America's Car-Mart Reports Diluted Earnings per Share of $.35 on Revenues of $139 Million
February 20 2017 - 5:30PM
America’s Car-Mart, Inc. (NASDAQ:CRMT) today announced its
operating results for the third quarter of fiscal 2017.
Highlights of third quarter operating
results:
- Net income of $2.8 million – $.35 per diluted share vs. $.47
per diluted share for prior year quarter
- Revenues of $139 million compared to $137 million for the prior
year quarter (a 1.0% increase)
- Retail unit sales decrease of 1.3% to 10,866 from 11,013 for
the prior year quarter with increased productivity at 25.3 retail
units sold per store per month, up from 25 for the prior year
quarter
- Average retail sales price increased $30 to $10,629 or 0.3%
from the prior year quarter (increased $138 or 1.3%
sequentially)
- Gross profit margin percentage increased to 40.8% from 40.3%
for the prior year quarter
- Collections as a percentage of average finance receivables of
12.4% compared to 12.9% for the prior year quarter. The
weighted average contract term increased to 31.9 months from
30.9.
- Net Charge-offs as a percent of average finance receivables of
7.8%, up from 6.6% for prior year quarter
- Accounts over 30 days past due decreased to 4.7% from 5.0% at
January 31, 2016
- Average percentage of finance receivables current of 79.5%
compared to 81.4% at January 31, 2016
- Provision for credit losses of 31.0% of sales vs. 26.9% for
prior year quarter
- Selling, general and administrative expenses at 18.7% of sales
vs. 19.4% for prior year quarter
- Active accounts base approximately 67,300, an increase of
approximately 2,300 from April 30, 2016
- Debt to equity of 49.6% and debt to finance receivables of
25.0%
- Allowance for credit losses at 25% of finance receivables, net
of deferred revenue at January 31, 2017
Highlights of nine month operating
results:
- Net income of $15.0 million - $1.83 per diluted share vs. $.93
per diluted share ($1.28 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 $435 million compared to $413 million for the prior
year period with same store revenue increase of 4.2%
- Retail unit sales increase of 2.5% to 34,990 from 34,138 for
the prior year period with productivity at 27.2 retail units sold
per store per month, up from 26.4 for the prior year period
- Net Charge-offs as a percent of average finance receivables of
21.8%, down from 22.2% for prior year period
- Provision for credit losses of 28.8% of sales vs. 28.9% of
sales (27.6% excluding increase to allowance for credit losses) for
prior year period
- Strong cash flows supporting the increase in revenues, the
$38.1 million increase in finance receivables, $1.4 million in net
capital expenditures and $8.2 million in common stock repurchases
(300,838 shares) with a $10.9 million increase in total debt.
“Even though we did see a small top line
increase with same store revenue increasing 1.1%, we were a little
disappointed with our top line for the quarter. Our expectations
were higher going into the quarter and some of the shortfall was
most likely related to delays with income tax refunds this year. At
the same time, we are certainly seeing some overall softness in the
market after so many years of excess lending with significantly
extended contract terms. Our customer base has been stuffed with
offerings for several years now and we are feeling the negative
effects of market conditions,” said William H. (“Hank”) Henderson,
Chief Executive Officer of America’s Car-Mart, Inc. (the
“Company”). “However, we are addressing our revenue challenges
head-on and have made significant recent improvements with
lot-level productivity tools to assist our managers with efforts to
attract quality customers and improve our closure rates.
Additionally, we are in the middle of a top to bottom review of our
overall sales and marketing efforts and we are working with an
outside firm to assist us in this process. We are optimistic that
we will see good solid top line improvements over time as we move
forward.”
“Our credit losses were elevated for the
quarter, as for the most part we saw increased losses broadly
across the Company. Even though we came into the quarter with
higher delinquencies, we did expect better credit results for the
quarter,” added Mr. Henderson. “While the competitive landscape is
still very intense, we continue to work to improve our collection
efforts, particularly with our ground level face-to-face
interaction with our customers which is so important to our
customers’ success. We have recently added a key position,
with support staff, to work with field operators to improve credit
results. This team has been instrumental in developing tools to
give management better visibility toward efficiencies and the
effectiveness of our account representatives as they work to
improve customer success rates. We expect these efforts to result
in improvements to our credit losses as we move
forward.”
“As we have said many times in the past, we have
significant opportunities for improvement within our existing
network and we will prioritize our efforts in that direction
first,” added Mr. Henderson. “We have recently created our General
Manager Recruitment and Advancement team and we are seeing some
positive benefits in this area. We continue to believe that
we can add new dealerships again at some point in the future when
we begin to see the anticipated improvements within our current
dealership base. However, we are in the process of winding down
three additional dealerships, which began this quarter, and we
anticipate a few more closings as we rationalize our individual
locations.”
