AMERICA'S CAR-MART REPORTS 40.4% INCREASE IN FULLY DILUTED EARNINGS PER SHARE ON REVENUE INCREASE OF 13.8%
BENTONVILLE, Ark., Feb. 15, 2012 (GLOBE NEWSWIRE) — America’s Car-Mart, Inc. (Nasdaq:CRMT – News) right away voiced the operating formula for the third mercantile entertain finished January 31, 2012.
Highlights of third entertain handling results:
Net income of $7.3 million ($.73 per diluted share) vs. $5.7 million ($.52 per widely separated share) for prior to year entertain (40.4% increase in entirely widely separated earnings per share)
Net charge-offs as a commission of normal Finance Receivables of 5.7% vs. 6.1% for the prior to year quarter
Revenue enlarge of 13.8% to $105.4 million from $92.6 million for the prior to year entertain with same store income growth of 7.9%
Selling, General & Administrative Expenses of 18.3% of sales vs. 19.2% for prior to year quarter
Retail section sales enlarge of 8.5% to 8,965 from 8,266 for the prior to year quarter.
Strong money flows ancillary the poignant enlarge in revenues and the $12.9 million enlarge in Finance Receivables, $1.2 million in net collateral expenditures, and $3.5 million in usual batch re-purchases with usually a $7.4 million enlarge in total debt
Active patron base right away over 53,000
Debt to equity of 45.7% and debt to monetary receivables of 26.0%
Allowance for credit waste remains unvaried at 22.0% of Finance Receivables
Provision for credit waste of 22.2% of sales vs. 21.9% for prior to year quarter
Highlights of 9 month handling results:
Net income of $23.3 million ($2.28 per widely separated share) vs. $19.8 million ($1.77 per widely separated share) for prior to year duration (28.8% enlarge in entirely widely separated gain per share)
Net charge-offs as a commission of normal Finance Receivables of 17.7% prosaic with prior to year period
Revenue enlarge of 14.8% to $317 million from $276 million for the prior to year duration with same store income growth of 8.3 %
Selling, General & Administrative Expenses of 17.6% of sales vs. 18.3% for prior to year period
Retail section sales enlarge of 10.9% to 27,933 from 25,178 for the prior to year period. Average sell units sole per store per month increasing to 28.5 from 28.0
Strong money flows ancillary the poignant enlarge in revenues and the $39.9 million enlarge in Finance Receivables, $3.2 million in net collateral expenditures, and $29.9 million in usual batch re-purchases with usually a $36.3 million enlarge in sum debt
Provision for credit waste of 21.8% of sales vs. 21.4% for prior to year period
“We saw the delay of our clever handling formula in the third quarter. By staying focused on patron success we have been able to consistently furnish superb returns. Our clever opening is the direct outcome of receiving great care of our customers, a single at a time. We work in a formidable commercial operation and the loyalty and care demonstrated each day by all of our associates indeed makes us mount out as the industry leader,” pronounced William H. (“Hank”) Henderson, President and Chief Executive Officer of America’s Car-Mart. “As we look forward, we are very vehement to have the event to not usually grow our patron base in existent locations though to go on to add great brand brand brand brand brand brand brand brand new locations in the future. Our brand brand brand brand brand brand brand brand new store openings go on to go unequivocally well and these stores are unequivocally critical in achieving our long-term goals. All of our efforts are destined to assisting our commercial operation attain by operative with them when they knowledge monetary difficulties. This is what we do and we have finished it unequivocally well for over thirty years.”
“We are unequivocally gratified with our monetary opening for the quarter. From an normal store base of 111 we saw an 8.5% enlarge in section sales and a 7.9% enlarge in same store revenues. Once again, based on our clever tip line growth, we had considerable leveraging at the Selling, General and Administrative line. Our existent store base will go on to await poignant expansion into the future, and with the further of brand brand brand brand brand brand brand brand new dealerships, we are committed to portion a flourishing patron base looking for good, basic, affordable transportation. Our concentration on patron success continues to uncover up in our results,” pronounced Jeff Williams, Chief Financial Officer of America’s Car-Mart. “Our credit formula have been clever and have been unequivocally unchanging over the past multiform years. Should our pick up formula for the fourth entertain come in inside of a operation of where right away anticipated; we could be in the on all sides of wanting to revoke our stipend for credit waste based on our expected destiny waste inside of the portfolio in light of our unchanging credit opening over an lengthened duration of time.”
“The Company repurchased 98,201 shares of the usual batch during the third quarter. Since Feb 1, 2010 we have repurchased 2,283,109 shares, or 19.4% of our Company. The Company has 908,695 shares available underneath the existent repurchase devise and intends to repurchase shares in the destiny when conditions are favorable, theme to restrictions underneath the comparison credit facility,” combined Mr. Williams. “We have non-stop 6 brand brand brand brand brand brand brand brand new dealerships so distant this mercantile year and we devise to open 3 more in between right away and the end of the mercantile year, Apr 30, 2012. Our skeleton go on to be to open brand brand brand brand brand brand brand brand new dealerships at an estimate 10% annual rate in to the future.”
Conference Call
Management will be land a discussion call on Thursday, Feb 16, 2012 at 11:00 a.m. Eastern time to plead third entertain results. A live audio of the discussion call will be permitted to the open by job (877) 776-4031. International callers dial (631) 291-4132. Callers should dial in we estimate 10 mins before the call begins. A discussion call replay will be accessible a single hour following the call for thirty days and can be accessed by job (855) 859-2056 (domestic) or (404) 537-3406 (international), discussion call ID # 48136523.
About America’s Car-Mart
America’s Car-Mart, Inc. (the “Company”) operates 112 automotive dealerships in 9 states and is the largest publicly hold automotive tradesman in the United States focused to one side on the “Integrated Auto Sales and Finance” shred of the used automobile market. The Company emphasizes higher patron use and the office building of clever personal relations with the customers. The Company operates the dealerships essentially in tiny cities via the South-Central United States offered peculiarity used vehicles and on condition that financing for almost all of the customers. For more information, together with financier presentations, on America’s Car-Mart, please visit our website at www.car-mart.com.
This press recover contains “forward-looking statements” inside of the definition of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company’s destiny objectives, skeleton and goals, as well as the Company’s intent, ideology and stream expectations per destiny handling performance, and can in all be identified by difference such as “may,” “will,” “should,” “could, “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” and other identical difference or phrases. Specific events addressed by these forward-looking statements include, though are not singular to:
new dealership openings;
performance of brand brand brand brand brand brand brand brand new dealerships;
same store income growth;
future altogether income growth;
the Company’s pick up results, together with though not singular to collections during income taxation reinstate periods;
repurchases of the Company’s usual stock;
the Company’s commercial operation and expansion strategies.
These forward-looking statements are based on the Company’s stream estimates and assumptions and engage assorted risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of destiny performance, and that tangible formula could talk about materially from those projected in these forward-looking statements. Factors that may means tangible formula to talk about materially from the Company’s projections include, though are not singular to:
the accessibility of credit comforts to await the Company’s business;
the Company’s capability to safeguard and collect the accounts effectively, together with though not singular to collections during income taxation reinstate periods;
competition;
dependence on existent management;
availability of peculiarity vehicles at prices that will be affordable to customers;
changes in financing laws or regulations; and
general economic conditions in the markets in which the Company operates, together with though not singular to fluctuations in gas prices, grocery prices and practice levels.
Additionally, risks and uncertainties that may start destiny formula include those described from time to time in the Company’s SEC filings. The Company undertakes no requisite to update or correct any forward-looking statements, either as a outcome of brand brand brand brand brand brand brand brand new information, destiny events or otherwise. You are cautioned not to place unjustified faith on these forward-looking statements, which verbalise usually as of the dates on which they are made.
America’s Car-Mart, Inc.
Consolidated Results of Operations
(Operating Statement Dollars in Thousands)
% Change
As a % of Sales
Three Months Ended
2012
Three Months Ended
January 31,
vs.
January 31,
2012
2011
2011
2012
2011
Operating Data:
Retail units sold
8,965
8,266
8.5%
Average number of stores in operation
111
102
8.8
Average sell units sole per store per month
26.9
27.0
(0.4)
Average sell sales price
$ 9,922
$ 9,463
4.9
Same store income growth
7.9%
5.3%
Net charge-offs as a percent of normal Finance Receivables
5.7%
6.1%
Collections as a percent of normal Finance Receivables
14.8%
16.4%
Average commission of Finance Receivables-Current (excl. 1-2 day)
80.0%
81.1%
Average down-payment percentage
4.3%
4.8%
Period End Data:
Stores open
111
103
7.8%
Accounts over thirty days past due
4.7%
4.6%
Finance Receivables, gross
$ 322,353
$ 281,852
14.4%
Operating Statement:
Revenues:
Sales
$ 93,957
$ 82,775
13.5%
100.0%
100.0%
Interest income
11,408
9,794
16.5
12.1
11.8
Total
105,365
92,569
13.8
112.1
111.8
Costs and expenses:
Cost of sales
54,298
48,154
12.8
57.8
58.2
Selling, ubiquitous and administrative
17,175
15,863
8.3
18.3
19.2
Provision for credit losses
20,899
18,089
15.5
22.2
21.9
Interest expense
659
699
(5.7)
0.7
0.8
Interest expense- early pay-off of tenure loan
–
507
–
–
0.6
Interest expense- shift in satisfactory worth of Interest Rate Swap
–
(250)
–
–
(0.3)
Depreciation and amortization
594
485
22.5
0.6
0.6
Total
93,625
83,547
12.1
99.6
100.9
Income before taxes
11,740
9,022
12.5
10.9
Provision for income taxes
4,436
3,334
4.7
4.0
Net income
$ 7,304
$ 5,688
7.8
6.9
Dividends on auxiliary elite stock
$ (10)
$ (10)
Net income attributable to usual shareholders
$ 7,294
$ 5,678
Earnings per share:
Basic
$ 0.76
$ 0.53
Diluted
$ 0.73
$ 0.52
Weighted normal number of shares outstanding:
Basic
9,610,125
10,758,269
Diluted
9,998,290
10,999,375
America’s Car-Mart, Inc.
Consolidated Results of Operations
(Operating Statement Dollars in Thousands)
% Change
As a % of Sales
Nine Months Ended
2012
Nine Months Ended
January 31,
vs.
January 31,
2012
2011
2011
2012
2011
Operating Data:
Retail units sold
27,933
25,178
10.9%
Average number of stores in operation
109
100
9.0
Average sell units sole per store per month
28.5
28.0
1.8
Average sell sales price
$ 9,636
$ 9,303
3.6
Same store income growth
8.3%
6.5%
Net charge-offs as a percent of normal Finance Receivables
17.7%
17.7%
Collections as a percent of normal Finance Receivables
46.3%
48.8%
Average commission of Finance Receivables-Current (excl. 1-2 day)
81.1%
81.7%
Average down-payment percentage
6.2%
6.3%
Period End Data:
Stores open
111
103
7.8%
Accounts over thirty days past due
4.7%
4.6%
Finance Receivables, gross
$ 322,353
$ 281,852
14.4%
Operating Statement:
Revenues:
Sales
$ 284,409
$ 247,988
14.7%
100.0%
100.0%
Interest income
32,287
27,875
15.8
11.4
11.2
Total
316,696
275,863
14.8
111.4
111.2
Costs and expenses:
Cost of sales
163,667
141,856
15.4
57.5
57.2
Selling, ubiquitous and administrative
50,094
45,337
10.5
17.6
18.3
Provision for credit losses
62,056
52,994
17.1
21.8
21.4
Interest expense
1,676
2,186
(23.3)
0.6
0.9
Interest expense- early pay-off of tenure loan
–
507
–
–
0.2
Interest expense- shift in satisfactory worth of Interest Rate Swap
–
33
–
–
0.0
Depreciation and amortization
1,697
1,405
20.8
0.6
0.6
Total
279,190
244,318
14.3
98.2
98.5
Income prior to taxes
37,506
31,545
13.2
12.7
Provision for income taxes
14,160
11,703
5.0
4.7
Net income
$ 23,346
$ 19,842
8.2
8.0
Dividends on auxiliary elite stock
$ (30)
$ (30)
Net income attributable to usual shareholders
$ 23,316
$ 19,812
Earnings per share:
Basic
$ 2.36
$ 1.81
Diluted
$ 2.28
$ 1.77
Weighted normal number of shares outstanding:
Basic
9,886,100
10,958,074
Diluted
10,219,796
11,184,359
America’s Car-Mart, Inc.
Consolidated Balance Sheet and Other Data
(Dollars in Thousands)
January 31,
April 30,
2012
2011
Cash and money equivalents
$ 409
$ 223
Finance receivables, net
$ 253,645
$ 222,305
Total assets
$ 314,513
$ 276,409
Total debt
$ 83,873
$ 47,539
Treasury stock
$ 67,825
$ 37,875
Stockholders’ equity
$ 183,728
$ 187,011
Shares outstanding
9,585,024
10,496,628
Finance receivables:
Principal balance
$ 322,353
$ 282,478
Deferred Revenue – remuneration insurance plan
$ (10,132)
$ (8,963)
Allowance for credit losses
(68,708)
(60,173)
Finance receivables, net of stipend & paid in instalments revenue
$ 243,513
$ 213,342
Allowance as % of net principal balance
22.0%
22.0%
Changes in stipend for credit losses:
Nine Months Ended
January 31,
2012
2011
Balance at commencement of year
$ 60,173
$ 55,628
Provision for credit losses
62,056
52,994
Net charge-offs
(53,521)
(48,539)
Balance at end of period
$ 68,708
$ 60,083
car – Yahoo! News Search Results
BENTONVILLE, Ark., Feb. 15, 2012 (GLOBE NEWSWIRE) — America’s Car-Mart, Inc. (Nasdaq:CRMT – News) right away voiced the operating formula for the third mercantile entertain finished January 31, 2012.
Highlights of third entertain handling results:
Net income of $7.3 million ($.73 per diluted share) vs. $5.7 million ($.52 per widely separated share) for prior to year entertain (40.4% increase in entirely widely separated earnings per share)
Net charge-offs as a commission of normal Finance Receivables of 5.7% vs. 6.1% for the prior to year quarter
Revenue enlarge of 13.8% to $105.4 million from $92.6 million for the prior to year entertain with same store income growth of 7.9%
Selling, General & Administrative Expenses of 18.3% of sales vs. 19.2% for prior to year quarter
Retail section sales enlarge of 8.5% to 8,965 from 8,266 for the prior to year quarter.
Strong money flows ancillary the poignant enlarge in revenues and the $12.9 million enlarge in Finance Receivables, $1.2 million in net collateral expenditures, and $3.5 million in usual batch re-purchases with usually a $7.4 million enlarge in total debt
Active patron base right away over 53,000
Debt to equity of 45.7% and debt to monetary receivables of 26.0%
Allowance for credit waste remains unvaried at 22.0% of Finance Receivables
Provision for credit waste of 22.2% of sales vs. 21.9% for prior to year quarter
Highlights of 9 month handling results:
Net income of $23.3 million ($2.28 per widely separated share) vs. $19.8 million ($1.77 per widely separated share) for prior to year duration (28.8% enlarge in entirely widely separated gain per share)
Net charge-offs as a commission of normal Finance Receivables of 17.7% prosaic with prior to year period
Revenue enlarge of 14.8% to $317 million from $276 million for the prior to year duration with same store income growth of 8.3 %
Selling, General & Administrative Expenses of 17.6% of sales vs. 18.3% for prior to year period
Retail section sales enlarge of 10.9% to 27,933 from 25,178 for the prior to year period. Average sell units sole per store per month increasing to 28.5 from 28.0
Strong money flows ancillary the poignant enlarge in revenues and the $39.9 million enlarge in Finance Receivables, $3.2 million in net collateral expenditures, and $29.9 million in usual batch re-purchases with usually a $36.3 million enlarge in sum debt
Provision for credit waste of 21.8% of sales vs. 21.4% for prior to year period
“We saw the delay of our clever handling formula in the third quarter. By staying focused on patron success we have been able to consistently furnish superb returns. Our clever opening is the direct outcome of receiving great care of our customers, a single at a time. We work in a formidable commercial operation and the loyalty and care demonstrated each day by all of our associates indeed makes us mount out as the industry leader,” pronounced William H. (“Hank”) Henderson, President and Chief Executive Officer of America’s Car-Mart. “As we look forward, we are very vehement to have the event to not usually grow our patron base in existent locations though to go on to add great brand brand brand brand brand brand brand brand new locations in the future. Our brand brand brand brand brand brand brand brand new store openings go on to go unequivocally well and these stores are unequivocally critical in achieving our long-term goals. All of our efforts are destined to assisting our commercial operation attain by operative with them when they knowledge monetary difficulties. This is what we do and we have finished it unequivocally well for over thirty years.”
“We are unequivocally gratified with our monetary opening for the quarter. From an normal store base of 111 we saw an 8.5% enlarge in section sales and a 7.9% enlarge in same store revenues. Once again, based on our clever tip line growth, we had considerable leveraging at the Selling, General and Administrative line. Our existent store base will go on to await poignant expansion into the future, and with the further of brand brand brand brand brand brand brand brand new dealerships, we are committed to portion a flourishing patron base looking for good, basic, affordable transportation. Our concentration on patron success continues to uncover up in our results,” pronounced Jeff Williams, Chief Financial Officer of America’s Car-Mart. “Our credit formula have been clever and have been unequivocally unchanging over the past multiform years. Should our pick up formula for the fourth entertain come in inside of a operation of where right away anticipated; we could be in the on all sides of wanting to revoke our stipend for credit waste based on our expected destiny waste inside of the portfolio in light of our unchanging credit opening over an lengthened duration of time.”
“The Company repurchased 98,201 shares of the usual batch during the third quarter. Since Feb 1, 2010 we have repurchased 2,283,109 shares, or 19.4% of our Company. The Company has 908,695 shares available underneath the existent repurchase devise and intends to repurchase shares in the destiny when conditions are favorable, theme to restrictions underneath the comparison credit facility,” combined Mr. Williams. “We have non-stop 6 brand brand brand brand brand brand brand brand new dealerships so distant this mercantile year and we devise to open 3 more in between right away and the end of the mercantile year, Apr 30, 2012. Our skeleton go on to be to open brand brand brand brand brand brand brand brand new dealerships at an estimate 10% annual rate in to the future.”
Conference Call
Management will be land a discussion call on Thursday, Feb 16, 2012 at 11:00 a.m. Eastern time to plead third entertain results. A live audio of the discussion call will be permitted to the open by job (877) 776-4031. International callers dial (631) 291-4132. Callers should dial in we estimate 10 mins before the call begins. A discussion call replay will be accessible a single hour following the call for thirty days and can be accessed by job (855) 859-2056 (domestic) or (404) 537-3406 (international), discussion call ID # 48136523.
About America’s Car-Mart
America’s Car-Mart, Inc. (the “Company”) operates 112 automotive dealerships in 9 states and is the largest publicly hold automotive tradesman in the United States focused to one side on the “Integrated Auto Sales and Finance” shred of the used automobile market. The Company emphasizes higher patron use and the office building of clever personal relations with the customers. The Company operates the dealerships essentially in tiny cities via the South-Central United States offered peculiarity used vehicles and on condition that financing for almost all of the customers. For more information, together with financier presentations, on America’s Car-Mart, please visit our website at www.car-mart.com.
