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America's Car-Mart Reports Diluted Earnings Per Share Of $.92 On Revenue Increase Of 10.6% To $126 Million

Stocks in this article: CRMT

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

"We are very pleased with our results for the quarter and for the year and are very excited about our future. We opened 10 new dealerships during the year, four of which were opened during the fourth quarter. We couldn't be happier with our Expansion Department and the great work being done by that group. We have several great new locations in process and our expectation continues to be that we will open new dealerships in fiscal 2014 and beyond at an approximate 10% annual rate," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "We continue to make solid progress with our training efforts especially related to our Manager in Training Program. Our Training Department is doing an outstanding job of hiring, training and supporting our Future Managers which is so crucial to our long-term success. Additionally, the re-write of our operational software is progressing well and is certainly expected to increase lot level efficiencies. It goes without saying that this project is a very important component of our effort to create an infrastructure to support more customers from more locations into the future."

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