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AMERICREDIT CORP. ANNOUNCES FIRST QUARTER RESULTS

 FORT WORTH, Texas, Oct. 28 /PRNewswire/ -- AmeriCredit Corp. (NYSE: ACF) announced today net income of $1,135,000 or $.04 per share, for its first fiscal quarter ended Sept. 30, 1993 as compared to a net loss of $191,000 or $.01 per share, for the quarter ended Sept. 30, 1992.
 The company also announced that it had entered into a $20 million revolving credit agreement with First Interstate Bank of Texas, N.A. Borrowings under the credit agreement will be collateralized by the company's indirect finance receivables portfolio. Clifton H. Morris Jr., chairman and chief executive officer, said, "Although our liquid financial position will allow us to fund growth internally for some time, this credit agreement represents a step toward securing external funding for the longer term." The company had $77.6 million of cash and cash equivalents at Sept. 30, 1993.
 The company recently opened a branch office in San Jose, Calif. bringing its total number of consumer lending locations to 11 in eight states. Morris stated, "We are pleased with the quality of management that we have been able to attract to manage our branch offices and as a result, our expansion plans for this fiscal year are on target."
 AmeriCredit Corp. is a consumer finance company specializing in financing auto sales contracts.
 AMERICREDIT CORP.
 Consolidated Statements of Operations
 (Unaudited, Dollars in Thousands, Except Per Share Amounts)
 Three Months Ended
 September 30
 1993 1992
 Revenue:
 Finance charge income $ 2,896 $ 4,263
 Investment income 722 470
 Other income 84 32
 Sales 5,468
 Equity in income of affiliate 78
 3,702 10,311
 Costs and expenses:
 Operating expenses 1,413 3,087
 General and administrative
 expenses 831 1,514
 Provision for losses 288 1,680
 Interest expense 35 55
 Cost of sales 4,166
 Total 2,567 10,502
 Income (loss) before income taxes 1,135 (191)
 Provision for income taxes -- --
 Net income (loss) $ 1,135 ($ 191)
 Earnings (loss) per share $ 0.04 ($ 0.01)
 Weighted average number of
 shares and share equivalents $31,842,088 $30,093,629
 Condensed Consolidated Balance Sheet
 (Unaudited, Dollars in Thousands)
 September 30, 1993
 Cash and cash equivalents $ 77,557
 Finance receivables 67,344
 Unearned finance charges and fees ( 9,861)
 Allowance for losses (10,212)
 Finance receivables, net 47,271
 Other assets 7,085
 Total assets $131,913
 Liabilities 7,907
 Shareholders' equity 124,006
 Total liabilities and shareholders'
 equity $131,913
 -0- 10/28/93
 /CONTACT: Beverly H. Mastran of AmeriCredit Corp., 817-882-7009/
 (ACF)


CO: AmeriCredit Corp. ST: Texas IN: FIN SU: ERN

TS -- NY089 -- 7942 10/28/93 12:44 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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