America's Car-Mart Reports Diluted Earnings per Share of $.62 on Revenue Increase of 12.9% to $150 Million
November 17 2016 - 4:54PM
America’s Car-Mart, Inc. (NASDAQ:CRMT) today announced its
operating results for the second quarter of fiscal 2017.
Highlights of second quarter operating
results:
- Net income of $5.0 million – $.62 per diluted share vs. ($.06)
per diluted share ($.29 per diluted share excluding a $3 million
non-cash after-tax charge resulting from an increase to the
allowance for credit losses) for prior year quarter
- Revenues of $150 million compared to $133 million for the prior
year quarter (a 12.9% increase)
- Retail unit sales increase of 11.8% to 12,167 from 10,881 for
the prior year quarter with increased productivity at 28.4 retail
units sold per store per month, up from 25.3 for the prior year
quarter
- Average retail sales price increased $244 to $10,491 or 2.4%
from the prior year quarter (increased $98 or 0.9%
sequentially)
- Gross profit margin percentage increased to 41.4% from 39.2%
for the prior year quarter
- Collections as a percentage of average finance receivables of
12.6% compared to 13.7% for the prior year quarter. The
weighted average contract term increased to 31.7 months from
30.6.
- Net Charge-offs as a percent of average finance receivables of
7.7%, down slightly from 7.8% for prior year quarter
- Accounts over 30 days past due increased to 4.8% from 3.5% at
October 31, 2015
- Average percentage of finance receivables current of 80.3%
compared to 81.4% at April 30, 2016
- Provision for credit losses of 29.6% of sales vs. 32.4% (28.3%
excluding increase to allowance for credit losses) for prior year
quarter
- Selling, general and administrative expenses at 17.0% of sales
vs. 18.9% for prior year quarter
- Active accounts base approximately 67,600, an increase of
approximately 2,600 from April 30, 2016
- Debt to equity of 53.1% and debt to finance receivables of
26.3%
- Allowance for credit losses at 25% of finance receivables, net
of deferred revenue at October 31, 2016
- Strong cash flows supporting the increase in revenues, the
$13.7 million increase in finance receivables, $352,000 in net
capital expenditures and $894,000 in common stock repurchases
(24,601 shares) with a $7.2 million increase in total debt
Highlights of six month operating
results:
- Net income of $12.1 million - $1.48 per diluted share vs. $.46
per diluted share ($.81 per diluted share excluding a $3 million
non-cash after-tax charge resulting from an increase to the
allowance for credit losses) for prior year period
- Revenues of $296 million compared to $276 million for the prior
year period with same store revenue increase of 5.8%
- Retail unit sales increase of 4.3% to 24,124 from 23,125 for
the prior year period with productivity at 28.1 retail units sold
per store per month, up from 27.0 for the prior year period
- Net Charge-offs as a percent of average finance receivables of
14.0%, down from 15.6% for prior year period
- Provision for credit losses of 27.7% of sales vs. 29.9% of
sales (28% excluding increase to allowance for credit losses) for
prior year period
- Strong cash flows supporting the increase in revenues, the $37
million increase in finance receivables, $875,000 in net capital
expenditures and $8.1 million in common stock repurchases (297,693
shares) with a $16.8 million increase in total debt
“We are pleased with our top line growth and our
sales volume productivity improvement. There is significant demand
for what we provide our markets and we are excited that we have
expanded our customer base by 2,600 since the beginning of our
fiscal year. We are now serving almost 67,600 customers looking for
good, basic and affordable transportation. Our Mission is ‘We
strive to earn the repeat business of our customers by providing
quality vehicles, affordable payment terms and excellent service.’
We work hard every day to live our Mission Statement. We
believe that the communities we serve always deserve our best, and
we are prepared to deliver,” said William H. (“Hank”) Henderson,
Chief Executive Office of America’s Car-Mart, Inc. (the “Company”).
“The competitive environment remains challenging, but we continue
to believe that our face-to-face relationships with our customers
combined with our efficient operating model will allow us to
perform at a very high level as we move forward. We believe that
our future is bright, and as always, we will continue to push for
excellence in all that we do.”
“Once again, we believe that we have significant
opportunities for improvement within our existing network,
especially as related to customer success rates, and we remain
committed to prioritizing efforts to improve results at all of our
individual dealerships,” added Mr. Henderson. “We also believe that
we can begin adding new dealerships again at some point in the
future as we see improvements in results from our efforts.”
