CompuCredit Announces Final Fourth Quarter Results.Business Editors ATLANTA--(BUSINESS WIRE)--April 1, 2002 CompuCredit Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCRT CCRT Core Conflictual Relationship Theme CCRT Conseil Canadien de la Réadaptation et du Travail (Canadian Council on Rehabilitation and Work) CCRT Cape Cod Rail Trail (Massachusetts, USA) ) today reported a final fourth quarter 2001 net loss of $33.2 million, or $0.72 per share. These results compare to fourth quarter 2000 net income of $11.3 million or $0.24 per share. For the year ending December December: see month. 31, 2001, the company reported final net income of $2.9 million or $0.06 per share compared to prior year net income of $82.4 million or $1.79 per share. Included in the final results is a loss of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $39 million, net of tax, related to CompuCredit's sale during the fourth quarter of two interests in its securitizations and a corresponding revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of its retained interests Retained interest (also colloquially known as a payout penalty) is future, currently unpaid, interest that some lenders add to the remaining principal of a loan to determine a payout figure in the event that the loan is terminated before the completion of the original term. in its securitizations as a result of the discount rate implicit in Adj. 1. implicit in - in the nature of something though not readily apparent; "shortcomings inherent in our approach"; "an underlying meaning" underlying, inherent the sales. CompuCredit previously announced that it was working with its auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together to determine the appropriate accounting treatment. David Hanna Han·na , Marcus Alonzo Known as "Mark." 1837-1904. American financier and politician who managed the 1896 and 1900 presidential campaigns of William McKinley and served as a U.S. senator from Ohio (1897-1904). , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CompuCredit, commented, "We are glad to have this issue resolved. The $39 million loss has no impact on the cash flow of our business, and we worked diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d with our auditors to come to the correct conclusion according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ." During the year 2001, CompuCredit's book value per share increased to $8.77 from $8.69 at the end of 2000. CompuCredit Corporation (Nasdaq: CCRT) is a credit card company that uses analytical techniques An analytical technique is a method that is used to determine the concentration of a chemical compound or chemical element. There are a wide variety of techniques used for analysis, from simple weighing (gravimetric) to titrations (titrimetric)to very advanced techniques using , including sophisticated computer models, to market general-purpose gen·er·al-pur·pose adj. Designed for or suitable to more than one use; broadly useful: a general-purpose loan. general-purpose Adjective credit cards and related fee-based products and services. Through its Aspire brand and others, the company currently serves more than 2.1 million customers nationwide. Credit cards marketed by CompuCredit are issued by Columbus Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. Bank and Trust Company under an agreement with CompuCredit. For more information about CompuCredit, visit www.compucredit.com.
CompuCredit Corporation (CCRT)
Financial and Statistical Summary
(Unaudited)
At or For the Three Months Ended
December 31, September 30, December 31,
2001 2001 2000
---------------------------------------
(In thousands, except percentages and per share data)
Common Share Statistics
EPS - Basic $ (0.72) $ 0.32 $ 0.24
EPS - Diluted $ (0.72) $ 0.32 $ 0.24
Book Value Per Common Share
Outstanding (period end)(1) $ 8.77 $ 9.46 $ 8.69
Stock Price Per Share
(period end) $ 11.76 $ 7.29 $ 18.13
Total Market Capitalization
(period end) $ 547,536 $ 339,416 $ 843,078
Shares Outstanding (period end) 46,559 46,559 46,515
Weighted Average Shares O/S - Basic 46,559 46,559 46,515
Weighted Average Shares O/S - Diluted 46,566 46,662 46,647
Average Managed Loans Statistics (2)
Average Managed Loans $1,838,873 $1,745,136 $1,398,041
Average Equity $ 443,784 $ 433,000 $ 395,385
Net Interest Margin 19.0% 21.5% 21.8%
Return on Average Managed Loans -7.2% 3.4% 3.2%
Return on Average Equity (ROE) -29.9% 13.8% 11.5%
Net Charge-Off Rate 15.3% 14.6% 13.3%
Net Charge-Offs $ 70,207 $ 63,759 $ 46,552
Risk Adjusted Margin 12.5% 16.1% 18.6%
Operating Ratio 9.8% 8.8% 7.9%
Period-End Managed Loans Statistics (2)
Total Managed Loans $1,891,842 $1,804,631 $1,528,372
Delinquency Rate (60+ days) 11.1% 10.9% 9.5%
Number of Accounts 2,185 2,163 2,178
Shareholders' Equity $ 446,479 $ 440,273 $ 404,181
Equity to Managed Loans Ratio 23.6% 24.4% 26.4%
(1) Assumes preferred shares are converted into common shares at
December 31, 2001.
