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Southfield, Michigan, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us") today announced consolidated net income of $65.1 million, or $2.75 per diluted share, for the three months ended September 30, 2013 compared to consolidated net income of $52.9 million, or $2.12 per diluted share, for the same period in 2012. For the nine months ended September 30, 2013, consolidated net income was $187.2 million, or $7.78 per diluted share, compared to consolidated net income of $159.8 million, or $6.22 per diluted share, for the same period in 2012.
Adjusted net income, a non-GAAP financial measure, for the three months ended September 30, 2013 was $64.5 million, or $2.72 per diluted share, compared to $55.6 million, or $2.23 per diluted share, for the same period in 2012. For the nine months ended September 30, 2013, adjusted net income was $184.0 million, or $7.65 per diluted share, compared to adjusted net income of $158.9 million, or $6.18 per diluted share, for the same period in 2012.
Refer to our Form 10-Q, filed today with the Securities and Exchange Commission, which will appear on our website at creditacceptance.com, for a complete discussion of the results of operations and financial data for the three and nine months ended September 30, 2013.
We will host a webcast on October 30, 2013 at 5:00 p.m. Eastern Time to answer questions related to our third quarter 2013 results. The webcast can be accessed live by visiting the "Investor Relations" section of our website at
creditacceptance.com or by dialing 877-303-2904. Additionally, a replay and transcript of the webcast will be archived in the "Investor Relations" section of our website.
Consumer Loan Performance
Dealers assign retail installment contracts (referred to as "Consumer Loans") to Credit Acceptance. At the time a Consumer Loan is submitted to us for assignment, we forecast future expected cash flows from the Consumer Loan. Based on the amount and timing of these forecasts and expected expense levels, an advance or one-time purchase payment is made to the related dealer at a price designed to achieve an acceptable return on capital. If Consumer Loan performance equals or exceeds our initial expectation, it is likely our target return on capital will be achieved.