AmeriCredit Announces Quarterly Earnings
FORT WORTH, Texas -- AmeriCredit Corp. reported a net income of $68.8 million for its fiscal first quarter ended Sept. 30, 2004, up from $33.3 million for the same period a year ago.
FORT WORTH, Texas -- AmeriCredit Corp. reported a net income of $68.8 million for its fiscal first quarter ended Sept. 30, 2004, up from $33.3 million for the same period a year ago.
The company's loan volume grew according to plan to about $1.1 billion for the first quarter of fiscal year 2005, compared to $745.1 million in the September 2003 quarter. Managed auto receivables totaled $11.5 billion at Sept. 30, 2004.
"We have started fiscal year 2005 on a solid note," said Clifton Morris, AmeriCredit chairman and CEO. "Our loan volume is on track, credit losses -- while seasonally higher -- have improved significantly from last year, our margins are very strong, and we are close to receiving monthly cash distributions from our old FSA-insured portfolio."
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