Printer Friendly

AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF EXCHANGE OFFER AND SECOND QUARTER EARNINGS

 AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION
 OF EXCHANGE OFFER AND SECOND QUARTER EARNINGS
 WESTMONT, Ill., Feb. 20 /PRNewswire/ -- AutoFinance Group Inc. (NASDAQ: AUFN) today announced that it has successfully completed the issue on Feb. 3 of 1,384,980 shares of its common stock in exchange for 100 percent of its outstanding 9 3/4 percent Senior Subordinated Notes. As a result of the exchange, the company's long-term debt was reduced by $6.3 million, its equity was increased by approximately $6.5 million and the interest burden of the notes was eliminated.
 The company also announced net income of $602,000 (9 cents per share) for the three months ended Dec. 31, 1991, compared with a loss of $479,000 (8 cents per share) for the same quarter in 1990 and net income of $404,000 (6 cents per share) for the six months ended Dec. 31, 1991, compared with a loss of $1,178,000 (24 cents per share) for the same six months in 1990. The 1991 net income figures include a gain of $892,000 from the completion in November 1991 of the company's first securitization transaction.
 AutoFinance Group Inc. with offices in Westmont, and Burbank, Calif., acquires automobile finance contracts from franchised new car dealers located primarily in California, Oklahoma and Illinois.
 -0- 2/20/92
 /CONTACT: A.E. Steinhaus, president, or Blair T. Nance, CFO, of AutoFinance Group, 708-655-7100/
 (AUFN) CO: AutoFinance Group Inc. ST: Illinois, California IN: FIN SU: ERN


JL-KJ -- LA035 -- 1173 02/20/92 17:54 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 20, 1992
Words:256
Previous Article:TRUMP AIRLINES TO INAUGURATE INTERNATIONAL SERVICE TO BARBADOS
Next Article:DAILY NEWS SUBMITS FINANCIAL REPORTS
Topics:


Related Articles
AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING
AUTOFINANCE GROUP INC. ANNOUNCES OFFERING
AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING
AUTOFINANCE GROUP INC. REPORTS YEAR-END INCREASES IN REVENUES AND PROFITS
AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING AND FIRST QUARTER RESULTS
AUTOFINANCE GROUP ANNOUNCES DISTRIBUTION FINANCIAL SERVICES AGREES TO PROVIDE AUTOFINANCE WITH LINE OF CREDIT
AUTOFINANCE GROUP INC. REPORTS INCREASES IN REVENUES AND EARNINGS FOR SIX MONTHS AND QUARTER ENDED DECEMBER 1992
KINNARD INVESTMENTS, INC. ANNOUNCES FIRST QUARTER RESULTS
AUTOFINANCE GROUP INC. REPORTS INCREASES IN REVENUES AND EARNINGS FOR NINE MONTHS AND QUARTER ENDED MARCH 1993
KINNARD INVESTMENTS, INC. ANNOUNCES STRONG SECOND QUARTER

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters