-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ide27kLOo5Xt9uqZiYgC1ybFje6alKxG1GQoXIT227NrQ4iaNHrUD8xyQJ8KApS1 JQiZ8EWtIqdvDeyP9a05Cw== 0000912057-96-026344.txt : 19961118 0000912057-96-026344.hdr.sgml : 19961118 ACCESSION NUMBER: 0000912057-96-026344 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICREDIT CORP CENTRAL INDEX KEY: 0000804269 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 752291093 STATE OF INCORPORATION: TX FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10667 FILM NUMBER: 96663904 BUSINESS ADDRESS: STREET 1: 200 BAILEY AVENUE CITY: FORT WORTH STATE: TX ZIP: 76107 BUSINESS PHONE: 817-332-70 MAIL ADDRESS: STREET 1: 200 BAILEY AVENUE CITY: FORT WORTH STATE: TX ZIP: 76107 FORMER COMPANY: FORMER CONFORMED NAME: URCARCO INC DATE OF NAME CHANGE: 19920703 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to -------------------- --------------------- Commission file number 1-10667 ---------------------------------------------------- AmeriCredit Corp. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Texas 75-2291093 ------------------------------- ------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 200 Bailey Avenue, Fort Worth, Texas 76107 -------------------------------------------- (Address of principal executive offices) (Zip Code) (817) 332-7000 ---------------------------------------------------- (Registrant's telephone number, including area code) --------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- There were 28,454,907 shares of common stock, $.01 par value outstanding as of November 1, 1996. AMERICREDIT CORP. INDEX TO FORM 10-Q Part I. FINANCIAL INFORMATION Item 1. Financial Statements Page ---- Consolidated Balance Sheets - September 30, 1996 and June 30, 1996. . . . . . . . . . . 3 Consolidated Income Statements - Three Months Ended September 30, 1996 and 1995 . . . . . . . . . . . . . . . . . . . . . . 4 Consolidated Statements of Cash Flows - Three Months Ended September 30, 1996 and 1995 . . . . . . . . . . . . . . . 5 Notes to Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . 8 Part II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . 15 SIGNATURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 2 PART I - FINANCIAL INFORMATION Item I. FINANCIAL STATEMENTS AMERICREDIT CORP. Consolidated Balance Sheets (Unaudited, Dollars in Thousands) September 30, June 30, ASSETS 1996 1996 ---- ---- Cash and cash equivalents $ 5,921 $ 2,145 Investment securities 6,503 6,558 Finance receivables, net 248,270 250,484 Excess servicing receivable 42,656 33,093 Restricted cash 31,168 15,304 Property and equipment, net 8,357 7,670 Deferred income taxes 5,494 9,995 Other assets 5,090 4,910 -------- -------- Total assets $353,459 $330,159 -------- -------- -------- -------- LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Bank line of credit $109,800 $ 86,000 Automobile receivables-backed notes 54,431 67,847 Notes payable 326 418 Accrued taxes and expenses 20,030 12,669 -------- -------- Total liabilities 184,587 166,934 -------- -------- Shareholders' equity: Common stock, $.01 par value per share; 120,000,000 shares authorized; 32,832,193 and 32,640,963 shares issued 331 326 Additional paid-in capital 191,962 190,005 Retained earnings (deficit) 2,839 (5,233) -------- -------- 195,132 185,098 Treasury stock, at cost (4,435,683 and 4,120,483 shares) (26,260) (21,873) -------- -------- Total shareholders' equity 168,872 163,225 -------- -------- Total liabilities and shareholders' equity $353,459 $330,159 -------- -------- -------- -------- The accompanying notes are an integral part of these consolidated financial statements 3 AMERICREDIT CORP. Consolidated Income Statements (Unaudited, Dollars in Thousands, Except Per Share Data) Three Months Ended September 30, ---------------------------- 1996 1995 ---- ---- Revenue: Finance charge income $ 10,764 $ 13,377 Gain on sale of receivables 12,590 Servicing fee income 3,643 Investment income 468 281 Other income 330 265 ----------- ----------- 27,795 13,923 ----------- ----------- Costs and expenses: Operating expenses 9,827 4,904 Provision for losses 1,617 1,967 Interest expense 3,226 3,114 ----------- ----------- 14,670 9,985 ----------- ----------- Income before income taxes 13,125 3,938 Provision for income taxes 5,053 1,418 ----------- ----------- Net income $ 8,072 $ 2,520 ----------- ----------- ----------- ----------- Earnings per share $ .27 $ .08 ----------- ----------- ----------- ----------- Weighted average shares and share equivalents 30,118,939 31,223,551 ----------- ----------- ----------- ----------- The accompanying notes are an integral part of these consolidated financial statements 4 AMERICREDIT CORP. Consolidated Statements of Cash Flows (Unaudited, Dollars in Thousands) Three Months Ended September 30, ----------------------- 1996 1995 --------- -------- Cash flows from operating activities: Net income $ 8,072 $ 2,520 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 433 384 Provision for losses 1,617 1,967 Deferred income taxes 4,501 1,395 Gain on sale of receivables (12,590) Amortization of excess servicing receivable 5,493 Changes in assets and liabilities: Other assets (180) 277 Accrued taxes and expenses 7,361 (335) --------- -------- Net cash provided by operating activities 14,707 6,208 --------- -------- Cash flows from investing activities: Purchases and originations of finance receivables (172,549) (70,808) Principal collections and recoveries on finance receivables 18,727 26,184 Net proceeds from sale of receivables 151,953 Purchases of property and equipment (1,120) (370) Proceeds from maturities of investment securities 55 2,163 Increase in restricted cash (15,864) (2,659) --------- -------- Net cash used by investing activities (18,798) ( 45,490) --------- -------- Cash flows from financing activities: Borrowings on bank line of credit 142,800 41,300 Payment on bank line of