“As Hank mentioned, we are very pleased to see
the top line increase of 12.9% which was driven by a 12.3%
improvement in sales volume productivity for the quarter. We sold
28.4 retail units per store per month, which resulted in leveraging
our cost structure, driving selling, general and administrative
expenses to 17% from 18.9% for the prior year quarter. Improvements
with inventory management resulted in a 220 basis point improvement
in our gross profit percentage. Obviously, our associates are
working hard to improve results and these dramatic positive changes
did not happen by accident. We are very appreciative of their
efforts as they tirelessly push to help our customers succeed,”
said Jeff Williams, President of America’s Car-Mart, Inc. “Net
Charge-Offs, while down slightly for the quarter, were higher than
we would like to see and we attribute some portion of our credit
results to the continuing tough operating environment. We know we
can do better and we will continue to prioritize our efforts in
this area of the business.”
“During the quarter, we re-purchased 24,601
shares of our common stock for approximately $894,000 at an average
price of $36.33 per share. Since February 2010, we have
re-purchased 4.5 million shares (38% of the outstanding shares) for
$142.9 million at an average cost of $32.11. We plan to continue to
invest in stock re-purchases opportunistically as we move forward,”
added Mr. Williams. “We will continue to focus on cash flows and
maintaining a healthy balance sheet. We ended the quarter
with debt to equity of 53.1% and debt to finance receivables of
26.3%. During the quarter, we increased financed receivables by
$13.7 million, re-purchased $894,000 of common stock and had
$352,000 in net capital expenditures, all with a $7.2 million
increase in total
debt.”
Conference Call
Management will be holding a conference call on
Friday, November 18, 2016 at 11:00 a.m. Eastern Time to discuss
second quarter results. A live audio of the conference call
will be accessible to the public by calling (877) 776-4031.
International callers dial (631) 291-4132. Callers should
dial in approximately 10 minutes before the call begins. A
conference call replay will be available two hours following the
call for thirty days and can be accessed by calling (855) 859-2056
(domestic) or (404) 537-3406 (international), conference call ID
#12840259.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
operates 143 automotive dealerships in eleven states and is one of
the largest publicly held automotive retailers in the United States
focused exclusively on the “Integrated Auto Sales and Finance”
segment of the used car market. The Company emphasizes
superior customer service and the building of strong personal
relationships with its customers. The Company operates its
dealerships primarily in small cities throughout the South-Central
United States selling quality used vehicles and providing financing
for substantially all of its customers. For more information,
including investor presentations, on America’s Car-Mart, please
visit our website at www.car-mart.com.
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements address
the Company’s future objectives, plans and goals, as well as the
Company’s intent, beliefs and current expectations regarding future
operating performance and can generally be identified by words such
as “may,” “will,” “should,” “could, “believe,” “expect,”
“anticipate,” “intend,” “plan,” “foresee,” and other similar words
or phrases. Specific events addressed by these
forward-looking statements include, but are not limited to:
- new dealership openings;
- performance of new dealerships;
- same store revenue growth;
- future overall revenue growth;
- the Company’s collection results, including but not limited to
collections during income tax refund periods;
- repurchases of the Company’s common stock; and
- the Company’s business and growth strategies and plans.
These forward-looking statements are based on the Company’s
current estimates and assumptions and involve various risks and
uncertainties. As a result, you are cautioned that these
forward-looking statements are not guarantees of future
performance, and that actual results could differ materially from
those projected in these forward-looking statements. Factors
that may cause actual results to differ materially from the
Company’s projections include, but are not limited to:
- the availability of credit facilities to support the Company’s
business;
- the Company’s ability to underwrite and collect its accounts
effectively, including but not limited to collections during income
tax refund periods;
- competition;
- dependence on existing management;
- availability of quality 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, including but not limited to fluctuations in gas prices,
grocery prices and employment levels.
