AmeriCredit Restates Results, Posts Loss

AmeriCredit (ACF), the auto finance company that earlier this month delayed reporting its results, posted a fourth-quarter loss and released restated financials for fiscal 2002 and the first nine months of fiscal 2003.

For the fiscal fourth quarter ended June 30, AmeriCredit lost $17.1 million, or 11 cents a share, including a $57.7 million noncash impairment charge. Restated earnings for the year-ago fourth quarter totaled $90.8 million, or $1 a share.

AmeriCredit earned $21.2 million, or 15 cents a share, for the fiscal year ended June 30, compared with restated earnings of $314.6 million, or $3.50 a share, for fiscal 2002.

Revenue totaled $197.3 million for the quarter, down from $309.7 million a year ago.

After reviewing its accounting for derivatives and hedging activities, AmeriCredit restated some of its past results downward. For the nine months ended March 31, the company's earnings fall to $38.3 million, or 29 cents a share, from $40.1 million, or 30 cents a share. Fiscal 2002 earnings were previously reported as $347.5 million, or $3.87 a share.

In September, the company will file an amended annual report for the fiscal year ended June 30, 2002, and amended reports for the first three quarters of fiscal 2003.

AmeriCredit forecast earnings of $55 million to $70 million for the 12 months ending Dec. 31. For the fiscal year that ends June 30, 2004, the company expects to earn $125 million to $155 million.

The projections assume the company will originate about $750 million in loans each quarter, among other things. AmeriCredit originated $686.9 million of loans in the fiscal fourth quarter.

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