AmeriCredit's First Fiscal Quarter Shows Strong Loan Originations, Lower Net Income
FORT WORTH, Texas -- AmeriCredit's first fiscal quarter, which ended Sept. 30, earned a net income of $54 million — down from $69 million in the same period last year — while auto loan purchases increased from $1.08 billion in the September 2004 quarter to $1.52 billion.
FORT WORTH, Texas -- AmeriCredit’s first fiscal quarter, which ended Sept. 30, earned a net income of $54 million — down from $69 million in the same period last year — while auto loan purchases increased from $1.08 billion in the September 2004 quarter to $1.52 billion.
Net income was impacted by an approximate $8 million after-tax charge ($13 million pre-tax) related to Hurricane Katrina.
"We had a good quarter on many fronts," said Dan Berce, president and CEO. "Our strong balance sheet and increased allowance for loan losses position us well in the current economic environment."
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