Credit Acceptance Announces: Certain Operating Results For The Two Months Ended February 28, 2013 And For The Three Months Ended March 31, 2013 And Share Repurchase Activity For The Three Months Ended March 31, 2013
(2) Attrition is measured according to the following formula: decrease in Consumer Loan unit volume from dealers who have received funding for at least one dealer loan or purchased loan during the comparable period of the prior year but did not receive funding for any dealer loans or purchased loans during the current period divided by prior year comparable period Consumer Loan unit volume.
Share Repurchase Program
During the first quarter of 2013, pursuant to its share repurchase program, we repurchased 530,795 shares of our outstanding common stock at a total cost of approximately $59.0 million, excluding commissions paid. As of March 21, 2013, we had 23,587,496 shares of common stock outstanding. We did not repurchase any shares between March 21, 2013 and March 31, 2013. As of March 21, 2013, we had authorization to repurchase 1,003,417 shares of our common stock. Unless terminated earlier by resolution of the Board, the share repurchase program will expire when we have repurchased all shares authorized for repurchase thereunder.
Cautionary Statement Regarding Forward-Looking InformationWe claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our forward-looking statements. Statements in this release that are not historical facts, such as those using terms like "may," "will," "should," "believe," "expect," "anticipate," "assume," "forecast," "estimate," "intend," "plan," "target" and those regarding our future results, plans and objectives, are "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. Actual results could differ materially from these forward-looking statements since the statements are based on our current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include, but are not limited to, the factors set forth in Item 1A to our Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on February 20, 2013, other risk factors discussed herein or listed from time to time in our reports filed with the Securities and Exchange Commission and the following:
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