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TheStreet Open House

AmeriCredit Reports Fourth Quarter And Fiscal Year 2010 Operating Results

AMERICREDIT CORP. (NYSE: ACF) today announced net income of $86 million, or $0.61 per share, for its fiscal fourth quarter ended June 30, 2010. AmeriCredit reported net income of $32 million, or $0.24 per share, for the same period a year earlier. For the fiscal year ended June 30, 2010, AmeriCredit reported net income of $221 million, or $1.60 per share, versus a net loss of $11 million, or $0.09 per share, for the fiscal year ended June 30, 2009. Results for the three months and fiscal year ended June 30, 2009, were revised, from net income of $31 million, or $0.23 per share, and net income of $14 million, or $0.11 per share, respectively, to reflect the retrospective adoption, on July 1, 2009, of a new accounting standard that changed the accounting for convertible bonds.

Originations were $906 million for the quarter ended June 30, 2010, compared to $624 million for the quarter ended March 31, 2010 and $175 million for the quarter ended June 30, 2009. Originations for the fiscal year ended June 30, 2010, were $2.1 billion, compared to $1.3 billion for the prior fiscal year. Finance receivables totaled $8.7 billion at June 30, 2010, compared to $8.8 billion at March 31, 2010 and $10.9 billion at June 30, 2009.

Annualized net charge-offs were 4.5% of average finance receivables for the quarter ended June 30, 2010, compared to 7.1% for the quarter ended June 30, 2009. For the fiscal year ended June 30, 2010, annualized net charge-offs were 7.4%, compared to 7.9% last fiscal year.

Finance receivables 31-to-60 days delinquent were 6.2% of the portfolio at June 30, 2010, compared to 6.9% at June 30, 2009. Accounts more than 60 days delinquent were 2.7% of the portfolio at June 30, 2010, compared to 3.5% a year ago.

The allowance for loan losses as a percentage of finance receivables was 6.6% at June 30, 2010, compared to 7.1% at March 31, 2010 and 8.2% at June 30, 2009.

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