America's Car-Mart Reports Diluted Earnings per Share of $.40 on Revenues of $155 Million
24 May 2016 - 7:35AM
America’s Car-Mart, Inc. (NASDAQ:CRMT) today announced its
operating results for the fourth quarter and full fiscal year 2016.
Highlights of fourth quarter operating
results:
- Net earnings of $3.4 million – $.40 per diluted share vs. $.81
per diluted share for prior year quarter
- Revenues of $155 million compared to $138 million for the prior
year quarter (a 12.5% increase)
- Retail unit sales increase of 5.5% to 12,345 from 11,699 for
the prior year quarter with increased productivity at 28.2 retail
units sold per store per month, up from 28.1 for the prior year
quarter
- Average retail sales price increased $634 to $10,641 or 6.3%
from the prior year quarter (increased $42 or .4%
sequentially)
- Gross profit margin percentage decreased to 38.7% from 41.5%
for the prior year quarter due primarily to higher wholesale
volumes and losses, slightly higher repair costs, the effect of a
higher average selling price, and continued efforts to improve the
quality of our inventory
- Collections as a percentage of average finance receivables
improved to 16.8% from 16.7% for the prior year quarter. The
weighted average contract term increased to 31.6 months from
30.2.
- Net Charge-offs as a percent of average finance receivables of
9.0%, up from 7.8% for prior year quarter
- Accounts over 30 days past due decreased to 3.0% from 5.8% at
April 30, 2015 (a decrease of approximately $11 million)
- Average percentage of finance receivables current improved to
80.5% from 76.6% at April 30, 2015
- Provision for credit losses of 27.4% of sales vs. 25.0% for
prior year quarter
- Selling, general and administrative expenses at 16.7% of sales
vs. 17.2% for prior year quarter
- Active accounts base approximately 65,000
- Debt to equity of 47.2% and debt to finance receivables of
24.7% (up slightly from 24.6% at April 30, 2015)
- Allowance for credit losses at 25% of finance receivables, net
of deferred revenue at April 30, 2016 (up from 23.8% at April 30,
2015)
Highlights of full fiscal year operating
results:
- Net income of $11.6 million - $1.33 per diluted share (earnings
of $1.68 per diluted share excluding a $3 million non-cash
after-tax charge resulting from an increase to the allowance for
credit losses during the second quarter) vs. $3.25 per diluted
share for prior year
- Revenues of $568 million compared to $530 million for the prior
year (a 7.1% increase) with same store revenue increase of
2.7%
- Retail unit sales decrease of .6% to 46,483 from 46,760 for the
prior year with productivity at 26.7 retail units sold per store
per month, down from 28.4 for the prior year
- Net Charge-offs as a percent of average finance receivables of
31.3%, up from 27.8% for prior year
- Provision for credit losses of 28.5% of sales (27.6% excluding
second quarter increase to allowance for credit losses) vs. 25.5%
for prior year period
- Strong cash flows supporting the increase in revenues, the
$19.9 million increase in finance receivables, $4.5 million in net
capital expenditures, and the $14.2 million in common stock
repurchases (493,073 shares) with a $4.7 million increase in total
revolving debt
“While the operating environment continues to be
challenging, we are doing a lot of things right and we are excited
about the direction we are headed with the business. Specifically,
we saw improvement with our sales volume productivity during the
quarter driven by solid results for our older dealerships.
Additionally, during the year, we have made significant
improvements with our underwriting and collections as evidenced by
our 30 day plus delinquencies finishing at the lowest point in five
years. We believe that the competitive environment on the lending
side during the fourth quarter was particularly intense this year
during income tax refund season as competitors even more
aggressively targeted our customers to maintain their volumes in an
increasingly difficult environment. We continue to believe that
many competitive offerings are not going to be sustainable over the
long-term. In the short-term, however, we are left with doing our
best to help customers succeed while competitors are pushing hard
and in many cases enticing some of our good customers to default
with us,” said William H. (“Hank”) Henderson, Chief Executive
Officer of America’s Car-Mart, Inc. (the “Company”). “We remain
committed to our Mission: ‘We strive to earn the repeat business of
our customers by providing quality vehicles, affordable payment
terms and excellent service.’ We believe more firmly than ever that
our face-to-face relationship with our customers is the only way to
serve our market effectively if you care about customer success and
repeat business, which we most certainly do. Customer success is
the only reason we exist. Unfortunately, in our view, many
companies operating in our markets today don’t share that same
vision.”
“We continue to believe that every small town in
America would benefit from having a Car-Mart,” added Mr. Henderson.
