record third quarter operating results.FORT WORTH, Texas--(BUSINESS WIRE)--April 16, 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 $10,126,000, or $0.33 per share, for its third fiscal quarter ended March 31, 1997, as compared to net earnings of $6,312,000, or $0.21 per share, for the same period last year. The current quarter results represent increases over the prior fiscal year's third quarter of 60% in net income and 57% in earnings per share. For the nine months ended March 31, 1997, 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 $27,396,000, or $0.90 per share versus earnings of $14,418,000, or $0.48 per share, for the nine months ended March 31, 1996. On a comparative basis, net income rose 90% and earnings per share increased 88%. 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 $244,540,000 for the third quarter of fiscal 1997, an increase of 99% over loan purchases of $122,687,000 for the third quarter of fiscal 1996. For the nine months ended March 31, 1997, automobile loan purchases were $603,947,000, 113% higher than loan purchases of $283,956,000 for the nine months ended March 31, 1996. AmeriCredit'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 $927,655,000 at March 31, 1997, an increase of 120% since March 31, 1996. AmeriCredit opened 13 branch locations in the third fiscal quarter, and as of March 31, 1997, operated 79 branch offices in 30 states. Net managed finance receivables that were more than sixty days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. were 3.2% of total managed automobile receivables at March 31, 1997, compared to 3.7% at December December: see month. 31, 1996, and 3.2% at March 31, 1996. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net charge-offs were 5.5% of average managed automobile receivables for the quarter ended March 31, 1997, unchanged from the previous quarter ended December 31, 1996 and down from 5.6% for the quarter ended March 31, 1996. Annualized net charge-offs for the nine month period ended March 31, 1997 were 5.5% compared to 5.6% for the nine months ended March 31, 1996. The Company's financial results include the operations of AmeriCredit Mortgage Services (formerly 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 November November: see month. 22, 1996. AmeriCredit Mortgage Services originated $24,089,000 of home equity loans for the quarter ended March 31, 1997. AmeriCredit is a consumer finance company specializing in purchasing, securitizing and servicing automobile sales finance contracts and purchasing and selling home equity loans. -0-
AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Nine Months Ended
March 31, March 31,
------------------------- ------------------------
1997 1996 1997 1996
Revenue:
Finance charge
income $ 12,101 $ 12,650 $ 33,604 $ 39,879
Gain on sale
of receivables 17,757 7,725 45,908 13,346
Servicing fee
income 5,644 1,105 13,886 1,320
Investment income 799 280 1,951 836
Other income 431 588 1,053 1,151
------------ ----------- ----------- -----------
36,732 22,348 96,402 56,532
------------ ----------- ----------- -----------
Costs and expenses:
Operating expenses 13,848 6,915 35,595 17,357
Provision for losses 1,809 1,999 5,040 6,111
Interest expense 4,611 3,315 11,223 10,177
------------ ----------- ----------- -----------
20,268 12,229 51,858 33,645
------------ ----------- ----------- -----------
Income before
income taxes 16,464 10,119 44,544 22,887
Income tax
provision 6,338 3,807 17,148 8,469
------------ ----------- ----------- -----------
Net income $ 10,126 $ 6,312 $ 27,396 $ 14,418
------------ ----------- ----------- -----------
Earnings per
share $ 0.33 $ 0.21 $ 0.90 $ 0.48
------------ ----------- ----------- -----------
Weighted average
shares and
share
equivalents 31,033,230 30,082,193 30,605,841 30,175,398
------------ ----------- ----------- -----------
Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (Unaudited, Dollars in Thousands) March 31, 1997 December 31, 1996 June June: see month. 30, 1996 -------------- ----------------- ------------- Cash and short term investments $ 71,112 $ 57,921 $ 24,007 Finance receiv- ables, net 245,141 227,800 250,484 Excess servicing receivable 85,299 59,780 33,093 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 30,416 24,381 22,575 ------------ ---------- ---------- Total assets $ 431,968 $ 369,882 $ 330,159 ------------ ---------- ---------- Liabilities $ 230,471 $ 182,600 $ 166,934 Shareholders' equity 201,497 187,282 163,225 ------------ ---------- ---------- Total liabili- ties and shareholders' equity $ 431,968 $ 369,882 $ 330,159 ------------ ---------- ----------
Other Financial Data
(Unaudited, Dollars in Thousands)
March 31, 1997
--------------------------------------------------
Auto receivables
portfolio Owned Serviced Total Managed
----- -------- -------------
Principal $ 250,764 $ 676,891 $ 927,655
Allowance for
losses (13,233) (61,217) (74,450)
------------ ---------- ----------
Net $ 237,531 $ 615,674 $ 853,205
------------ ---------- ----------
Allowance for
losses (%) 5.3% 9.0% 8.0%
------------ ---------- ----------
CONTACT: AmeriCredit Corp., Fort Worth Kim Kim orphan wanders streets of India with lama. [Br. Lit.: Kim] See : Adventurousness Welch Welch , William Henry 1850-1934. American pathologist and bacteriologist who discovered the bacteria that causes gas gangrene. , 817/882-7009 |
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