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ASSOCIATES CORPORATION OF NORTH AMERICA REPORTS RECORD EARNINGS FOR SIX MONTHS ENDED JUNE 30, 1992

 ASSOCIATES CORPORATION OF NORTH AMERICA REPORTS RECORD EARNINGS
 FOR SIX MONTHS ENDED JUNE 30, 1992
 DALLAS, July 29 /PRNewswire/ -- Associates Corporation of North America, part of the Financial Services Group of Ford Motor Company (NYSE: F), achieved record earnings for the six months ended June 30, 1992, Reece A. Overcash Jr., chairman, announced today.
 Net earnings for the six-month period increased 10 percent to $209.5 million compared with $190.0 million a year earlier. Earnings before provision for income taxes increased 11 percent to $326.1 million for the period compared with $293.9 million for the prior year.
 "Our focus on a quality portfolio and a commitment to quality service at all levels of our organization continues to pay dividends," said Overcash. "We are well positioned in each of our markets for earnings growth."
 The company's consumer finance operation maintained its emphasis on the residential real estate-secured and personal loan portfolios. The Associates expanded its consumer finance branch network during the quarter by completing the acquisition of the assets of Signal Financial Corporation. The purchase represented approximately $300 million in net finance receivables and 29 branch office locations in eight eastern states.
 The commercial finance operation continued to benefit from its leadership positions in the heavy-duty truck, truck trailer and heavy construction equipment markets. The manufactured housing sales finance unit, managed by commercial operations, also registered significant growth during the first half of the year.
 Total assets at June 30, 1992, were $22.4 billion, the highest level in the company's history. Additionally, assets of operations managed by The Associates on behalf of Ford subsidiaries were $2.9 billion. The results and assets of these managed operations are not included in those of The Associates.
 Revenue for the period increased 8 percent to $1.6 billion, compared with $1.5 billion for the same period last year. Gross finance receivables at June 30, 1992 were $23.1 billion, compared with $19.5 billion last year, an 18 percent increase.
 Consumer finance gross receivables were $15.8 billion at June 30, up 19 percent from the $13.3 billion reported last year. Consumer finance volume for the period was $5.1 billion. Consumer finance receivables consist of residential real estate-secured receivables, personal loans, manufactured housing sales financing and credit card receivables.
 Commercial finance gross receivables were $7.3 billion at June 30, up 17 percent from the $6.2 billion reported a year ago. Commercial finance volume for the period was $3.4 billion. Commercial finance receivables result from the sales financing and leasing of transportation, construction, communications and other industrial equipment. Automobile club, employee relocation services and mortgage banking are also part of the commercial operation.
 Revenue from insurance premiums for the period was $105.4 million, a 6 percent increase over the $99.2 million reported last year. The insurance operating group is principally engaged in underwriting credit life, health and physical damage insurance for customers of the consumer and commercial finance operations.
 The Associates provides consumer finance, commercial finance and leasing, and insurance, and is the second largest independent finance company in the United States as measured by total assets.
 -0- 7/29/92 R
 /CONTACT: Dale Knight of Associates Corporation of North America, 214-541-7569/
 (F) CO: Associates Corporation of North America ST: Texas, Michigan IN: FIN AUT SU: ERN


GK -- NY023R -- 4490 07/29/92 10:15 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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