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
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