Additionally, risks and uncertainties that may affect future
results include those described from time to time in the Company’s
SEC filings. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only 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 |
|
2016 |
|
Three Months Ended |
|
|
|
|
|
|
|
October 31, |
|
vs. |
|
October 31, |
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
2015 |
|
2016 |
|
2015 |
|
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
12,167 |
|
|
|
10,881 |
|
|
|
11.8 |
|
% |
|
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
143 |
|
|
|
144 |
|
|
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
28.4 |
|
|
|
25.3 |
|
|
|
12.3 |
|
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,491 |
|
|
$ |
10,247 |
|
|
|
2.4 |
|
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
11.6 |
% |
|
|
(3.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
7.7 |
% |
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
12.6 |
% |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
80.3 |
% |
|
|
82.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
5.6 |
% |
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
143 |
|
|
|
145 |
|
|
|
(1.4 |
) |
% |
|
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
4.8 |
% |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
474,295 |
|
|
$ |
427,663 |
|
|
|
10.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
133,170 |
|
|
$ |
117,670 |
|
|
|
13.2 |
|
% |
|
|
100.0 |
|
% |
|
|
100.0 |
|
% |
|
|
|
Interest
income |
|
|
17,040 |
|
|
|
15,334 |
|
|
|
11.1 |
|
|
|
|
12.8 |
|
|
|
|
13.0 |
|
|
|
|
|
|
|
Total |
|
|
150,210 |
|
|
|
133,004 |
|
|
|
12.9 |
|
|
|
|
112.8 |
|
|
|
|
113.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
77,997 |
|
|
|
71,596 |
|
|
|
8.9 |
|
|
|
|
58.6 |
|
|
|
|
60.8 |
|
|
|
|
|
Selling, general and administrative |
|
|
22,654 |
|
|
|
22,239 |
|
|
|
1.9 |
|
|
|
|
17.0 |
|
|
|
|
18.9 |
|
|
|
|
|
Provision
for credit losses |
|
|
39,441 |
|
|
|
38,094 |
|
|
|
3.5 |
|
|
|
|
29.6 |
|
|
|
|
32.4 |
|
|
|
|
|
Interest
expense |
|
|
1,036 |
|
|
|
792 |
|
|
|
30.8 |
|
|
|
|
0.8 |
|
|
|
|
0.7 |
|
|
|
|
|
Depreciation and amortization |
|
|
1,080 |
|
|
|
1,038 |
|
|
|
4.0 |
|
|
|
|
0.8 |
|
|
|
|
0.9 |
|
|
|
|
|
(Gain) loss on disposal of property and equipment |
|
|
(1 |
) |
|
|
19 |
|
|
|
100.0 |
|
|
|
|
(0.0 |
) |
|
|
|
0.0 |
|
|
|
|
|
|
|
Total |
|
|
142,207 |
|
|
|
133,778 |
|
|
|
6.3 |
|
|
|
|
106.8 |
|
|
|
|
113.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes |
|
|
8,003 |
|
|
|
(774 |
) |
|
|
|
|
|
6.0 |
|
|
|
|
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
2,985 |
|
|
|
(289 |
) |
|
|
|
|
|
2.2 |
|
|
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
5,018 |
|
|
$ |
(485 |
) |
|
|
|
|
|
3.8 |
|
|
|
|
(0.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to common shareholders |
$ |
5,008 |
|
|
$ |
(495 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.64 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
0.62 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
7,833,061 |
|
|
|
8,471,918 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
8,136,961 |
|
|
|
8,471,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Results of Operations |
(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Six Months Ended |
|
2016 |
|
Six Months Ended |
|
|
|
|
|
|
October 31, |
|
vs. |
|
October 31, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
2015 |
|
2016 |
|
2015 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
24,124 |
|
|
|
23,125 |
|
|
|
4.3 |
|
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
143 |
|
|
|
143 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
28.1 |
|
|
|
27.0 |
|
|
|
4.1 |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,442 |
|
|
$ |
10,098 |
|
|
|
3.4 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
5.8 |
% |
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
14.0 |
% |
|
|
15.6 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
25.6 |
% |
|
|
27.7 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
80.2 |
% |
|
|
81.8 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
5.8 |
