FOOTHILL RANCH, Calif. - Onyx Acceptance Corp. reported financial results for the second quarter July 26. Net income came in at $1.8 million, up from the $1.6 million net income reported at the end of the second quarter 2000. Earnings per diluted share were at 35 cents compared with 25 cents the same time last year, according to a statement issued by Onyx Corporation.

Total revenues increased to $28.9 million during the second quarter. For the six months ended June 30, 2001, total revenues were $53.9 million, compared to the $50.8 million for the same period in 2000. Service fee income rose 23.5% to $12.7 million.

Onyx Corp. recorded a gain on sale of contracts of $10.3 million, or 35.6% of total revenues. For the six months ended June 30, 2001, the company experienced a total gain of $19.6 million, or 36.4% of total revenue, compared to $26.7 million or 52.6% for the same period in 2000. This reduction is in line with the company's decision to become less reliant on the initial gain-on-sale for its reported financial results.

Contract purchase volume decreased from last year to reflect management's focus on credit quality. For the six month period ended June 30, 2001 contract purchases were recorded at $810.1 million compared with $902.9 million for the year previous.

Total delinquencies as a percentage of the period-end serviced portfolio decreased to 2.23% from 4.14% at year-end 2000.

Onyx Acceptance Corporation is a specialized automobile finance company based in Foothill Ranch, Calif. and provides financing to franchised and select independent dealerships throughout the United States.