(2) Excludes receivables at or near charge-off at the time of
purchase.
CompuCredit Corporation and Subsidiaries
Consolidated Balance Sheets
December 31, December 31,
2001 2000
-------------------------
(Dollars in thousands)
Assets
Cash and cash equivalents $ 55,746 $ 68,980
Retained interests in credit card
receivables securitized 358,889 325,583
Accrued interest and fees 32,928 24,569
---------- -----------
Net credit card receivables 391,817 350,152
Amounts due from securitization 20,996 11,735
Deferred costs, net 17,862 8,332
Software, furniture, fixtures and equipment, net 34,522 14,268
Prepaid expenses 1,540 5,540
Other assets 13,974 11,498
---------- -----------
Total assets $ 536,457 $ 470,505
========== ===========
Liabilities
Accrued expenses $ 28,321 $ 21,531
Notes payable 16,517 -
Deferred revenue 13,820 9,217
Income tax liability 31,320 35,576
---------- -----------
Total liabilities 89,978 66,324
Shareholders' equity
Preferred stock, no par value, 10,000,000 shares authorized:
Series A preferred stock, 30,000 and 0 shares issued
and outstanding at December 31, 2001 and
December 31, 2000, respectively 29,512 -
Series B preferred stock, 10,000 and 0 shares issued
and outstanding at December 31, 2001 and
December 31, 2000, respectively 10,000 -
Common stock, no par value, 150,000,000 shares authorized; 46,559,165
and 46,514,639 issued and outstanding at December 31, 2001 and
December 31, 2000, respectively - -
Additional paid-in capital 240,352 239,789
Note issued to purchase stock (500) -
Retained earnings 167,115 164,392
---------- -----------
Total shareholders' equity 446,479 404,181
---------- -----------
Total liabilities and shareholders' equity $ 536,457 $ 470,505
========== ===========
CompuCredit Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
For the Three Months Ended For the Twelve
Months Ended
Dec. 31, Sept. Dec. 31, Dec. 31, Dec. 31,
30,
2001 2001 2000 2001 2000
-------------------------- -----------------
(Dollars in thousands, except per share data)
Net Interest income $ 114 $ 271 $ 1,461 $ 2,030 $ 7,091
Other operating income:
Securitization income,
net (9,475) 571 1,981 (8,400) 11,778
Income from retained
interests in credit
card receivables
securitized (44,554) 19,159 20,593 11,328 113,944
Servicing income 1,372 1,411 1,648 6,018 7,705
Other credit card fees 26,096 23,948 16,999 89,553 53,165
Interchange fees 5,666 6,212 6,154 22,780 19,880
Ancillary products 6,919 8,731 8,455 30,592 28,497
-------------------------- -----------------
Total other operating
income (13,976) 60,032 55,830 151,871 234,969
Other operating expense:
Salaries and benefits 3,788 3,330 1,894 12,161 5,833
Credit card servicing 17,544 15,650 9,768 62,374 28,320
Marketing and
solicitation 2,403 7,670 20,715 29,931 59,509
Professional fees 1,012 837 775 3,659 2,255
Data processing 3,691 2,375 1,254 10,558 4,519
Net occupancy 1,356 1,112 355 3,875 1,160
Ancillary product
expense 1,983 2,058 2,308 10,121 8,501
Other 5,383 4,282 2,781 16,810 7,808
-------------------------- -----------------
Total other operating
expense 37,160 37,314 39,850 149,489 117,905
Income before income
taxes (51,022) 22,989 17,441 4,412 124,155
Income tax expense 17,860 (8,049) (6,104) (1,545) (41,781)
-------------------------- -----------------
Net income ($ 33,162) $ 14,940 $ 11,337 $ 2,867 $ 82,374
========================== =================
Net income attributable
to common
shareholders ($ 33,306) $ 14,940 $ 11,337 $ 2,723 $ 82,374
========================== =================
Average shares
outstanding - basic
46,559 46,559 46,515 46,542 45,886
========================== =================
Average shares
outstanding - diluted
46,566 46,662 46,647 46,621 46,070
========================== =================
Earnings per share -
basic (a) ($ 0.72) $ 0.32 $ 0.24 $ 0.06 $ 1.80
========================== =================
Earnings per share -
diluted (a) ($ 0.72) $ 0.32 $ 0.24 $ 0.06 $ 1.79
========================== =================
(a) The effect of the preferred stock, which are convertible into
common shares, were excluded from the EPS computations because
their inclusion would have been anti-dilutive.
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