America's Car-Mart Reports Diluted Earnings per Share of $.66 (including a $.06 charge for lot closings) on Revenues of $153...
May 22 2017 - 5:10PM
America’s Car-Mart, Inc. (NASDAQ:CRMT) today announced its
operating results for the fourth quarter and full fiscal year 2017.
Highlights of fourth quarter operating
results:
- Net earnings of $5.2 million – $.66 per diluted share ($.72 per
diluted share excluding a $500,000 non-cash after-tax charge
resulting from costs associated with lot closings) vs. $.40 per
diluted share for prior year quarter
- Revenues of $153 million compared to $155 million for the prior
year quarter including a $1.6 million increase in interest income
and same store revenue increase of 1.3%
- Increased sales volume productivity with 29.1 retail units sold
per store per month, up from 28.2 for the prior year quarter
- Average retail sales price increased $13 to $10,654 or .1% from
the prior year quarter (increased $25 or .2% sequentially)
- Gross profit margin percentage increased to 41.5% from 38.7%
for the prior year quarter
- Collections as a percentage of average finance receivables
decreased to 15.6% from 16.8% for the prior year quarter. The
weighted average contract term increased to 32.5 months from
31.6.
- Net Charge-offs as a percent of average finance receivables of
8.7%, down from 9.0% for prior year quarter
- Accounts over 30 days past due increased to 3.6% from 3.0% at
April 30, 2016
- Average percentage of finance receivables current improved
slightly to 81% from 80.5% at April 30, 2016
- Provision for credit losses of 28.4% of sales vs. 27.4% for
prior year quarter
- Selling, general and administrative expenses at 17.2% of sales
vs. 16.7% for prior year quarter
- Active accounts base approximately 66,800
- Debt to equity of 50.6% and debt to finance receivables of
25.3%
- Allowance for credit losses at 25% of finance receivables, net
of deferred revenue at April 30, 2017
- Repurchased 365,364 shares of common stock for $12.3 million at
an average cost of $33.70 per share
Highlights of full fiscal year operating
results:
- Net income of $20.2 million - $2.49 per diluted share vs. $1.33
per diluted share for the prior year
- Revenues of $588 million compared to $568 million for the prior
year including a $6.3 million increase in interest income and same
store revenue increase of 3.5%
- Retail unit sales increase of 1.4% to 47,116 from 46,483 for
the prior year with productivity at 27.7 retail units sold per
store per month, up from 26.7 for the prior year
- Net Charge-offs as a percent of average finance receivables of
30.5%, down from 31.3% for prior year
- Provision for credit losses of 28.7% of sales vs. 28.5% of
sales (27.6% excluding second quarter increase to allowance for
credit losses) for the prior year
- Strong cash flows supporting the increase in revenues, the
$29.6 million increase in finance receivables, $1.6 million in net
capital expenditures, and $20.5 million in common stock repurchases
(666,202 shares) with a $10 million increase in total debt
“We are pleased with the direction the Company
is moving, and we are excited about our future. The competitive
environment has been difficult the last few years, but we are
seeing some positive indicators. We believe we are well positioned
to continue to show improvements as we grow,” said William H.
(“Hank”) Henderson, CEO. “By always focusing on our core values-
Integrity, Respect, Compassion and Excellence, we will ensure that
our customer relationships are strong and we fully expect success
rates will improve. We will continue to push for operational
improvements, and we are very appreciative of the efforts of our
associates as we strive to earn the repeat business of our
customers by providing quality vehicles, affordable payment terms
and excellent service.”
“We are in the process of closing our Jefferson
City, Missouri dealership to allocate resources to locations with
better long-term potential. At the same time, we are in the process
of opening a new dealership in Siloam Springs, Arkansas to take
advantage of market opportunities,” said Mr. Henderson. “We
continue to believe that every small town could use a Car-Mart and
our investments in our General Managers will allow us to begin to
open more new dealerships in the future.”
“We are encouraged by the increase in sales
volume productivity and the same store revenue growth for the
quarter. There is tremendous demand for the service we provide to
our market and it is nice to see our hard work paying off with the
productivity improvements. We remain committed to improving
operations with increased investments in the recruitment, training
and advancement of our General Managers as well as additional
investments in the collections support area. Also, we are pleased
to see the continuing improvements with our inventory management
which resulted in a 280 basis point increase in our gross profit
percentage. We are very appreciative of the efforts of our
associates as they push to help our customers succeed by delivering
great customer service,” said Jeff Williams, President of America’s
Car-Mart, Inc. “Net Charge-Offs were down by 30 basis points as we
did a nice job of adjusting to the delays with income tax refunds
during the quarter. We are improving the relationships with our
customers, but we know we can do much better and we will continue
to prioritize our efforts in this area of the
business.”
