FORT WORTH, Texas — AmeriCredit Corp. announced a net loss of $19 million for its second fiscal quarter ended Dec. 31, 2007, vs. earnings of $95 million for the same period a year earlier. For the six months ended Dec. 31, 2007, AmeriCredit reported net income of $43 million vs. earnings of $170 million for the six months ended Dec. 31, 2006. Operating results include Long Beach Acceptance Corp. since its acquisition on Jan. 1, 2007.
Net income for the three and six months ended Dec. 31, 2006, included a $23 million after-tax gain related to the partial sale of AmeriCredit's investment in DealerTrack Holdings Inc.
Automobile loan purchases increased to $1.80 billion for the three months ended Dec. 31, 2007, compared to $1.74 billion for the same quarter last fiscal year. Loans purchased for the six months ended Dec. 31, 2007, were $4.19 billion compared to $3.42 billion for the same period a year earlier. Managed receivables totaled $16.35 billion at Dec. 31, 2007, compared to $12.58 billion at Dec. 31, 2006.
Annualized net charge-offs totaled 6.9 percent of average managed receivables for the December 2007 quarter compared to 5.8 percent for the December 2006 quarter. For the six months ended Dec. 31, 2007, annualized net charge-offs were 6.2 percent compared to 5.6 percent for the same period last year.
Managed receivables 31 to 60 days delinquent were 6.8 percent of the portfolio at Dec. 31, 2007, compared to 6.7 percent at Dec. 31, 2006. Accounts more than 60 days delinquent were 3.0 percent of the portfolio at Dec. 31, 2007, compared to 2.6 percent a year ago.
"The December quarter was challenging on many fronts, with weaker credit performance and uncertainty in the capital markets. As a result, we have revised our operating plans to align our loan volume with available capital resources," said AmeriCredit President and Chief Executive Officer Dan Berce. "Over the next several months, we will bring our originations infrastructure and overhead into alignment with our revised originations target."
