AmeriCredit Corporation has announced record net income of $48,442,000, or $0.57 per share, for its second fiscal quarter ended Dec. 31, 2000, versus earnings of $19,609,000, or $0.25 per share for the same period a year earlier.

Earnings for the second quarter of the prior year include a charge of $10,500,000 ($8,985,000, or $0.11 per share net of income tax benefits) for the closing of AmeriCredit's mortgage business. On a comparative basis, excluding the charge, earnings increased 69 percent and earnings per share rose 58 percent.

For the six months ended Dec. 31, 2000, AmeriCredit reported net income of $90,715,000, or $1.08 per share, versus earnings of $44,933,000, or $0.60 per share, for the six months ended Dec. 31, 1999. Excluding the charge, earnings for the six months ended Dec. 31, 1999 were $53,918,000, or $0.72 per share. On a comparative basis, excluding the charge, earnings increased 68 percent and earnings per share rose 50 percent.

Automobile loan purchases were $1,380,986,000 for the second quarter of fiscal 2001, an increase of 41 percent over loan purchases of $980,882,000 for the second quarter of fiscal 2000. AmeriCredit's managed auto receivables totaled $8,225,509,000 at Dec. 31, 2000, an increase of 55 percent since Dec. 31, 1999. The company had 202 branch locations in 41 states and Canada at Dec. 31, 2000.

Annualized net charge-offs decreased to 3.6 percent of average managed auto receivables for the second quarter ended Dec. 31, 2000, compared to 4.1 percent for the second quarter of fiscal 2000. Managed auto receivables more than sixty days delinquent were 2.7 percent of total managed auto receivables at Dec. 31, 2000, compared to 2.5 percent at Dec. 31, 1999.

Based on current business trends:

The company projects it will originate $1.45 to $1.55 billion in auto loans during its third fiscal quarter ending March 31, 2001, $5.8 to $6.1 billion in auto loans during its fiscal year ending June 30, 2001, and $6.5 to $7.0 billion in auto loans during the calendar year ending Dec. 31, 2001.

Earnings per share are projected in a range of $0.59 to $0.61 for the quarter ending March 31, 2001, $2.29 to $2.33 for the fiscal year ending June 30, 2001, and $2.55 to $2.59 for the calendar year ending Dec. 31, 2001.

Pro forma portfolio-based earnings per share are projected in a range between $0.67 to $0.69 for the quarter ending March 31, 2001, $2.60 to $2.64 for the fiscal year ending June 30, 2001, and $2.87 to $2.91 for the calendar year ending Dec. 31, 2001.

AmeriCredit bills itself as the largest independent middle market automobile finance company in North America specializing in purchasing and servicing automobile loans.

AmeriCredit maintains a Web site at www.americredit.com that contains further information on the Company.