AmeriCredit Corporation has announced record net income of $42,273,000, or $0.51 per share, for its first fiscal quarter ended Sept. 30, 2000, versus earnings of $25,324,000, or $0.35 per share for the same period a year earlier. On a comparative basis, net income increased 67 percent and earnings per share rose 46 percent.
"AmeriCredit had another fantastic quarter supported by initiatives which are adding to our ability to sustain strong loan origination growth well into the future while achieving a superior return," Michael R. Barrington, AmeriCredit's vice chairman, CEO and president told F&I Management and Technology.
AmeriCredit bills itself as the largest independent middle market automobile finance company in North America specializing in purchasing and servicing automobile loans. As of September 30, 2000, the company had 198 branch locations in 41 states and Canada.
Auto loan purchases were a record $1,406,753,000 for the first quarter of fiscal 2001, an increase of 36 percent over loan purchases of $1,031,837,000 for the first quarter of fiscal 2000. AmeriCredit's managed auto receivables totaled $7,448,553,000 at September 30, 2000, an increase of 57 percent since Sept. 30, 1999.
Annualized net charge-offs decreased to 3.7 percent of average managed auto receivables for the first quarter ended Sept. 30, 2000, down from 4.3 percent for the first quarter of fiscal 2000. This marks the company's 16th consecutive quarter of stable or declining charge-off levels.
Managed auto receivables more than 60 days delinquent were 2.4 percent of total managed auto receivables at Sept. 30, 2000, compared to 2.3 percent at Sept. 30, 1999.
Based on current business trends, the company projects it will originate $1.2 billion to $1.3 billion in auto loans during its second fiscal quarter ending Dec. 31, 2000, and $5.5 to $5.9 billion in auto loans during its fiscal year ending June 30, 2001.
Earnings per share are projected in the range of $0.52 to $0.54 for the quarter ending Dec. 31, 2000 and $2.14 to $2.18 for the fiscal year ending June 30, 2001.