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America's Car-Mart Reports Diluted Earnings Per Share Of $.79 On Revenue Increase Of 3.9% To $127 Million

Stocks in this article: CRMT

BENTONVILLE, Ark., Aug. 20, 2014 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced its operating results for the first quarter of fiscal 2015.

Highlights of first quarter operating results:

  • Net income of $7.3 million - $.79 per diluted share vs. $.79 per diluted share for prior year quarter
  • Revenues of $127 million compared to $123 million for the prior year quarter with same store revenue decrease of 1.5%
  • Retail unit sales increase of 7.9% to 11,482 from 10,643 for the prior year quarter with productivity flat at 28.4 retail units sold per store per month (up from 26.9 sequentially)
  • Average retail sales price decreased $372 to $9,464 or 3.8% from the prior year quarter and decreased $321 or 3.3% sequentially
  • Collections as a percentage of average Finance Receivables increased to 14.1% from 13.8% for the prior year quarter
  • Net Charge-offs as a percent of average finance receivables of 6.3%, up slightly from 6.2% for prior year quarter
  • Provision for credit losses of 24.6% of sales vs. 24.3% for prior year quarter
  • Selling, General and Administrative Expenses at 18.4% of sales vs. 18.0% for prior year quarter
  • Opened two new dealerships during the quarter  - dealership count now at 136
  • Active accounts base approximately 63,000, up approximately 2,000 accounts since April 30, 2014
  • Debt to equity of 43.2% and debt to finance receivables of 23.8%
  • Allowance for credit losses at 23.8% of finance receivables at July 31, 2014
  • Strong cash flows supporting the increase in revenues, the $17.0 million increase in finance receivables, $1.0 million in net capital expenditures and the $2.8 million in common stock repurchases (74,683 shares) with a $2.8 million decrease in total debt

"We are pleased with our results for the quarter, especially the sequential improvement in per store productivity. We continue to get better with our lot level execution on the sales side and will push hard with our 33 + year effort to attract good, hard-working customers looking for quality vehicles, affordable payment terms and excellent service. We have always known that how we serve our customers is the absolute best way to maximize their success potential and to help them own their vehicles at the end of the contract term. Our success in the current environment is proving this out as we expected," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart (the "Company"). "As we have mentioned previously, we are proud of the fact that our average retail sales price has decreased making our offering more affordable for our customers. While other finance companies are seeing significant increases in average contract balances and term lengths, we continue to swim upstream by taking the longer term view from our customers' perspective. Our average contract balance and our average originating term are both down from this time last year. We will continue to do everything in our power to help customers succeed. That has been and will always be our primary focus."

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