National Auto Credit Announces $2.3 Million Net Loss for Fiscal 2002 First Quarter
National Auto Credit Inc. on June 14 announced its financial results for its first quarter ended April 30, 2001.
For the first three months ended April 30, 2001, the company incurred a net loss of $2,354,000 or $0.20 per share on the basis of 11,606,000 average shares outstanding. For the comparable three months ended April 30, 2000, the company incurred a net loss of $5,723,000 or $0.20 per share on the basis of 28,265,000 average shares outstanding.
Revenues declined 70 percent to $452,000 for the three months ended April 30, 2001 from $1,492,000 for the three months ended April 30, 2000. The decline in revenues reflected the decline in interest revenues from loans, as the result of the sale in the prior year of substantially all of the company's loan portfolio, and a decline in investment income as the result of the company's use of invested cash to repurchase shares of its common stock in the fourth quarter of fiscal 2001, which ended January 31, 2001. The company's ZoomLot e-commerce operations contributed revenues of $226,000 for the three months ended April 30, 2001.
Costs and expenses declined from $7,215,000 for the three months ended April 30, 2000 to $2,806,000 for the three months ended April 30, 2001. The decline in costs and expenses reflected the absence from the current year's losses from the sale of loans, litigation and other charges, which totaled $5,123,000 for the three months ended April 30, 2000.
Offsetting these savings were increases in operating and general and administrative expenses. Operating expenses increased to $1,703,000 for the three months ended April 30, 2001 from $1,283,000 for the three months ended April 30, 2000. The operating expenses of ZoomLot, acquired in December 2000, more than offset the reduction in operating expenses from the company's sale of its loan portfolio.
The company on April 30, 2001 had cash and cash equivalents of $10,375,000 and marketable securities of $1,030,000.
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