America's Car-Mart Reports Diluted Earnings Per Share of $.47 on Revenues of $137 Million
February 18 2016 - 4:47PM
America’s Car-Mart, Inc. (NASDAQ:CRMT) today announced its
operating results for the third quarter of fiscal 2016.
Highlights of third quarter operating
results:
- Net earnings of $4.1 million – $.47 per diluted share vs. $.82
per diluted share for prior year quarter
- Revenues of $137 million compared to $132 million for the prior
year quarter
- Retail unit sales decrease of 4.2% to 11,013 from 11,495 for
the prior year quarter with decreased productivity at 25 retail
units sold per store per month, down from 28 for the prior year
quarter
- Average retail sales price increased $835 to $10,599 or 8.6%
from the prior year quarter (increased $352 or 3.4%
sequentially)
- Gross profit margin percentage decreased to 40.3% from 42.7%
for the prior year quarter due primarily to higher wholesale
volumes and losses, slightly higher repair costs, and the effect of
a higher average selling price
- Collections as a percentage of average finance receivables
decreased to 12.9% from 13.8% for the prior year quarter as the
weighted average contract term increased to 30.9 months
- Net Charge-offs as a percent of average finance receivables of
6.6%, up from 6.5% for prior year quarter
- Accounts over 30 days past due decreased to 5.0% from 5.2% at
January 31, 2015
- Average percentage of finance receivables current improved to
81.4% from 80.8% at January 31, 2015
- Provision for credit losses of 26.9% of sales vs. 25.9% for
prior year quarter
- Selling, general and administrative expenses at 19.4% of sales
vs. 18.2% for prior year quarter
- Opened two new dealerships during the quarter - dealership
count now at 147
- Active accounts base approximately 66,000
- Debt to equity of 53.5% and debt to finance receivables of
27.6% (up from 24.6% at April 30, 2015)
- Allowance for credit losses at 25% of finance receivables, net
of deferred revenue at January 31, 2016 (up from 23.8% at
January 31, 2015)
Highlights of nine month operating
results:
- Net income of $8.2 million - $.93 per diluted share (earnings
of $1.28 per diluted share excluding a $3 million non-cash
after-tax charge resulting from an increase to the allowance for
credit losses during the second quarter) vs. $2.45 per
diluted share for prior year period
- Revenues of $413 million compared to $393 million for the prior
year period with same store revenue increase of 1.3%
- Retail unit sales decrease of 2.6% to 34,138 from 35,061 for
the prior year period with productivity at 26.4 retail units sold
per store per month, down from 28.6 for the prior year period
- Net Charge-offs as a percent of average finance receivables of
22.2%, up from 19.9% for prior year period
- Provision for credit losses of 28.9% of sales (27.6% excluding
second quarter increase to allowance for credit losses) vs. 25.6%
for prior year period
- Strong cash flows supporting the increase in revenues, the
$25.9 million increase in finance receivables, $4.2 million in net
capital expenditures, the $7.8 million increase in inventory and
the $10.5 million in common stock repurchases (342,171 shares) with
a $19.3 million increase in total revolving debt
“We are very proud of our Company and our 35
year history of expanding our footprint to new communities. With
our growth and the changes we have seen in the industry, it is time
to make a few management structure changes that we believe will
allow us to continue our success out into the future,” said William
H. (“Hank”) Henderson, Chief Executive Officer of America’s
Car-Mart, Inc. (the “Company”). “We have promoted Leon
Walthall to the newly created position of Field Operations Officer
where he will be leading our Regional Vice Presidents of
Operations. Leon has been with the Company for over 27 years and
has had tremendous success both as a General Manager and for the
last six years as a Regional Vice President. Jeff Williams, our
Chief Financial Officer for the last 10 years, will assume
additional responsibilities as our President. We are very excited
for Leon and Jeff and appreciate their hard-work and dedication to
the Company. I am confident that expanding their scope of
influence will be very beneficial and a move in the right direction
to realizing the true potential of our Company.”
“We feel good about the quality of the vehicles
we are selling and the credit profiles of our customers. However,
we continue to struggle with our sales volumes as we haven’t yet
seen relief from the operating environment. There is no doubt
that competition is still very intense and January was particularly
weak from a sales volume perspective. In addition to the high level
of competition, we also attribute the volume challenges to us being
more conservative with our underwriting and to a delay in income
tax refunds this year compared to last,” added Mr. Henderson. “Even
with the volume shortfall we were able to show good, solid growth
at the top line for the quarter, something we are very proud of and
something that we can build on as we move forward. We will continue
to work hard on the expense side of the business as we move to
improve productivity. We will adjust accordingly and as always
continue to try to find just the right balance between risk and
volume.”
