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TheStreet Open House

America's Car-Mart Reports Diluted Earnings Per Share Of $.61 On Revenue Increase Of 10.2% To $121 Million

BENTONVILLE, Ark., Nov. 19, 2013 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced its operating results for the second quarter of fiscal 2014.

Highlights of second quarter operating results:

  • Net income of $5.8 million - $.61 per diluted share vs. $.76 per diluted share for prior year quarter
  • Revenues of $121 million compared to $110 million for the prior year quarter with same store revenue increase of 3.8%
  • Retail unit sales increase of 8.1% to 10,608 from 9,814 for the prior year quarter with 27.6 retail units sold per dealership per month down from 28.2 for prior year quarter
  • Average retail sales price increased $195 to $9,710 or 2.0% from the prior year quarter and decreased $126 or 1.3% sequentially
  • Net charge-offs as a percent of average finance receivables of 6.9%, up from 6.5% for prior year quarter
  • Provision for credit losses of 26.3% of sales vs. 24.1% for prior year quarter
  • Selling, General and Administrative Expenses at 18.2% of sales vs. 17.7% for prior year quarter
  • Opened three new dealerships during the quarter - dealership count now at 129
  • Active accounts base now over 60,000
  • Debt to equity of 47.0% and debt to finance receivables of 26.1%
  • Allowance for credit losses at 21.5% of finance receivables at October 31, 2013

Highlights of six month operating results:

  • Net income of $13.3 million or $1.40 per diluted share vs. $1.59 per diluted share for prior year period
  • Revenue increase of 10.8% to $244 million from $220 million for the prior year period with same store revenue growth of 4.6%
  • Retail unit sales increase of 8.6% to 21,251 from 19,567 for the prior year period
  • Net Charge-offs as a percentage of average finance receivables of 13.1% compared to 12.4% for the prior year
  • Provision for credit losses of 25.3% of sales vs. 23.1% for prior year period
  • Strong cash flows supporting the significant increase in revenues, the $25.4 million increase in finance receivables, $4.0 million in net capital expenditures and the $531,000 in common stock repurchases (12,620 shares) with only a $2.1 million increase in total debt

"We are pleased with our top line growth in this presently challenging competitive environment. We are excited about our future and proud of the great work of our associates as they take care of our customers. We are highly focused on increasing customer success and tightening expenses while ensuring that our infrastructure remains solid to support the business," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "I would like to note the tireless efforts of our Area Operations Managers and our General Managers as they work hand-in-hand to move our Company forward. They are dedicated to ensuring we are doing everything possible to accomplish our mission of earning the repeat business of our customers by providing quality vehicles, affordable payment terms and excellent service. The roles of Area Operations Manager and General Manager are critical to our future and we are fortunate to have such high quality individuals serving in these capacities."

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