AUTOFINANCE GROUP INC. ANNOUNCES THIRD QUARTER RESULTS
AUTOFINANCE GROUP INC. ANNOUNCES THIRD QUARTER RESULTS WESTMONT, Ill., April 29 /PRNewswire/ -- AutoFinance Group Inc.
(NASDAQ: AUFN) today announced a net loss of $92,000 ($0.01 per share) for the three months ended March 31, 1992. The financial performance for the quarter reflected continued improvement in underlying operations and the successful completion of the senior subordinated note exchange for common stock. The net loss for the comparable quarter of the prior fiscal year was $417,000 ($0.06 per share). Total revenues for the third quarter were 44 percent higher than those recorded for the three months ended March 31, 1991, while operating expenses increased by 12 percent over the same period.
For the nine months ended March 31, 1992, AutoFinance Group Inc. reported net income of $312,000 ($0.05 per share) which included an $892,000 gain from the company's first securitization transaction in November 1991 vs. a net loss of $1,595,000 ($0.28 per share) for the same period in fiscal 1991. Discussions with investment bankers and rating agencies have been initiated and AFG anticipates the completion of another securitization transaction before the end of the fiscal year. AutoFinance Group Inc., with offices in Westmont and Burbank, Calif., acquires automotive installment sales contracts from franchised new car dealers located in six states. The company has recently commenced marketing activities in three additional states. -0- 4/29/92 /CONTACT: A.E. Steinhaus, president, or Blair Nance, CFO, of AutoFinance Group, 708-655-7100/ (AUFN) CO: AutoFinance Group Inc. ST: Illinois, California IN: AUT FIN SU: ERN
DM-JL -- LA006 -- 4164 04/29/92 08:15 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 29, 1992|
|Previous Article:||ALLIANT TECHSYSTEMS TO ISSUE STOCK AND ASSUME DEBT IN EXCHANGE FOR A MAJOR PORTION OF OLIN DEFENSE BUSINESS|
|Next Article:||FEDERAL AVIATION ADMINISTRATION AWARDS DOWTY COMMUNICATIONS $50 MILLION CONTRACT|