This press recover contains “forward-looking statements” inside of the definition of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company’s destiny objectives, skeleton and goals, as well as the Company’s intent, ideology and stream expectations per destiny handling performance, and can in all be identified by difference such as “may,” “will,” “should,” “could, “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” and other identical difference or phrases. Specific events addressed by these forward-looking statements include, though are not singular to:
new dealership openings;
performance of brand brand brand brand brand brand brand brand new dealerships;
same store income growth;
future altogether income growth;
the Company’s pick up results, together with though not singular to collections during income taxation reinstate periods;
repurchases of the Company’s usual stock;
the Company’s commercial operation and expansion strategies.
These forward-looking statements are based on the Company’s stream estimates and assumptions and engage assorted risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of destiny performance, and that tangible formula could talk about materially from those projected in these forward-looking statements. Factors that may means tangible formula to talk about materially from the Company’s projections include, though are not singular to:
the accessibility of credit comforts to await the Company’s business;
the Company’s capability to safeguard and collect the accounts effectively, together with though not singular to collections during income taxation reinstate periods;
competition;
dependence on existent management;
availability of peculiarity vehicles at prices that will be affordable to customers;
changes in financing laws or regulations; and
general economic conditions in the markets in which the Company operates, together with though not singular to fluctuations in gas prices, grocery prices and practice levels.
Additionally, risks and uncertainties that may start destiny formula include those described from time to time in the Company’s SEC filings. The Company undertakes no requisite to update or correct any forward-looking statements, either as a outcome of brand brand brand brand brand brand brand brand new information, destiny events or otherwise. You are cautioned not to place unjustified faith on these forward-looking statements, which verbalise usually as of the dates on which they are made.
America’s Car-Mart, Inc.
Consolidated Results of Operations
(Operating Statement Dollars in Thousands)
% Change
As a % of Sales
Three Months Ended
2012
Three Months Ended
January 31,
vs.
January 31,
2012
2011
2011
2012
2011
Operating Data:
Retail units sold
8,965
8,266
8.5%
Average number of stores in operation
111
102
8.8
Average sell units sole per store per month
26.9
27.0
(0.4)
Average sell sales price
$ 9,922
$ 9,463
4.9
Same store income growth
7.9%
5.3%
Net charge-offs as a percent of normal Finance Receivables
5.7%
6.1%
Collections as a percent of normal Finance Receivables
14.8%
16.4%
Average commission of Finance Receivables-Current (excl. 1-2 day)
80.0%
81.1%
Average down-payment percentage
4.3%
4.8%
Period End Data:
Stores open
111
103
7.8%
Accounts over thirty days past due
4.7%
4.6%
Finance Receivables, gross
$ 322,353
$ 281,852
14.4%
Operating Statement:
Revenues:
Sales
$ 93,957
$ 82,775
13.5%
100.0%
100.0%
Interest income
11,408
9,794
16.5
12.1
11.8
Total
105,365
92,569
13.8
112.1
111.8
Costs and expenses:
Cost of sales
54,298
48,154
12.8
57.8
58.2
Selling, ubiquitous and administrative
17,175
15,863
8.3
18.3
19.2
Provision for credit losses
20,899
18,089
15.5
22.2
21.9
Interest expense
659
699
(5.7)
0.7
0.8
Interest expense- early pay-off of tenure loan
–
507
–
–
0.6
Interest expense- shift in satisfactory worth of Interest Rate Swap
–
(250)
–
–
(0.3)
Depreciation and amortization
594
485
22.5
0.6
0.6
Total
93,625
83,547
12.1
99.6
100.9
Income before taxes
11,740
9,022
12.5
10.9
Provision for income taxes
4,436
3,334
4.7
4.0
Net income
$ 7,304
$ 5,688
7.8
6.9
Dividends on auxiliary elite stock
$ (10)
$ (10)
Net income attributable to usual shareholders
$ 7,294
$ 5,678
Earnings per share:
Basic
$ 0.76
$ 0.53
Diluted
$ 0.73
$ 0.52
Weighted normal number of shares outstanding:
Basic
9,610,125
10,758,269
Diluted
9,998,290
10,999,375
America’s Car-Mart, Inc.