“During the quarter, we re-purchased 365,364
shares of our common stock for approximately $12.3 million at an
average price of $33.70 per share. Since February 2010, we have
re-purchased 4.8 million shares (41% of the outstanding shares) for
$155.3 million at an average cost of $32.23. 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 50.6% and debt to finance receivables of
25.3%. We are excited about our future, and we will always put
everything we have into making Car-Mart great.”
Conference Call
Management will be holding a conference call on
Tuesday, May 23, 2017 at 11:00 a.m. Eastern Time to discuss fourth
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
#18425557.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
operates 140 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 |
|
|
|
|
|
|
April 30, |
|
vs. |
|
April 30, |
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
2016 |
|
2017 |
|
2016 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units sold |
|
|
12,126 |
|
|
|
12,345 |
|
|
(1.8 |
) |
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
139 |
|
|
|
146 |
|
|
(4.8 |
) |
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
29.1 |
|
|
|
28.2 |
|
|
3.2 |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,654 |
|
|
$ |
10,641 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
1.3 |
% |
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
8.7 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
15.6 |
% |
|
|
16.8 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
|
81.0 |
% |
|
|
80.5 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
7.9 |
% |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
140 |
|
|
|
143 |
|
|
(2.1 |
) |
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
3.6 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
Finance receivables, gross |
|
$ |
466,854 |
|
|
$ |
437,278 |
|
|
6.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
136,032 |
|
|
$ |
139,461 |
|
|
(2.5 |
) |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest income |
|
|
16,885 |
|
|
|
15,288 |
|
|
10.4 |
|
|
|
12.4 |
|
|
11.0 |
|
|
|
|
|
Total |
|
|
152,917 |
|
|
|
154,749 |
|
|
(1.2 |
) |
|
|
112.4 |
|
|
111.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
79,581 |
|
|
|
85,501 |
|
|
(6.9 |
) |
|
|
58.5 |
|
|
61.3 |
|
|
|
Selling, general and administrative |
|
|
23,464 |
|
|
|
23,310 |
|
|
0.7 |
|
|
|
17.2 |
|
|
16.7 |
|
|
|
Provision for credit losses |
|
|
38,630 |
|
|
|
38,172 |
|
|
1.2 |
|
|
|
28.4 |
|
|
27.4 |
|
|
|
Interest expense |
|
|
1,029 |
|
|
|
923 |
|
|
11.5 |
|
|
|
0.8 |
|
|
0.7 |
|
|
|
Depreciation and amortization |
|
|
1,037 |
|
|
|
1,152 |
|
|
(10.0 |
) |
|
|
0.8 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
798 |
|
|
|
323 |
|
|
147.1 |
|
|
|
0.6 |
|
|
0.2 |
|
|
|
|
|
Total |
|
|
144,539 |
|
|
|
149,381 |
|
|
(3.2 |
) |
|
|
106.3 |
|
|
107.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
8,378 |
|
|
|
5,368 |
|
|
|
|
|
6.2 |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
3,136 |
|
|
|
2,005 |
|
|
|
|
|
2.3 |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,242 |
|
|
$ |
3,363 |
|
|
|
|
|
3.9 |
|
|
2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
5,232 |
|
|
$ |
3,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.68 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
0.66 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
7,737,420 |
|
|
|
8,123,456 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
7,941,504 |
|
|
|
8,335,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Results of
Operations |
(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Years Ended |
|
2017 |
|
Years Ended |
|
|
|
|
|
|
April 30, |
|
vs. |
|
April 30, |
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
2016 |
|
2017 |
|
2016 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail units sold |
|
|
47,116 |
|
|
|
46,483 |
|
|
1.4 |
|
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
142 |
|
|
|
145 |
|
|
(2.1 |
) |
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
27.7 |
|
|
|
26.7 |
|
|
3.7 |
|
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,540 |
|
|
$ |
10,361 |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
3.5 |
% |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
30.5 |
% |
|
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
53.6 |
% |
|
|
