Central Financial Acceptance Corporation Reports Operating Results For the Third Quarter of 1999.COMMERCE, Calif.--(BUSINESS WIRE)--Nov. 4, 1999-- Central Financial Acceptance Corporation and Subsidiaries (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CFAC CFAC California First Amendment Coalition CFAC Canada Family Action Coalition CFAC Combined Forces Air Component CFAC Commandement de la Force Aérienne de Combat CFAC Clear Facilities CFAC Call Forwarding All Calls CFAC Central Florida Activity Club ) announced today its operating results for the third quarter and nine months ended September 30, 1999. For the third quarter ended September 30, 1999, net income increased to $1,302,000, or $0.18 basic earnings per common share, from the $1,165,000, or $0.16 basic earnings per common share, recorded in the third quarter of 1998. For the nine months ended September 30, 1999, net income increased to $4,010,000, or $0.55 basic earnings per common share, from the $3,458,000, or $0.48 basic earnings per common share, for the nine months ended September 30, 1998. Total revenues for the third quarter and nine months ended September 30, 1999, increased to $13,517,000 and $38,274,000 from the $11,184,000 and $34,422,000 for the comparable periods in 1998. In commenting on the operating results, Gary Cypres, Chairman, stated that "third quarter results reflect strong operating performance from its travel business." Cypres also added that "the third quarter also reflects approximately $200,000 in after-tax expenses the company incurred in the development of its Internet site Todisimo.com." In commenting on its Internet site, Cypres stated that "the company's goal is to establish Todisimo.com as a leading Spanish-language Internet site providing retail products and service to the Hispanic population residing in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. ." Cypres added that "to date, the company has been encouraged by the activity on the travel section of its Internet site and will be expanding its product offerings by adding books, electronics and CDs in the near future." The company also announced that it has engaged FOVA FOVA Fort Vancouver National Historic Site (US National Park Service) West to develop its advertising campaign and anticipates that it will begin to incur significant advertising expenses in the first quarter of 2000. Cypres also announced that "the company and Kmart Corporation have agreed to continue and expand their relationship under which the company provides customer access to its Efectiva card cash dispensing dispensing provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. machines in Kmart stores." Under the addendum addendum n. an addition to a completed written document. Most commonly this is a proposed change or explanation (such as a list of goods to be included) in a contract, or some point that has been subject of negotiation after the contract was originally proposed by to the existing agreement, the company will install its machines in up to 50 new Kmart stores over the next 12 months and an additional 50 more stores if the agreement is further extended in 2001. Central Financial Acceptance Corporation is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. consumer finance company that primarily serves the financing needs of the growing low income Hispanic population in California. Certain statements in this news release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which involve risks and uncertainties. The company's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, credit quality, fluctuations in interest rates, competition in the geographic and business areas in which the company conducts its operations and other factors discussed in the company's Annual Report on form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . -0-
SEPTEMBER 30, 1999
CENTRAL FINANCIAL ACCEPTANCE CORPORATION AND SUBSIDIARIES (CFAC)
FINANCIAL HIGHLIGHTS
(Unaudited, in thousands, except earnings per share)
QUARTER ENDED NINE MONTHS ENDED
September 30, September 30,
1999 1998 1999 1998
Total Revenue $13,517 $11,184 $38,274 $34,422
Net Income $ 1,302 $ 1,165 $ 4,010 $ 3,458
Basic Earnings
Per Share $ 0.18 $ 0.16 $ 0.55 $ 0.48
Diluted Earnings
Per Share $ 0.18 $ 0.16 $ 0.55 $ 0.48
Weighted Average
Shares Outstanding 7,263 7,277 7,272 7,277
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