AmeriCredit Reports Fourth Quarter Earnings of $0.51 per Share

FORT WORTH, Texas  AmeriCredit Corp.’s fiscal fourth quarter ended with a net income of $82.7 million, or $0.51 per share. The company reported a net loss of $17.1 million, or $0.11 per share, for the same period last year.

by Staff

August 10, 2004

2 min to read

FORT WORTH, Texas — AmeriCredit Corp.’s fiscal fourth quarter ended with a net income of $82.7 million, or $0.51 per share. The company reported a net loss of $17.1 million, or $0.11 per share, for the same period last year.

For the 2004 fiscal year, AmeriCredit reported net income of $227 million, compared to $21.2 million for the fiscal year ending June 30, 2003. "We are right on target with our growth plans, our credit performance continues to improve and our capital and liquidity position has never been stronger," said Clifton Morris, AmeriCredit chairman and chief executive officer.

Automobile loan purchases increased to $1.075 billion for the fourth quarter of fiscal year 2004, compared to $953.8 million in the March 2004 quarter and $686.9 million in the June 2003 quarter. Managed auto receivables totaled $11.923 billion on June 30.

Annualized net charge-offs totaled 5.1 percent of average managed auto receivable for the June 2004 quarter, compared to annualized net charge-offs of 7.4 percent for the June 2003 quarter and 6.6 percent for the March 2004 quarter.

Managed auto receivables 31-to-60 days delinquent were 6.3 percent of the portfolio on June 30, compared to 8.2 percent the previous year. Accounts more than 60 days delinquent were 2.3 percent of the portfolio on June 30 and 3.3 percent on June 30, 2003.

Unrestricted cash totaled $421.5 million at the end of fiscal year 2004, down $88.2 million from March 31. During the fourth quarter, AmeriCredit retired $168 million of senior notes and purchased $32 million of common stock under the company’s $100 million stock repurchase plan authorized by its board of directors in April. The remainder of the authorization was completed by June 30.

Shareholders’ equity increased to $2.125 billion at June 30, compared to $1.881 billion the previous year, resulting in a managed assets-to-equity ratio of 5.6 at June 30 and 7.9 at June 30, 2003.

"We have ample liquidity to support our growth plans, and our financial flexibility will improve further as we receive substantial distributions from our FSA-insured securitization program later this calendar year," said AmeriCredit President Dan Berce.

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