57.5 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
|
80.2 |
% |
|
|
81.4 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
6.0 |
% |
|
|
6.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
140 |
|
|
|
143 |
|
|
(2.1 |
) |
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
3.6 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
Finance receivables, gross |
|
$ |
466,854 |
|
|
$ |
437,278 |
|
|
6.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
520,149 |
|
|
$ |
506,517 |
|
|
2.7 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest income |
|
|
67,602 |
|
|
|
61,389 |
|
|
10.1 |
|
|
|
13.0 |
|
|
12.1 |
|
|
|
|
|
Total |
|
|
587,751 |
|
|
|
567,906 |
|
|
3.5 |
|
|
|
113.0 |
|
|
112.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
304,927 |
|
|
|
304,886 |
|
|
0.0 |
|
|
|
58.6 |
|
|
60.2 |
|
|
|
Selling, general and administrative |
|
|
91,940 |
|
|
|
92,242 |
|
|
(0.3 |
) |
|
|
17.7 |
|
|
18.2 |
|
|
|
Provision for credit losses |
|
|
149,097 |
|
|
|
144,397 |
|
|
3.3 |
|
|
|
28.7 |
|
|
28.5 |
|
|
|
Interest expense |
|
|
4,069 |
|
|
|
3,306 |
|
|
23.1 |
|
|
|
0.8 |
|
|
0.7 |
|
|
|
Depreciation and amortization |
|
|
4,272 |
|
|
|
4,208 |
|
|
1.5 |
|
|
|
0.8 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
1,204 |
|
|
|
369 |
|
|
226.3 |
|
|
|
0.2 |
|
|
0.1 |
|
|
|
|
|
Total |
|
|
555,509 |
|
|
|
549,408 |
|
|
1.1 |
|
|
|
106.8 |
|
|
108.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
32,242 |
|
|
|
18,498 |
|
|
|
|
|
6.2 |
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
12,037 |
|
|
|
6,902 |
|
|
|
|
|
2.3 |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
20,205 |
|
|
$ |
11,596 |
|
|
|
|
|
3.9 |
|
|
2.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on subsidiary preferred stock |
|
$ |
(40 |
) |
|
$ |
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
20,165 |
|
|
$ |
11,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
2.57 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
2.49 |
|
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
7,854,238 |
|
|
|
8,370,478 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
8,110,777 |
|
|
|
8,666,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
|
Consolidated Balance Sheet and Other
Data |
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
April 30, |
|
April 30, |
|
April 30, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
434 |
|
|
$ |
602 |
|
|
$ |
790 |
|
|
Finance
receivables, net |
|
$ |
357,161 |
|
|
$ |
334,793 |
|
|
$ |
324,144 |
|
|
Inventory |
|
|
$ |
30,129 |
|
|
$ |
29,879 |
|
|
$ |
34,267 |
|
|
Total
assets |
|
$ |
424,258 |
|
|
$ |
406,296 |
|
|
$ |
400,361 |
|
|
Total
debt |
|
$ |
117,944 |
|
|
$ |
107,902 |
|
|
$ |
102,685 |
|
|
Treasury
stock |
|
$ |
162,024 |
|
|
$ |
141,535 |
|
|
$ |
127,321 |
|
|
Stockholders' equity |
|
$ |
233,008 |
|
|
$ |
228,817 |
|
|
$ |
229,132 |
|
|
Shares
outstanding |
|
|
7,608,471 |
|
|
|
8,073,820 |
|
|
|
8,529,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
|
Principal
balance |
|
$ |
466,854 |
|
|
$ |
437,278 |
|
|
$ |
417,368 |
|
|
|
Deferred
revenue - payment protection plan |
|
(18,472 |
) |
|
|
(17,305 |
) |
|
|
(15,652 |
) |
|
|
Deferred
revenue - service contract |
|
(9,611 |
) |
|
|
(10,034 |
) |
|
|
(9,584 |
) |
|
|
Allowance
for credit losses |
|
(109,693 |
) |
|
|
(102,485 |
) |
|
|
(93,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
329,078 |
|
|
$ |
307,454 |
|
|
$ |
298,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
as % of principal balance net of deferred revenue |
|
25.0 |
% |
|
|
25.0 |
% |
|
|
23.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
|
|
|
|
|
|
April 30, |
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
Balance at
beginning of period |
$ |
102,485 |
|
|
$ |
93,224 |
|
|
|
|
|
Provision
for credit losses |
|
149,097 |
|
|
|
144,397 |
|
|
|
|
|
Charge-offs, net of collateral recovered |
|
(141,889 |
) |
|
|
(135,136 |
) |
|
|
|
|
|
Balance at
end of period |
$ |
109,693 |
|
|
$ |
102,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
William H. (“Hank”) Henderson, CEO or Jeffrey A. Williams, President at (479) 464-9944
Americas Car Mart (NASDAQ:CRMT)
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From Aug 2024 to Sep 2024
Americas Car Mart (NASDAQ:CRMT)
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From Sep 2023 to Sep 2024