AmeriCredit Restates Results, Posts Loss

AmeriCredit (ACF Quote), the auto finance company that earlier this month delayed reporting its results, posted a fourth-quarter loss and released restated financials for fiscal 2002 and the first nine months of fiscal 2003.

For the fiscal fourth quarter ended June 30, AmeriCredit lost $17.1 million, or 11 cents a share, including a $57.7 million noncash impairment charge. Restated earnings for the year-ago fourth quarter totaled $90.8 million, or $1 a share.

AmeriCredit earned $21.2 million, or 15 cents a share, for the fiscal year ended June 30, compared with restated earnings of $314.6 million, or $3.50 a share, for fiscal 2002. ...