“Obviously, due to the shortfall in operating results caused by the
tough environment, we have had to slow down our new store opening
plans. We are working hard to make improvements and to get all
existing dealerships performing at a high level. We do continue to
expect to return to a more historical rate for new dealership
openings at some point in the future.”
“As Hank mentioned, it was nice to see
productivity improve during the quarter, which led to solid
operating expense leveraging. We believe that we have a very lean
but effective structure in place that can support the business as
we continue to grow. We have great people throughout the Company
who are very skilled at what they do and who care deeply about our
customers and their families. Today, we are more than ready to help
additional customers with their transportation needs. We can and
will get better along the way but, realistically, as long as
competitors are offering what we consider to be unsustainable deal
structures, we will continue to face headwinds related to credit
losses. We hope that we will get some relief soon on the
competitive front which will translate into many more consumers
owning their vehicles at the end of the contract term,” said Jeff
Williams, President of America’s Car-Mart, Inc. “We are excited to
be entering fiscal 2017 with delinquencies at very low levels and
with our inventory in great shape. We are laser focused on good,
solid blocking and tackling, and we are optimistic that we can
perform well even if market conditions do not improve. We do,
however, believe conditions will improve but we are not waiting
around for that to happen.”
“During the fourth quarter, we paid down almost
$15 million in debt while re-purchasing 150,902 shares (1.8% of our
total outstanding shares) of our common stock at an average price
of $24.72 per share. Since February 2010, we have re-purchased 4.2
million shares (36% of our total outstanding shares) for $135
million at an average cost of $32.47 per share. As always, we are
focused on cash flows and maintaining a very healthy balance sheet,
which we believe will serve us well if market conditions change in
our favor,” added Mr. Williams. “Because our credit losses have
remained elevated for some time now, at the end of May, we will be
increasing our contract interest rate to 16.5% from 15.0%. Also, we
did close four of our smaller dealerships toward the end of the
fiscal year. Those dealerships were located in Tyler, Texas;
Atlanta, Texas; Cushing, Oklahoma and Trumann, Arkansas,
respectively, and three of the four were satellite locations at one
time. Accounts have been transferred to nearby dealerships and we
are committed to maintaining high service levels for these
customers.”
Conference Call
Management will be holding a conference call on
Tuesday, May 24, 2016 at 11:00 a.m. Eastern Time to discuss fourth
quarter results. A live audio of the conference call will be
accessible to the public by calling (877) 776-4031.
International callers dial (631) 291-4132. Callers should
dial in approximately 10 minutes before the call begins. A
conference call replay will be available two hours following the
call for thirty days and can be accessed by calling (855) 859-2056
(domestic) or (404) 537-3406 (international), conference call ID
#5614817.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”)
operates 143 automotive dealerships in eleven states and is one of
the largest publicly held automotive retailers in the United States
focused exclusively on the “Integrated Auto Sales and Finance”
segment of the used car market. The Company emphasizes
superior customer service and the building of strong personal
relationships with its customers. The Company operates its
dealerships primarily in small cities throughout the South-Central
United States selling quality used vehicles and providing financing
for substantially all of its customers. For more information,
including investor presentations, on America’s Car-Mart, please
visit our website at www.car-mart.com.
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements address
the Company’s future objectives, plans and goals, as well as the
Company’s intent, beliefs and current expectations regarding future
operating performance and can generally be identified by words such
as “may,” “will,” “should,” “could, “believe,” “expect,”
“anticipate,” “intend,” “plan,” “foresee,” and other similar words
or phrases. Specific events addressed by these
forward-looking statements include, but are not limited to:
- new dealership openings;
- performance of new dealerships;
- same store revenue growth;
- future overall revenue growth;
- the Company’s collection results, including but not limited to
collections during income tax refund periods;
- repurchases of the Company’s common stock; and
- the Company’s business and growth strategies and plans.
These forward-looking statements are based on the Company’s
current estimates and assumptions and involve various risks and
uncertainties. As a result, you are cautioned that these
forward-looking statements are not guarantees of future
performance, and that actual results could differ materially from
those projected in these forward-looking statements. Factors
that may cause actual results to differ materially from the
Company’s projections include, but are not limited to:
- the availability of credit facilities to support the Company’s
business;
- the Company’s ability to underwrite and collect its accounts
effectively, including but not limited to collections during income
tax refund periods;
- competition;
- dependence on existing management;
- availability of quality vehicles at prices that will be
affordable to customers;
- changes in financing laws or regulations; and
- general economic conditions in the markets in which the Company
operates, including but not limited to fluctuations in gas prices,
grocery prices and employment levels.
