BENTONVILLE, Ark., May 23, 2013 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced its operating results for its fiscal 2013 fourth quarter and full fiscal year ended April 30, 2013.
Highlights of fourth quarter operating results:
- Net income of $8.8 million - $.92 per diluted share vs. $.97 per diluted share for prior year quarter (prior year quarter includes $1 million after-tax positive effect from a reduction to the allowance for credit losses- $.09 per diluted share)
- Revenues of $126 million compared to $113 million for the prior year quarter with same store revenue increase of 5.3%
- Retail unit sales increase of 10% to 10,767 from 9,789 for the prior year quarter with productivity increase of 1.8% to 29.4 retail units sold per store per month from 28.9 for prior year quarter
- Average retail sales price increased $179 to $9,963 or 1.8% from the prior year quarter and $166 or 1.7% sequentially
- Net Charge-offs as a percent of average finance receivables of 7.1%, flat with prior year quarter
- Provision for credit losses of 22.6% of sales vs. 19.1% for prior year quarter (20.6% for prior year quarter excluding the effect of the reduction to the allowance for credit losses)
- Selling, General and Administrative Expenses at 16.9% of sales vs. 17.1% for prior year quarter
- Opened four new dealerships during the quarter - dealership count now at 124
- Active accounts base now almost 58,000
- Debt to equity of 49.2% and debt to finance receivables of 27.4%
- Allowance for credit losses at 21.5% of finance receivables at April 30, 2013 and at April 30, 2012
Highlights of full fiscal year operating results:
- Net income of $32.1 million or $3.36 per diluted share vs. $3.24 per diluted share for prior year (prior year includes the $.09 positive effect from a reduction to the allowance for credit losses)
- Revenue increase of 8.0% to $465 million from $430 million for the prior year with same store revenue growth of 3.3%
- Retail unit sales increase of 8.0% to 40,737 from 37,722 for the prior year with a .5% increase in average retail sales price to $9,721 with productivity increase of .6% to 28.8 retail units sold per store per month
- Net Charge-offs as a percentage of average finance receivables of 25.2% compared to 24.8% for the prior year
- Provision for credit losses of 23.1% of sales vs. 21.1% for prior year (21.5% for prior year excluding the effect of the reduction to the allowance for credit losses)
- Opened ten new dealerships during the year
- Strong cash flows supporting the significant increase in revenues and the $46 million increase in finance receivables, the $5.6 million increase in inventory to support higher sales levels, $5.5 million in net capital expenditures, and $17.3 million in common stock re-purchases, with a $21.7 million increase in total debt
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