Credit Acceptance Corp. reports record 1994 earnings of $20,570,000 or 49 cents per share.SOUTHFIELD Southfield, city (1990 pop. 75,728), Oakland co., SE Mich., a suburb of Detroit, on the Rouge River; laid out 1817, inc. as a city 1958. There are electronics research, meat-processing, and printing facilities, and manufactures include plastic, metal, rubber, and , Mich.--(BUSINESS WIRE)--Jan. 25, 1995--Credit Acceptance Corp. announced today that net income for the year ended Dec. 31, 1994, was $20,570,000 or 49 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to $12,395,000 or 29 cents per share for the same period in 1993. This represents an increase in net income of 66 percent over the prior year (65 percent increase in earnings per share). For the quarter ended Dec. 31, 1994, net income was $5,945,000 or 14 cents per share compared with $3,597,000 or 9 cents per share for the quarter ended Dec. 31, 1993, representing an increase of 65 percent and 64 percent, respectively. All earnings per share data include the effect of the 2-for-1 stock split paid on Dec. 20, 1994. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. A. Foss, chairman and 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. , reported the company enrolled 543 new dealers for the year ended Dec. 31, 1994, bringing the total number of participating dealers to 1,580. New installment contracts installment contract n. an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings. accepted increased by 112 percent for the year ended Dec. 31, 1994. Total outstanding net installment contracts receivable increased to $402,379,000 as of Dec. 31, 1994, a 118 percent increase over Dec. 31, 1993. The increase in net income is primarily the result of a 73 percent increase in finance charges from 1993 to 1994 as well as a continued increase in premiums earned on the company's credit life and warranty programs. Credit Acceptance Corp. 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. financial services 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. company providing funding, 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 management, collection, sales training and related services to 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 dealers selling vehicles to consumers with limited access to traditional sources of consumer credit. -0-
Summary Financial Data
______________________
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
____ ____ ____ ____
Income Statement
REVENUE
Finance charges $13,286 $7,494 $44,550 $25,710
Interest and other fees 1,327 350 4,219 1,690
Dealer enrollment fees 556 438 1,950 1,676
Premiums earned 1,190 396 3,756 890
Total revenue 16,359 8,678 54,475 29,966
COSTS AND EXPENSES
Salaries and wages 1,885 1,181 6,893 4,211
General and administrative 1,928 1,085 6,832 3,517
Provision for credit losses 1,269 422 3,603 1,463
Sales and marketing 379 273 1,320 1,166
Provision for insurance and
warranty claims 410 209 1,582 431
Interest 1,409 0 2,651 0
Total costs and expenses 7,280 3,170 22,881 10,788
OPERATING INCOME 9,079 5,508 31,594 19,178 Provision for income taxes 3,134 1,911 11,024 6,783 NET INCOME $5,945 $3,597 $20,570 $12,395 Net income per common share $.14 $.09 $.49 $.29 Weighted average shares outstanding 42,379,057 42,182,954 42,316,105 42,106,762 Percent change in Total revenue 88.5 - 81.8 - Net income 65.3 - 66.0 - Earnings per share 64.5 - 65.1 -
As of
____________________
Balance Sheet Data 12/31/94 12/31/93
Cash and marketable securities $1,567 $4,442 Installment contracts, net 402,379 184,273 Total assets 425,906 202,889 Dealer holdbacks, net 251,997 135,071 Total debt 79,652 4,550 Shareholders' equity 75,740 54,709
Operating Data
Number of participating dealers
at period end 1,580 1,092
CONTACT: Credit Acceptance Corp., Southfield Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a E. Beckman Beckman or Beckmann may refer to:
or Brett n. 1. Same as Britzska. A. Roberts, 810/353-2700 Ext. 423 |
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