Additionally, risks and uncertainties that may affect future
results include those described from time to time in the Company’s
SEC filings. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the dates on which they are made.
|
America's Car-Mart, Inc. |
Consolidated Results of
Operations |
(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Three Months Ended |
|
2016 |
|
Three Months Ended |
|
|
|
|
|
|
April 30, |
|
vs. |
|
April 30, |
|
|
|
|
|
|
2016 |
|
2015 |
|
2015 |
|
2016 |
|
2015 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
12,345 |
|
|
|
11,699 |
|
|
5.5 |
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
146 |
|
|
|
139 |
|
|
5.0 |
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
28.2 |
|
|
|
28.1 |
|
|
0.4 |
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,641 |
|
|
$ |
10,007 |
|
|
6.3 |
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
7.8 |
% |
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
9.0 |
% |
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
16.8 |
% |
|
|
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
80.5 |
% |
|
|
76.6 |
% |
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
8.4 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
143 |
|
|
|
141 |
|
|
1.4 |
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
3.0 |
% |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
437,278 |
|
|
$ |
417,368 |
|
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
139,461 |
|
|
$ |
123,269 |
|
|
13.1 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
15,288 |
|
|
|
14,342 |
|
|
6.6 |
|
|
11.0 |
|
|
11.6 |
|
|
|
|
|
Total |
|
|
154,749 |
|
|
|
137,611 |
|
|
12.5 |
|
|
111.0 |
|
|
111.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
85,501 |
|
|
|
72,147 |
|
|
18.5 |
|
|
61.3 |
|
|
58.5 |
|
|
|
Selling, general and administrative |
|
|
23,310 |
|
|
|
21,187 |
|
|
10.0 |
|
|
16.7 |
|
|
17.2 |
|
|
|
Provision
for credit losses |
|
|
38,172 |
|
|
|
30,836 |
|
|
23.8 |
|
|
27.4 |
|
|
25.0 |
|
|
|
Interest
expense |
|
|
923 |
|
|
|
720 |
|
|
28.2 |
|
|
0.7 |
|
|
0.6 |
|
|
|
Depreciation and amortization |
|
|
1,152 |
|
|
|
1,048 |
|
|
9.9 |
|
|
0.8 |
|
|
0.9 |
|
|
|
(Gain) loss on disposal of property and equipment |
|
|
323 |
|
|
|
(3 |
) |
|
100.0 |
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
149,381 |
|
|
|
125,935 |
|
|
18.6 |
|
|
107.1 |
|
|
102.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
5,368 |
|
|
|
11,676 |
|
|
|
|
|
3.8 |
|
|
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
2,005 |
|
|
|
4,426 |
|
|
|
|
|
1.4 |
|
|
3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,363 |
|
|
$ |
7,250 |
|
|
|
|
|
2.4 |
|
|
5.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(10 |
) |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
3,353 |
|
|
$ |
7,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.41 |
|
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
0.40 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
8,123,456 |
|
|
|
8,561,513 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
8,335,751 |
|
|
|
8,992,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
Consolidated Results of
Operations |
(Operating Statement Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
As a % of Sales |
|
|
|
|
|
|
Years Ended |
|
2016 |
|
Years Ended |
|
|
|
|
|
|
April 30, |
|
vs. |
|
April 30, |
|
|
|
|
|
|
2016 |
|
2015 |
|
2015 |
|
2016 |
|
2015 |
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
units sold |
|
|
46,483 |
|
|
|
46,760 |
|
|
|
(0.6 |
) |
% |
|
|
|
|
|
|
|
Average number of stores in operation |
|
|
145 |
|
|
|
137 |
|
|
|
5.8 |
|
|
|
|
|
|
|
|
|
Average retail units sold per store per month |
|
|
26.7 |
|
|
|
28.4 |
|
|
|
(6.0 |
) |
|
|
|
|
|
|
|
|
Average retail sales price |
|
$ |
10,361 |
|
|
$ |
9,680 |
|
|
|
7.0 |
|
|
|
|
|
|
|
|
|
Same store revenue growth |
|
|
2.7 |
% |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs as a percent of average finance
receivables |
|
|
31.3 |
% |
|
|
27.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Collections as a percent of average finance receivables |
|
|
57.5 |
% |
|
|
58.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Average percentage of finance receivables-current (excl. 1-2
day) |
|
81.4 |
% |
|
|
