America's Car-Mart, Inc. Raises Earnings Guidance; EPS From Continuing Operations -- FY2002: $1.27; FY2003: $1.50.Business Editors IRVING, Texas--(BUSINESS WIRE)--April 4, 2002 America's Car-Mart, Inc. (Nasdaq NMS See NetWare Management System. :CRMT CRMT Computer Resources Management Team ), formerly Crown Group, Inc. (Nasdaq NMS:CNGR CNGR Commission on the National Guard and Reserves ), today announced that it expects to report diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $0.36 for the fourth quarter ending April 30, 2002, a 16% increase over its earlier forecast of $0.31. Having already reported earnings from continuing operations of $0.91 per share (excluding one-time charges) through the first nine months of FY2002, the increased fourth quarter earnings estimate raises FY2002 projected earnings from continuing operations from $1.22 to $1.27 per diluted share (excluding one-time charges). In light of higher than projected gross margins and sales levels over the last few months, the Company is also raising its FY2003 earnings estimate to $1.50 per share from $1.38 - $1.41 per share. Commenting on the earnings guidance, Edward R. McMurphy, the Company's Chairman and Chief Executive Officer, stated, "We continue to experience strong sales growth and improved gross margins, while our loan portfolio performance remains in line with historical results. We plan to add seven new dealerships in FY2003 that, when combined with anticipated growth at existing dealerships, should result in an increase in revenues and diluted earnings per share of 14% and 18%, respectively. On a longer term basis, we believe the Company can sustain revenue growth of 14% to 15% per year, and growth in net income of 16% to 18% per year. About America's Car-Mart America's Car-Mart operates 55 automotive dealerships in seven states and is one of the largest automotive retailers in the United States focused exclusively on the "Buy Here/Pay Here" segment of the used car market. The Company operates its dealerships primarily in small cities and rural locations throughout the South-Central United States, selling quality used vehicles and providing financing for substantially all of its customers. The Company also owns interests in two subsidiaries that are held for sale and are included in discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . These subsidiaries include (i) an 80% interest in Concorde Acceptance Corporation, a prime and sub-prime mortgage lender; and (ii) a 50% interest in Precision IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention , Inc., a firm specializing in the sale and rental of intermediate bulk containers. Included herein are forward-looking statements, including statements with respect to expected or targeted earnings per share amounts. There are many factors that affect management's view about future operating results. These factors involve risks and uncertainties that could cause actual results to differ materially from management's present view. These factors include, without limitation, assumptions relating to economic conditions, credit losses, continued availability of lines of credit, unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. , the opening of additional dealerships, and other risk factors described under "Forward-looking Information" of Item 2 of Part I of the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended January 31, 2002. The Company does not undertake any obligation to update forward-looking statements. |
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