“As Hank mentioned, one of our biggest
challenges right now is finding our footing on the volume side and
making sure our infrastructure costs are in alignment. Our cash on
cash returns for the deals we are writing are solid, but we are
struggling with attracting enough good, solid deals in this
environment. While we still believe we will grow into our cost
structure, which was created with the view of supporting much
higher volumes, that was certainly not the case this quarter and we
are making adjustments, including pushing for higher volumes,” said
Jeff Williams, Chief Financial Officer for America’s Car-Mart, Inc.
“It has been a very difficult market to read, and competitive
forces are intense. We will continue to pursue our mission of
striving to earn the repeat business of our customers by providing
quality vehicles, affordable payment terms and excellent service.
We believe more firmly than ever that supporting our customers with
a face-to-face relationship is the best way to serve our market.”
“Our debt to equity ratio is 53.5% and our debt
to receivables ratio is 27.6%, up from 24.6% at April 30, 2015. We
re-purchased 252,513 shares for $6.5 million for an average cost of
$25.73 per share during the quarter, and since February 10, 2010,
we have repurchased 4 million shares, or 34% of our Company, for
$131 million at an average cost of $32.76 per share. To
support our growth and any potential future repurchases, today we
exercised an option under our existing credit agreement to increase
our revolving credit facilities by $27.5 million from $145 million
to $172.5 million,” added Mr. Williams. “As always, we are focused
on cash flows and growing value over the long-term. Since January
31, 2015, we have repurchased almost $17 million in common stock,
incurred $6 million in capital expenditures, grown finance
receivables by $18 million and inventory by $4 million, which will
decrease back down during the fourth quarter, with only a $10
million increase in debt.”
Conference Call
Management will be holding a conference call on
Friday, February 19, 2016 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
#45157738.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
operates 147 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.
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 |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
2015 |
|
2016 |
|
2015 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
11,013 |
|
|
|
11,495 |
|
|
|
(4.2 |
) |
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
147 |
|
|
|
137 |
|
|
|
7.1 |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
25.0 |
|
|
|
28.0 |
|
|
|
(10.7 |
) |
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,599 |
|
|
$ |
9,764 |
|
|
|
8.6 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
0.0 |
% |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
6.6 |
% |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
12.9 |
% |
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
81.4 |
% |
|
|
80.8 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
5.3 |
% |
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
147 |
|
|
|
138 |
|
|
|
6.5 |
|
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
5.0 |
% |
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
443,296 |
|
|
$ |
425,076 |
|
|
|
4.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
121,791 |
|
|
$ |
116,406 |
|
|
|
4.6 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
15,672 |
|
|
|
15,094 |
|
|
|
3.8 |
|
|
|
12.9 |
|
|
13.0 |
|
|
|
|
|
Total |
|
|
137,463 |
|
|
|
131,500 |
|
|
|
4.5 |
|
|
|
112.9 |
|
|
113.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
72,702 |
|
|
|
66,672 |
|
|
|
9.0 |
|
|
|
59.7 |
|
|
57.3 |
|
|
|
Selling, general and administrative |
|
|
23,568 |
|
|
|
21,139 |
|
|
|
11.5 |
|
|
|
19.4 |
|
|
18.2 |
|
|
|
Provision
for credit losses |
|
|
32,786 |
|
|
|
30,206 |
|
|
|
8.5 |
|
|
|
26.9 |
|
|
25.9 |
|
|
|
Interest
expense |
|
|
831 |
|
|
|
788 |
|
|
|
5.5 |
|
|
|
0.7 |
|
|
0.7 |
|
|
|
Depreciation and amortization |
|
|
1,008 |
|
|
|
935 |
|
|
|
7.8 |
|
|
|
0.8 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
27 |
|
|
|
- |
|
|
|
100.0 |
|
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
130,922 |
|
|
|
119,740 |
|
|
|
9.3 |
|
|
|
107.5 |
|
|
102.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
6,541 |
|
|
|
11,760 |
|
|
|
|
|
5.4 |
|
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
2,439 |
|
|
|
4,299 |
|
|
|
|
|
2.0 |
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,102 |
|
|
$ |
7,461 |
|
|
|
|
|
3.4 |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
4,092 |
|
|
$ |
7,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.49 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
0.47 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
8,367,728 |
|
|
|
8,587,761 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
8,615,757 |
|
|
|
9,036,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Results of
Operations |
