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America's Car-Mart Reports 15% Increase In Diluted Earnings Per Share To $.84 On Revenue Increase Of 12.9% To $119 Million

BENTONVILLE, Ark., Feb. 18, 2013 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced its operating results for its third fiscal quarter ended January 31, 2013. During the quarter the Company repurchased 62,160 shares of its common stock for $2.58 million. Since February 1, 2010, the Company has invested approximately $88 million to repurchase 24.7% of its outstanding shares under its stock repurchase program.

Highlights of third quarter operating results:

  • Net income of $8.0 million - $.84 per diluted share vs. $.73 per diluted share for prior year quarter
  • Revenues of $119 million compared to $105 million for the prior year quarter with same store revenue increase of 8.8%
  • Retail unit sales increase of 16% to 10,403 from 8,965 for the prior year quarter with productivity increase of 9.2% to 29.4 retail units sold per store per month from 26.9 for prior year quarter
  • Average retail sales price decreased $125 or 1.3% from the prior year quarter but increased $282, or 3% sequentially
  • Net Charge-offs as a percent of average Finance Receivables of 5.7%, flat with prior year quarter
  • Selling, General and Administrative Expenses at 17.7% of sales vs. 18.3% for prior year quarter
  • Opened three new dealerships during the quarter  - dealership count now at 120
  • Active accounts base now over 57,000
  • Debt to equity of 56.6% and debt to finance receivables of 30%
  • Allowance for credit losses at 21.5% of finance receivables at January 31, 2013 and at April 30, 2012

Highlights of nine month operating results:

  • Net income of $23.4 million or $2.43 per diluted share vs. $2.28 per diluted share for prior year period (6.6% increase in diluted earnings per share)
  • Revenue increase of 7.1% to $339 million from $317 million for the prior year period with same store revenue growth of 2.8%
  • Retail unit sales increase of 7.3% to 29,970 from 27,933 for the prior year period
  • Strong cash flows supporting the significant increase in revenues and the $47 million increase in Finance Receivables, the $8.6 million increase in inventory to support higher sales levels, $3.2 million in net capital expenditures, and $17.2 million in common stock re-purchases with a $31 million increase in total debt
  • Provision for credit losses of 23.3% of sales vs. 21.8% for prior year period, net charge-offs as a percent of average Finance Receivables up slightly to 18.1% compared to 17.7% for prior year period

"We are very pleased with our results for the quarter, and especially so with the significant increases in sales. As we mentioned after our second quarter, we had seen some increases in the amount of funding into the sub-prime auto industry which did create some increased competition that put some pressure on our sales earlier in the year. In typical fashion, our General Managers stepped up to the challenge and delivered. Our focus remains solidly fixed on driving the same mission we have for years; Striving to earn the repeat business of our customers by providing quality vehicles, affordable payment terms, and excellent service. Our customers are looking for good, reliable and affordable transportation along with the peace of mind that goes with dealing with America's Car-Mart. Our associates take great care of our customers in an effort to earn their repeat business. This continued focus is allowing us to excel even with increased competition on the sub-prime used vehicle financing side," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "We strongly believe that Car-Mart's local presence and face to face relationships give us the ability to work with customers most effectively. We offer the best long-term choice for our customers and we are dedicated to ensuring their success. We have over 57,000 active accounts and many more past customers who know what Car-Mart stands for and the lengths we go to help them. We are excited about our new locations. We just opened our first dealership in the state of Georgia, and are looking forward to continuing to expand into new markets."

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