% |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
143 |
|
|
|
145 |
|
|
|
(1.4 |
) |
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
4.8 |
% |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
474,295 |
|
|
$ |
427,663 |
|
|
|
10.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
262,854 |
|
|
$ |
245,265 |
|
|
|
7.2 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
33,196 |
|
|
|
30,428 |
|
|
|
9.1 |
|
|
|
12.6 |
|
|
12.4 |
|
|
|
|
|
Total |
|
|
296,050 |
|
|
|
275,693 |
|
|
|
7.4 |
|
|
|
112.6 |
|
|
112.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
153,510 |
|
|
|
146,682 |
|
|
|
4.7 |
|
|
|
58.4 |
|
|
59.8 |
|
|
|
Selling, general and administrative |
|
|
45,822 |
|
|
|
45,363 |
|
|
|
1.0 |
|
|
|
17.4 |
|
|
18.5 |
|
|
|
Provision
for credit losses |
|
|
72,822 |
|
|
|
73,439 |
|
|
|
(0.8 |
) |
|
|
27.7 |
|
|
29.9 |
|
|
|
Interest
expense |
|
|
1,980 |
|
|
|
1,552 |
|
|
|
27.6 |
|
|
|
0.8 |
|
|
0.6 |
|
|
|
Depreciation and amortization |
|
|
2,176 |
|
|
|
2,048 |
|
|
|
6.3 |
|
|
|
0.8 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
399 |
|
|
|
19 |
|
|
|
2,000.0 |
|
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
276,709 |
|
|
|
269,103 |
|
|
|
2.8 |
|
|
|
105.3 |
|
|
109.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
19,341 |
|
|
|
6,590 |
|
|
|
|
|
7.4 |
|
|
2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
7,214 |
|
|
|
2,458 |
|
|
|
|
|
2.7 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
12,127 |
|
|
$ |
4,132 |
|
|
|
|
|
4.6 |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(20 |
) |
|
$ |
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
12,107 |
|
|
$ |
4,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
1.53 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
1.48 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
7,890,993 |
|
|
|
8,492,679 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
8,161,019 |
|
|
|
8,853,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Balance Sheet and Other
Data |
(Dollars in Thousands) |
|
|
|
|
|
|
October 31, |
|
April 30, |
|
October 31, |
|
|
|
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
170 |
|
|
$ |
602 |
|
|
$ |
1,386 |
|
|
Finance
receivables, net |
|
$ |
362,955 |
|
|
$ |
334,793 |
|
|
$ |
327,229 |
|
|
Inventory |
|
|
$ |
32,446 |
|
|
$ |
29,879 |
|
|
$ |
34,253 |
|
|
Total
assets |
|
$ |
435,239 |
|
|
$ |
406,296 |
|
|
$ |
403,663 |
|
|
Total
debt |
|
$ |
124,696 |
|
|
$ |
107,902 |
|
|
$ |
104,424 |
|
|
Treasury
stock |
|
$ |
149,594 |
|
|
$ |
141,535 |
|
|
$ |
131,310 |
|
|
Stockholders' equity |
|
$ |
234,866 |
|
|
$ |
228,817 |
|
|
$ |
230,709 |
|
|
Shares
outstanding |
|
|
7,836,335 |
|
|
|
8,073,820 |
|
|
|
8,458,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
|
Principal
balance |
|
$ |
474,295 |
|
|
$ |
437,278 |
|
|
$ |
427,663 |
|
|
|
Deferred
revenue - payment protection plan |
|
(18,476 |
) |
|
|
(17,305 |
) |
|
|
(16,061 |
) |
|
|
Deferred
revenue - service contract |
|
(10,470 |
) |
|
|
(10,034 |
) |
|
|
(9,865 |
) |
|
|
Allowance
for credit losses |
|
(111,340 |
) |
|
|
(102,485 |
) |
|
|
(100,434 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
334,009 |
|
|
$ |
307,454 |
|
|
$ |
301,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
as % of principal balance net of deferred revenue |
|
25.0 |
% |
|
|
25.0 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
Six months |
|
|
|
|
|
|
|
ended October 31, |
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
Balance at
beginning of period |
$ |
102,485 |
|
|
$ |
93,224 |
|
|
|
|
|
Provision
for credit losses |
|
72,822 |
|
|
|
73,439 |
|
|
|
|
|
Charge-offs, net of collateral recovered |
|
(63,967 |
) |
|
|
(66,229 |
) |
|
|
|
|
|
Balance at
end of period |
$ |
111,340 |
|
|
$ |
100,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
William H. (“Hank”) Henderson, CEO or Jeffrey A. Williams, President and CFO at (479) 464-9944
Americas Car Mart (NASDAQ:CRMT)
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From Mar 2024 to Apr 2024
Americas Car Mart (NASDAQ:CRMT)
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From Apr 2023 to Apr 2024