(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Nine Months Ended |
|
2016 |
|
Nine Months Ended |
|
|
|
|
|
|
January 31, |
|
vs. |
|
January 31, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
2015 |
|
2016 |
|
2015 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
34,138 |
|
|
|
35,061 |
|
|
|
(2.6 |
) |
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
144 |
|
|
|
136 |
|
|
|
5.8 |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
26.4 |
|
|
|
28.6 |
|
|
|
(7.7 |
) |
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,259 |
|
|
$ |
9,571 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
1.3 |
% |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
22.2 |
% |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
40.6 |
% |
|
|
41.9 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
81.6 |
% |
|
|
81.0 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
6.1 |
% |
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
147 |
|
|
|
138 |
|
|
|
6.5 |
|
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
5.0 |
% |
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
443,296 |
|
|
$ |
425,076 |
|
|
|
4.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
367,056 |
|
|
$ |
349,300 |
|
|
|
5.1 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
46,101 |
|
|
|
43,410 |
|
|
|
6.2 |
|
|
|
12.6 |
|
|
12.4 |
|
|
|
|
|
Total |
|
|
413,157 |
|
|
|
392,710 |
|
|
|
5.2 |
|
|
|
112.6 |
|
|
112.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
219,385 |
|
|
|
200,299 |
|
|
|
9.5 |
|
|
|
59.8 |
|
|
57.3 |
|
|
|
Selling, general and administrative |
|
|
68,932 |
|
|
|
62,615 |
|
|
|
10.1 |
|
|
|
18.8 |
|
|
17.9 |
|
|
|
Provision
for credit losses |
|
|
106,225 |
|
|
|
89,453 |
|
|
|
18.7 |
|
|
|
28.9 |
|
|
25.6 |
|
|
|
Interest
expense |
|
|
2,383 |
|
|
|
2,183 |
|
|
|
9.2 |
|
|
|
0.6 |
|
|
0.6 |
|
|
|
Depreciation and amortization |
|
|
3,056 |
|
|
|
2,782 |
|
|
|
9.8 |
|
|
|
0.8 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
46 |
|
|
|
20 |
|
|
|
130.0 |
|
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
400,027 |
|
|
|
357,352 |
|
|
|
11.9 |
|
|
|
109.0 |
|
|
102.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
13,130 |
|
|
|
35,358 |
|
|
|
|
|
3.6 |
|
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
4,897 |
|
|
|
13,118 |
|
|
|
|
|
1.3 |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
8,233 |
|
|
$ |
22,240 |
|
|
|
|
|
2.2 |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(30 |
) |
|
$ |
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
8,203 |
|
|
$ |
22,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.97 |
|
|
$ |
2.57 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
0.93 |
|
|
$ |
2.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
8,451,029 |
|
|
|
8,636,036 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
8,774,334 |
|
|
|
9,067,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Balance Sheet and Other
Data |
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
April 30, |
|
January 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
590 |
|
|
$ |
790 |
|
|
$ |
1,564 |
|
Finance
receivables, net |
|
$ |
339,069 |
|
|
$ |
324,144 |
|
|
$ |
329,803 |
|
Inventory |
|
|
$ |
42,094 |
|
|
$ |
34,267 |
|
|
$ |
38,248 |
|
Total
assets |
|
$ |
424,283 |
|
|
$ |
400,361 |
|
|
$ |
409,696 |
|
Total
debt |
|
$ |
122,490 |
|
|
$ |
102,685 |
|
|
$ |
112,560 |
|
Treasury
stock |
|
$ |
137,806 |
|
|
$ |
127,321 |
|
|
$ |
120,929 |
|
Stockholders' equity |
|
$ |
228,868 |
|
|
$ |
229,132 |
|
|
$ |
226,222 |
|
Shares
outstanding |
|
|
8,222,763 |
|
|
|
8,529,223 |
|
|
|
8,571,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
|
|
|
|
Principal
balance |
|
$ |
443,296 |
|
|
$ |
417,368 |
|
|
$ |
425,076 |
|
|
Deferred
revenue - payment protection plan |
|
(16,714 |
) |
|
|
(15,652 |
) |
|
|
(15,188 |
) |
|
Deferred
revenue - service contract |
|
(9,673 |
) |
|
|
(9,584 |
) |
|
|
(9,582 |
) |
|
Allowance
for credit losses |
|
(104,228 |
) |
|
|
(93,224 |
) |
|
|
(95,273 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
312,681 |
|
|
$ |
298,908 |
|
|
$ |
305,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
as % of principal balance net of deferred revenue |
|
25.0 |
% |
|
|
23.8 |
% |
|
|
23.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
Nine Months |
|
|
|
|
|
|
Ended January 31, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
Balance at
beginning of period |
$ |
93,224 |
|
|
$ |
86,033 |
|
|
|
|
Provision
for credit losses |
|
106,225 |
|
|
|
89,453 |
|
|
|
|
Charge-offs, net of collateral recovered |
|
(95,221 |
) |
|
|
(80,213 |
) |
|
|
|
|
Balance at
end of period |
$ |
104,228 |
|
|
$ |
95,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: William H. (“Hank”) Henderson, CEO at (479) 464-9944 or Jeffrey A. Williams, CFO at (479) 418-8021
Americas Car Mart (NASDAQ:CRMT)
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From Apr 2024 to May 2024
Americas Car Mart (NASDAQ:CRMT)
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From May 2023 to May 2024