Consolidated Results of Operations
(Operating Statement Dollars in Thousands)
% Change
As a % of Sales
Nine Months Ended
2012
Nine Months Ended
January 31,
vs.
January 31,
2012
2011
2011
2012
2011
Operating Data:
Retail units sold
27,933
25,178
10.9%
Average number of stores in operation
109
100
9.0
Average sell units sole per store per month
28.5
28.0
1.8
Average sell sales price
$ 9,636
$ 9,303
3.6
Same store income growth
8.3%
6.5%
Net charge-offs as a percent of normal Finance Receivables
17.7%
17.7%
Collections as a percent of normal Finance Receivables
46.3%
48.8%
Average commission of Finance Receivables-Current (excl. 1-2 day)
81.1%
81.7%
Average down-payment percentage
6.2%
6.3%
Period End Data:
Stores open
111
103
7.8%
Accounts over thirty days past due
4.7%
4.6%
Finance Receivables, gross
$ 322,353
$ 281,852
14.4%
Operating Statement:
Revenues:
Sales
$ 284,409
$ 247,988
14.7%
100.0%
100.0%
Interest income
32,287
27,875
15.8
11.4
11.2
Total
316,696
275,863
14.8
111.4
111.2
Costs and expenses:
Cost of sales
163,667
141,856
15.4
57.5
57.2
Selling, ubiquitous and administrative
50,094
45,337
10.5
17.6
18.3
Provision for credit losses
62,056
52,994
17.1
21.8
21.4
Interest expense
1,676
2,186
(23.3)
0.6
0.9
Interest expense- early pay-off of tenure loan
–
507
–
–
0.2
Interest expense- shift in satisfactory worth of Interest Rate Swap
–
33
–
–
0.0
Depreciation and amortization
1,697
1,405
20.8
0.6
0.6
Total
279,190
244,318
14.3
98.2
98.5
Income prior to taxes
37,506
31,545
13.2
12.7
Provision for income taxes
14,160
11,703
5.0
4.7
Net income
$ 23,346
$ 19,842
8.2
8.0
Dividends on auxiliary elite stock
$ (30)
$ (30)
Net income attributable to usual shareholders
$ 23,316
$ 19,812
Earnings per share:
Basic
$ 2.36
$ 1.81
Diluted
$ 2.28
$ 1.77
Weighted normal number of shares outstanding:
Basic
9,886,100
10,958,074
Diluted
10,219,796
11,184,359
America’s Car-Mart, Inc.
Consolidated Balance Sheet and Other Data
(Dollars in Thousands)
January 31,
April 30,
2012
2011
Cash and money equivalents
$ 409
$ 223
Finance receivables, net
$ 253,645
$ 222,305
Total assets
$ 314,513
$ 276,409
Total debt
$ 83,873
$ 47,539
Treasury stock
$ 67,825
$ 37,875
Stockholders’ equity
$ 183,728
$ 187,011
Shares outstanding
9,585,024
10,496,628
Finance receivables:
Principal balance
$ 322,353
$ 282,478
Deferred Revenue – remuneration insurance plan
$ (10,132)
$ (8,963)
Allowance for credit losses
(68,708)
(60,173)
Finance receivables, net of stipend & paid in instalments revenue
$ 243,513
$ 213,342
Allowance as % of net principal balance
22.0%
22.0%
Changes in stipend for credit losses:
Nine Months Ended
January 31,
2012
2011
Balance at commencement of year
$ 60,173
$ 55,628
Provision for credit losses
62,056
52,994
Net charge-offs
(53,521)
(48,539)
Balance at end of period
$ 68,708
$ 60,083
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