“As Hank mentioned, we certainly have some
challenges, but we are addressing them head-on and are committed to
improving our Company’s financial performance as we help our
customers succeed. In addition to the efforts mentioned above,
there are several other very positive initiatives that are helping
to improve our results. Our overall improvement with inventory
management is allowing us to see solid gross margin percentages
with increased turns. Additionally, our continued commitment to
leveraging our cost structure is allowing us to drive down our
Selling, General and Administrative costs. We are especially proud
of this leveraging considering the significant infrastructure
investments that we have made over the last few years,” said Jeff
Williams, President of America’s Car-Mart, Inc. “Also, the increase
in our contract interest rates, effective in May of 2016, has had
the intended effect of offsetting some of our higher credit loss
results. We know that we can do much better in this critical
area of the business, and we are committed to significant
improvement as we look to the future.”
“In the last twelve months, we have added $32
million in receivables, re-purchased almost $12 million of our
common stock, and funded $1.7 million in net capital expenditures,
all while paying down $3.7 million in debt. Our debt to Finance
Receivables ratio is 25% compared to 27.6% at this time last year,”
added Mr. Williams. “Our cash-on-cash returns continue to be very
strong, and we will always strive to be the very lowest cost
operator in the industry while being mindful of the continuing
infrastructure investment needs in the key areas of the business.
We will continue to re-purchase common stock opportunistically as
we move forward.”
Conference Call
Management will be holding a conference call on
Tuesday, February 21, 2017 at 11:00 a.m. Eastern Time to discuss
third 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
#65955735.
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 |
|
2017 |
|
Three Months Ended |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
2016 |
|
2017 |
|
2016 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
10,866 |
|
|
|
11,013 |
|
|
(1.3 |
) |
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
143 |
|
|
|
147 |
|
|
(2.7 |
) |
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
25.3 |
|
|
|
25.0 |
|
|
1.2 |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,629 |
|
|
$ |
10,599 |
|
|
0.3 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
1.1 |
% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
7.8 |
% |
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
12.4 |
% |
|
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
79.5 |
% |
|
|
81.4 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
4.3 |
% |
|
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
143 |
|
|
|
147 |
|
|
(2.7 |
) |
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
4.7 |
% |
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
475,354 |
|
|
$ |
443,296 |
|
|
7.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
121,263 |
|
|
$ |
121,791 |
|
|
(0.4 |
) |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
17,521 |
|
|
|
15,672 |
|
|
11.8 |
|
|
|
14.4 |
|
|
12.9 |
|
|
|
|
|
Total |
|
|
138,784 |
|
|
|
137,463 |
|
|
1.0 |
|
|
|
114.4 |
|
|
112.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
71,836 |
|
|
|
72,702 |
|
|
(1.2 |
) |
|
|
59.2 |
|
|
59.7 |
|
|
|
Selling, general and administrative |
|
|
22,654 |
|
|
|
23,568 |
|
|
(3.9 |
) |
|
|
18.7 |
|
|
19.4 |
|
|
|
Provision
for credit losses |
|
|
37,645 |
|
|
|
32,786 |
|
|
14.8 |
|
|
|
31.0 |
|
|
26.9 |
|
|
|
Interest
expense |
|
|
1,060 |
|
|
|
831 |
|
|
27.6 |
|
|
|
0.9 |
|
|
0.7 |
|
|
|
Depreciation and amortization |
|
|
1,059 |
|
|
|
1,008 |
|
|
5.1 |
|
|
|
0.9 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
7 |
|
|
|
27 |
|
|
(74.1 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
134,261 |
|
|
|
130,922 |
|
|
2.6 |
|
|
|
110.7 |
|
|
107.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
4,523 |
|
|
|
6,541 |
|
|
|
|
|
3.7 |
|
|
5.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
1,687 |
|
|
|
2,439 |
|
|
|
|
|
1.4 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,836 |
|
|
$ |
4,102 |
|
|
|
|
|
2.3 |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
2,826 |
|
|
$ |
4,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.36 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.35 |
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,893,737 |
|
|
|
8,367,728 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
8,175,754 |
|
|
|
8,615,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Results of
Operations |
(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Nine Months Ended |
|
2017 |
|
