AmeriCredit Corp. announces third quarter operating results.FORT WORTH, Texas--(BUSINESS WIRE)--April 18, 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 ) today announced net income of $2,650,000, or $.09 per share, on revenue of $8,966,000 for its third fiscal quarter ended March 31, 1995. Earnings for the same period last fiscal year were $1,210,000, or $.04 per share, on revenue of $3,912,000. The current quarter results represent increases over the prior fiscal year's third quarter of 129 percent in revenue, 119 percent in net income and 125 percent in earnings per share. For the nine months ended March 31, 1995, the company reported net income of $6,543,000, or $.22 per share, on revenue of $21,405,000, vs. earnings of $3,679,000, or $.11 per share, on revenue of $11,589,000 for the nine months ended March 31, 1994. On a comparative basis, revenue increased 85 percent, net income rose 78 percent and earnings per share were up 100 percent. 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 $69,352,000 and $152,900,000 for the three and nine months ended March 31, 1995, respectively. Comparable loan volume for the three and nine month periods ended March 31, 1994 was $16,992,000 and $39,591,000, respectively. The indirect 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 portfolio balance was $184,935,000 at March 31, 1995. Total finance receivables including indirect and other loans were $187,952,000 at March 31, 1995. Two branch lending offices were added in the quarter 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 26 in 19 states. The company plans to open four additional branch offices in the remainder of its fiscal year ending June June: see month. 30, 1995. 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. is a consumer finance company specializing in financing 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. contracts through branch offices and a marketing representative organization. -0- AmeriCredit Corp. Consolidated Income Statements (Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Nine Months Ended
March 31, March 31,
1995 1994 1995 1994
Revenue:
Finance charge income $ 8,237 $ 3,099 $19,375 $ 9,001
Investment income 355 558 1,002 2,157
Other income 374 255 1,028 431
8,966 3,912 21,405 11,589
Costs and expenses:
Operating expenses 3,740 2,326 10,257 6,893
Provision for losses 1,152 336 2,689 888
Interest expense 1,424 40 1,837 129
6,316 2,702 14,783 7,910
Income before income taxes 2,650 1,210 6,622 3,679
Provision for income taxes -- -- 79 --
Net income $ 2,650 $ 1,210 $ 6,543 $ 3,679
Earnings per share $ .09 $ .04 $ .22 $ .11
Weighted average shares
and share equivalents 30,259,850 32,487,816 30,191,000 32,324,556
Condensed Consolidated Balance Sheets (Unaudited, Dollars in Thousands)
March 31, 1995 Dec. 31, 1994 March 31, 1994
Cash and short term
investments $ 15,430 $ 44,888 $ 67,304
Finance receivables 187,952 137,229 64,856
Allowance for losses (16,176) (13,034) (8,870)
Finance receivables, net 171,776 124,195 55,986
Other assets 8,866 8,329 7,911
Total assets $196,072 $177,412 $131,201
Liabilities $ 70,693 $ 53,792 $ 5,171
Shareholders' equity 125,379 123,620 126,030
Total liabilities and
shareholders' equity $196,072 $177,412 $131,201
CONTACT: AmeriCredit Corp., Fort 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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