Credit Acceptance Announces Second Quarter 2010 Earnings
SOUTHFIELD, Mich., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq:CACC) (referred to as the "Company", "we", "our", or "us") announced consolidated net income of $49.0 million, or $1.55 per diluted share, for the three months ended June 30, 2010 compared to consolidated net income of $36.2 million, or $1.15 per diluted share, for the same period in 2009. For the six months ended June 30, 2010, consolidated net income was $81.1 million, or $2.56 per diluted share, compared to consolidated net income of $65.2 million, or $2.08 per diluted share, for the same period in 2009.
Adjusted net income, a non-GAAP financial measure, for the three months ended June 30, 2010 was $41.7 million, or $1.32 per diluted share, compared to $30.1 million, or $0.96 per diluted share, for the same period in 2009. For the six months ended June 30, 2010, adjusted net income was $77.2 million, or $2.44 per diluted share, compared to adjusted net income of $54.8 million, or $1.75 per diluted share, for the same period in 2009.
Refer to our Form 10-Q, filed today with the Securities and Exchange Commission, which will appear on our website at creditacceptance.com, for a complete discussion of the results of operations and financial data for the three and six months ended June 30, 2010.Webcast Details We will host a webcast on August 3, 2010 at 5:00 p.m. Eastern Time to discuss second quarter 2010 results. The webcast can be accessed live by visiting the "Investor Relations" section of our website at creditacceptance.com or by dialing 877-303-2904. Additionally, a replay and transcript of the webcast will be archived in the "Investor Relations" section of our website. Consumer Loan Performance At the time the consumer loan is submitted to us for assignment, we forecast future expected cash flows from the consumer loan. Based on these forecasts, an advance or one-time payment is made to the related dealer-partner at a price designed to achieve an acceptable return on capital. If consumer loan performance equals or exceeds our original expectation, it is likely our target return on capital will be achieved.
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