Nine Months Ended |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
2016 |
|
2017 |
|
2016 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
34,990 |
|
|
|
34,138 |
|
|
2.5 |
|
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
143 |
|
|
|
144 |
|
|
(0.7 |
) |
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
27.2 |
|
|
|
26.4 |
|
|
3.0 |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,500 |
|
|
$ |
10,259 |
|
|
2.3 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
4.2 |
% |
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
21.8 |
% |
|
|
22.2 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
37.9 |
% |
|
|
40.6 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
80.0 |
% |
|
|
81.6 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
5.3 |
% |
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
143 |
|
|
|
147 |
|
|
(2.7 |
) |
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
4.7 |
% |
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
475,354 |
|
|
$ |
443,296 |
|
|
7.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
384,117 |
|
|
$ |
367,056 |
|
|
4.6 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
50,717 |
|
|
|
46,101 |
|
|
10.0 |
|
|
|
13.2 |
|
|
12.6 |
|
|
|
|
|
Total |
|
|
434,834 |
|
|
|
413,157 |
|
|
5.2 |
|
|
|
113.2 |
|
|
112.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
225,346 |
|
|
|
219,385 |
|
|
2.7 |
|
|
|
58.7 |
|
|
59.8 |
|
|
|
Selling, general and administrative |
|
|
68,476 |
|
|
|
68,932 |
|
|
(0.7 |
) |
|
|
17.8 |
|
|
18.8 |
|
|
|
Provision
for credit losses |
|
|
110,467 |
|
|
|
106,225 |
|
|
4.0 |
|
|
|
28.8 |
|
|
28.9 |
|
|
|
Interest
expense |
|
|
3,040 |
|
|
|
2,383 |
|
|
27.6 |
|
|
|
0.8 |
|
|
0.6 |
|
|
|
Depreciation and amortization |
|
|
3,235 |
|
|
|
3,056 |
|
|
5.9 |
|
|
|
0.8 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
406 |
|
|
|
46 |
|
|
782.6 |
|
|
|
0.1 |
|
|
- |
|
|
|
|
|
Total |
|
|
410,970 |
|
|
|
400,027 |
|
|
2.7 |
|
|
|
107.0 |
|
|
109.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
23,864 |
|
|
|
13,130 |
|
|
|
|
|
6.2 |
|
|
3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
8,901 |
|
|
|
4,897 |
|
|
|
|
|
2.3 |
|
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,963 |
|
|
$ |
8,233 |
|
|
|
|
|
3.9 |
|
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(30 |
) |
|
$ |
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
14,933 |
|
|
$ |
8,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.89 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
1.83 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,891,908 |
|
|
|
8,451,029 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
8,165,931 |
|
|
|
8,774,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Balance Sheet and Other
Data |
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
|
April 30, |
|
January 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
254 |
|
|
$ |
602 |
|
|
$ |
590 |
|
|
Finance
receivables, net |
$ |
363,536 |
|
|
$ |
334,793 |
|
|
$ |
339,069 |
|
|
Inventory |
$ |
32,303 |
|
|
$ |
29,879 |
|
|
$ |
42,094 |
|
|
Total
assets |
$ |
434,651 |
|
|
$ |
406,296 |
|
|
$ |
424,283 |
|
|
Total
debt |
$ |
118,785 |
|
|
$ |
107,902 |
|
|
$ |
122,490 |
|
|
Treasury
stock |
$ |
149,710 |
|
|
$ |
141,535 |
|
|
$ |
137,806 |
|
|
Stockholders' equity |
$ |
239,318 |
|
|
$ |
228,817 |
|
|
$ |
228,868 |
|
|
Shares
outstanding |
|
7,921,954 |
|
|
|
8,073,820 |
|
|
|
8,222,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
Principal
balance |
$ |
475,354 |
|
|
$ |
437,278 |
|
|
$ |
443,296 |
|
|
|
Deferred
revenue - payment protection plan |
|
(18,158 |
) |
|
|
(17,305 |
) |
|
|
(16,714 |
) |
|
|
Deferred
revenue - service contract |
|
(9,924 |
) |
|
|
(10,034 |
) |
|
|
(9,673 |
) |
|
|
Allowance
for credit losses |
|
(111,818 |
) |
|
|
(102,485 |
) |
|
|
(104,228 |
) |
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
335,454 |
|
|
$ |
307,454 |
|
|
$ |
312,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
as % of principal balance net of deferred revenue |
|
25.0 |
% |
|
|
25.0 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
Nine months |
|
|
|
|
|
|
ended January 31, |
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
Balance at
beginning of period |
$ |
102,485 |
|
|
$ |
93,224 |
|
|
|
|
|
Provision
for credit losses |
|
110,467 |
|
|
|
106,225 |
|
|
|
|
|
Charge-offs, net of collateral recovered |
|
(101,134 |
) |
|
|
(95,221 |
) |
|
|
|
|
|
Balance at end of
period |
$ |
111,818 |
|
|
$ |
104,228 |
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
William H. (“Hank”) Henderson, CEO or Jeffrey A. Williams, President and CFO at (479) 464-9944
Americas Car Mart (NASDAQ:CRMT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Americas Car Mart (NASDAQ:CRMT)
Historical Stock Chart
From Apr 2023 to Apr 2024