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URCARCO ANNOUNCES FOURTH QUARTER AND FISCAL YEAR OPERATING RESULTS

 URCARCO ANNOUNCES FOURTH QUARTER AND FISCAL YEAR OPERATING RESULTS
 FORT WORTH, Texas, Aug. 13 /PRNewswire/ -- Clifton H. Morris Jr., chairman and chief executive officer of URCARCO, INC. (NYSE: KAR) announced today a net loss for the fourth quarter ended June 30, 1992 of $450,000, or $.01 per share.
 For its fiscal year ended June 30, 1992, the company reported a net loss of $24.2 million, or $.77 per share. The fiscal year results included a provision for losses of $39.4 million, $25 million of which was recorded in the third fiscal quarter and related to loans originated prior to centralization of the company's credit process.
 URCARCO, INC.
 Consolidated Statements of Operations
 (Unaudited, Dollars in Thousands, Except Per Share Amounts)
 Three Months Ended Fiscal Year Ended
 June 30 June 30
 1992 1991 1992 1991
 Sales $ 7,743 $ 18,831 $ 48,454 $155,924
 Cost of sales (5,920) (13,051) (31,986) (93,220)
 Gross margin before
 provision for losses 1,823 5,780 16,468 62,704
 Provision for losses (2,345) (23,899) (39,350) (84,239)
 Gross margin (loss) (522) (18,119) (22,882) (21,535)
 Finance charge income 4,865 8,107 23,989 30,737
 Other income 480 57 1,694 593
 Equity in loss of affiliate (95) (163) (777) (380)
 Operating expenses (3,097) (7,201) (19,236) (38,254)
 General and administrative
 expenses (1,355) (1,811) (6,580) (9,790)
 Restructuring charges -- (3,017) -- (9,065)
 Income (loss) before
 interest and income taxes 276 (22,147) (23,792) (47,694)
 Interest expense (84) (528) (322) (2,493)
 Interest income 302 351 857 2,961
 Income (loss) before
 income taxes 494 (22,324) (23,257) (47,226)
 Income tax benefit (provision) (944) 2,641 (944) 11,038
 Net loss $ (450) $(19,683) $(24,201) $(36,188)
 Loss per share $ (0.01) $ (0.63) $ (0.77) $ (1.15)
 Weighted average number of
 shares and share
 equivalents 31,472,935 31,388,901 31,482,225 31,388,686
 Condensed Consolidated Balance Sheet
 (Unaudited, Dollars in Thousands)
 June 30, 1992
 Cash and cash equivalents $ 39,303
 Retail sales contracts 133,397
 Unearned finance charges (26,402)
 Allowance for losses (37,468)
 Retail sales contracts, net 69,527
 Other assets 44,734
 Total assets $ 153,564
 Liabilities 6,224
 Shareholders' equity 147,340
 Total liabilities and shareholders'
 equity $ 153,564
 -0- 8/13/92
 /CONTACT: Beverly H. Mastran or Daniel E. Berce of URCARCO, INC., 817-882-7009/
 (KAR) CO: URCARCO, Inc. ST: Texas IN: SU: ERN


PS -- NY090 -- 9761 08/13/92 17:34 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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