79.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Average down-payment percentage |
|
|
6.7 |
% |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores open |
|
|
143 |
|
|
|
141 |
|
|
|
1.4 |
|
% |
|
|
|
|
|
|
|
Accounts over 30 days past due |
|
|
3.0 |
% |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, gross |
|
$ |
437,278 |
|
|
$ |
417,368 |
|
|
|
4.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
$ |
506,517 |
|
|
$ |
472,569 |
|
|
|
7.2 |
|
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
Interest
income |
|
|
61,389 |
|
|
|
57,752 |
|
|
|
6.3 |
|
|
|
12.1 |
|
|
12.2 |
|
|
|
|
|
Total |
|
|
567,906 |
|
|
|
530,321 |
|
|
|
7.1 |
|
|
|
112.1 |
|
|
112.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
304,886 |
|
|
|
272,446 |
|
|
|
11.9 |
|
|
|
60.2 |
|
|
57.7 |
|
|
|
Selling, general and administrative |
|
|
92,242 |
|
|
|
83,802 |
|
|
|
10.1 |
|
|
|
18.2 |
|
|
17.7 |
|
|
|
Provision
for credit losses |
|
|
144,397 |
|
|
|
120,289 |
|
|
|
20.0 |
|
|
|
28.5 |
|
|
25.5 |
|
|
|
Interest
expense |
|
|
3,306 |
|
|
|
2,903 |
|
|
|
13.9 |
|
|
|
0.7 |
|
|
0.6 |
|
|
|
Depreciation and amortization |
|
|
4,208 |
|
|
|
3,830 |
|
|
|
9.9 |
|
|
|
0.8 |
|
|
0.8 |
|
|
|
Loss on disposal of property and equipment |
|
|
369 |
|
|
|
17 |
|
|
|
2,070.6 |
|
|
|
- |
|
|
- |
|
|
|
|
|
Total |
|
|
549,408 |
|
|
|
483,287 |
|
|
|
13.7 |
|
|
|
108.5 |
|
|
102.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
18,498 |
|
|
|
47,034 |
|
|
|
|
|
3.7 |
|
|
10.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
6,902 |
|
|
|
17,544 |
|
|
|
|
|
1.4 |
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
11,596 |
|
|
$ |
29,490 |
|
|
|
|
|
2.3 |
|
|
6.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
on subsidiary preferred stock |
|
$ |
(40 |
) |
|
$ |
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
$ |
11,556 |
|
|
$ |
29,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
1.38 |
|
|
$ |
3.42 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
$ |
1.33 |
|
|
$ |
3.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
8,370,478 |
|
|
|
8,617,864 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
8,666,031 |
|
|
|
9,048,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
America's Car-Mart, Inc. |
|
Consolidated Balance Sheet and Other
Data |
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
April 30, |
|
April 30, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
602 |
|
|
$ |
790 |
|
|
Finance
receivables, net |
|
$ |
334,793 |
|
|
$ |
324,144 |
|
|
Inventory |
|
|
$ |
29,879 |
|
|
$ |
34,267 |
|
|
Total
assets |
|
$ |
406,296 |
|
|
$ |
400,361 |
|
|
Total
debt |
|
$ |
107,902 |
|
|
$ |
102,685 |
|
|
Treasury
stock |
|
$ |
141,535 |
|
|
$ |
127,321 |
|
|
Stockholders' equity |
|
$ |
228,817 |
|
|
$ |
229,132 |
|
|
Shares
outstanding |
|
|
8,073,820 |
|
|
|
8,529,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables: |
|
|
|
|
|
|
|
|
|
|
Principal
balance |
|
$ |
437,278 |
|
|
$ |
417,368 |
|
|
|
Deferred
revenue - payment protection plan |
|
(17,305 |
) |
|
|
(15,652 |
) |
|
|
Deferred
revenue - service contract |
|
(10,034 |
) |
|
|
(9,584 |
) |
|
|
Allowance
for credit losses |
|
(102,485 |
) |
|
|
(93,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
receivables, net of allowance and deferred revenue |
$ |
307,454 |
|
|
$ |
298,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
as % of principal balance net of deferred revenue |
|
25.0 |
% |
|
|
23.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
allowance for credit losses: |
|
|
|
|
|
|
|
|
Years Ended |
|
|
|
|
|
April 30, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Balance at
beginning of period |
$ |
93,224 |
|
|
$ |
86,033 |
|
|
|
Provision
for credit losses |
|
144,397 |
|
|
|
120,289 |
|
|
|
Charge-offs, net of collateral recovered |
|
(135,136 |
) |
|
|
(113,098 |
) |
|
|
|
Balance at
end of period |
$ |
102,485 |
|
|
$ |
93,224 |
|
|
|
|
|
|
|
|
|
|
Contacts:
William H. (“Hank”) Henderson, CEO at (479) 464-9944
or
Jeffrey A. Williams, President at (479) 418-8021
Americas Car Mart (NASDAQ:CRMT)
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From Apr 2024 to May 2024
Americas Car Mart (NASDAQ:CRMT)
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From May 2023 to May 2024