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URCARCO ANNOUNCES SECOND QUARTER OPERATING RESULTS

 URCARCO ANNOUNCES SECOND QUARTER OPERATING RESULTS
 FORT WORTH, Texas, Jan. 21 /PRNewswire/ -- URCARCO, Inc. (NYSE: KAR)


today announced operating results for its second quarter and the six months ended Dec. 31, 1991.
 Net income for the second quarter ended Dec. 31, 1991, was $42,000 or $.00 per share on sales of $12,190,000, compared to net income for the three months ended Dec. 31, 1990, of $824,000 or $.03 per share on sales of $43,615, 000.
 For the six months ended Dec. 31, 1991, net income was $837,000 or $.03 per share on sales of $31,837,000, compared to net income for the first half of the prior fiscal year of $7,552,000 or $.24 per share on sales of $96,403,000.
 During the current fiscal year, the company has experienced weak sales of used cars as a result of the slow economy and increased competition in its markets. Used car sales were 1,634 and 4,137 units for the current quarter and six month period, respectively, compared to sales of 4,737 and 10,739 units for the corresponding prior year periods.
 Management has continued to streamline the company's cost structure in response to the lower sales levels. Cost cutting measures have resulted in reduction of the company's work force from 513 employees at the beginning of the current fiscal year to 283 employees at the present time.
 The company's cash and cash equivalents balances have grown by $5,282,000 during the first half of fiscal year 1992 and amounted to $19,537,000 at Dec. 31, 1991.
 URCARCO, Inc. operates a chain of used car retail lots in Fort Worth, Dallas, Houston and San Antonio, Texas selling used passenger cars and light trucks and typically financing customer purchases.
 URCARCO, INC.
 Consolidated Statements of Income
 (Unaudited, Dollars In Thousands, Except Per Share Amounts)
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Sales $12,190 $43,615 $31,837 $96,403
 Cost of sales (7,999) (25,292) (20,383) (53,766)
 Gross margin before
 provision for losses 4,191 18,323 11,454 42,637
 Provision for losses (3,603) (12,333) (9,391) (21,487)
 Gross margin 588 5,990 2,063 21,150
 Finance charge income 6,462 7,476 13,363 14,155
 Other income 576 178 888 392
 Operating expenses (5,586) (9,953) (11,640) (20,420)
 General and administrative
 expenses (1,780) (2,859) (3,372) (5,102)
 Equity in loss of affiliate (329) -- (691) --
 Income (loss) before interest
 and income taxes (69) 832 611 10,175
 Interest expense (73) (553) (157) (715)
 Interest income 184 798 383 1,812
 Income before income taxes 42 1,077 837 11,272
 Provision for income taxes -- (253) -- (3,720)
 Net income $ 42 $ 824 $ 837 $ 7,552
 Earnings per share $ .00 $ .03 $ .03 $ 0.24
 Weighted average number of
 shares and share
 equivalents 32,788,519 31,752,712 32,751,326 31,905,886
 Condensed Consolidated Balance Sheets
 (Unaudited, Dollars In Thousands)
 12/31/91 6/30/91
 Cash and cash equivalents $ 19,537 $ 14,255
 Retail sales contracts 187,619 211,304
 Unearned finance charges (40,888) (49,209)
 Allowance for losses (35,885) (46,696)
 Retail sales contracts, net 110,846 115,399
 Other assets 50,633 51,734
 Total assets $181,016 $181,388
 Liabilities 8,049 9,486
 Shareholders' equity 172,967 171,902
 Total liabilities and shareholders'
 equity $181,016 $181,388
 -0- 1/21/92
 /CONTACT: Beverly H. Mastran of URCARCO, 817-882-7009/
 (KAR) CO: URCARCO, Inc. ST: Texas IN: AUT SU: ERN


PS -- NY137 -- 2152 01/21/92 18:35 EST
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Date:Jan 21, 1992
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