credit (119,000) Payments on automobile receivables-backed notes (13,416) ( 17,311) Payments on notes payable (92) (72) Purchase of treasury stock (4,387) (1,983) Proceeds from issuance of common stock 1,962 674 --------- -------- Net cash provided by financing activities 7,867 22,608 --------- -------- Net increase (decrease) in cash and cash equivalents 3,776 (16,674) Cash and cash equivalents at beginning of period 2,145 18,314 --------- -------- Cash and cash equivalents at end of period $ 5,921 $ 1,640 --------- -------- --------- -------- The accompanying notes are an integral part of these consolidated financial statements 5 AMERICREDIT CORP. Notes to Consolidated Financial Statements (Unaudited) NOTE 1 - BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of AmeriCredit Corp. and its wholly-owned subsidiaries ("the Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements as of September 30, 1996 and for the periods ended September 30, 1996 and 1995 are unaudited, but in management's opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for such interim periods. The results for interim periods are not necessarily indicative of results for a full year. The interim period financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles. Such interim period financial statements should be read in conjunction with the Company's consolidated financial statements which were included in the Company's 1996 Annual Report to Shareholders. NOTE 2 - FINANCE RECEIVABLES Finance receivables consist of the following (in thousands): September 30, June 30, 1996 1996 ------------- -------- Gross finance receivables $313,797 $315,552 Less unearned finance charges and fees (52,929) (51,466) -------- -------- Principal amount of finance receivables 260,868 264,086 Less allowance for losses (12,598) (13,602) -------- -------- Finance receivables, net $248,270 $250,484 -------- -------- -------- -------- 6 A summary of the allowance for losses is as follows (in thousands): Three Months Ended September 30, -------------------- 1996 1995 ---- ---- Balance at beginning of period $13,602 $19,951 Provision for losses 1,617 1,967 Acquisition fees 6,572 3,885 Allowance related to receivables sold (4,442) Net charge-offs-indirect (4,751) (3,593) Net charge-offs-other (36) ------- ------- Balance at end of period $12,598 $22,174 ------- ------- ------- ------- NOTE 3 - EXCESS SERVICING RECEIVABLE As of September 30, 1996 and June 30, 1996, the Company was servicing $381,057,000 and $259,895,000, respectively, of automobile sales finance contracts which have been sold to certain special purpose financing trusts (the "Trusts"). Excess servicing receivable consists of the following (in thousands): September 30, June 30, 1996 1996 ------------- -------- Estimated future net cash flows before allowance for credit losses $ 84,372 $ 63,457 Allowance for credit losses (36,295) (25,616) -------- -------- Estimated future net cash flows 48,077 37,841 Unamortized discount at 12% (5,421) (4,748) -------- -------- $ 42,656 $ 33,093 -------- -------- -------- -------- 7 A summary of excess servicing receivable is as follows (in thousands): Three Months Ended September 30, ------------------- 1996 ---- Balance at beginning of period $ 33,093 Excess servicing related to receivables sold 15,056 Amortization (5,493) -------- Balance at end of period $ 42,656 -------- -------- NOTE 4 - DEBT The Company has a revolving credit agreement with a group of banks under which the Company may borrow up to $150 million, subject to a defined borrowing base. Aggregate borrowings of $109,800,000 and $86,000,000 were outstanding as of September 30, 1996 and June 30, 1996, respectively. Borrowings under the credit agreement are collateralized by certain indirect finance receivables and bear interest, based upon the Company's option, at either the prime rate (8.25% as of September 30, 1996) or various market London Interbank Offered Rates ("LIBOR") plus 1.65%. The Company is also required to pay an annual commitment fee equal to 3/8% of the unused portion of the credit agreement. The credit agreement contains various restrictive covenants requiring certain minimum financial ratios and results and placing certain limitations on the incurrence of additional debt, capital expenditures, cash dividends and repurchase of common stock. In October 1996, the Company entered into a restated revolving credit agreement with the banks, expanding the available borrowings to $240 million and reducing the interest rate to LIBOR plus 1.55% and the annual commitment fee to 1/4%. The restated credit agreement expires in October 1997. Automobile receivables-backed notes consist of the following (in thousands): 8 September 30 June 30 1996 1996 ------------ ------- Series 1994-A notes, interest at 8.19%, collateralized by certain finance receivables in the principal amount of $10,311, final maturity in December 1999. $10,186 $13,671 Series 1995-A notes, interest at 6.55%, collateralized by certain finance receivables in the principal amount of $45,204, final maturity in September 2000. 44,245 54,176 ------- ------- $54,431 $67,847 ------- ------- ------- ------- NOTE 5 - INCOME TAXES The Company's effective income tax rate on income before income taxes differs from the U.S. statutory tax rate as follows: Three Months Ended September 30, --------------------- 1996 1995 ------- ------- U.S. statutory tax rate 35.0% 35.0% Other 3.5 1.0 ------- ------- 38.5% 36.0% ------- ------- ------- ------- NOTE 6 - SUPPLEMENTAL CASH FLOW INFORMATION Cash payments for interest costs and income taxes consist of the following (in thousands): Three Months Ended September 30, --------------------- 1996 1995 ------- ------- Interest costs (none capitalized) $ 2,995 $ 2,875 Income taxes 4 33 9 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Since September 1992, the Company has been in the business of purchasing and servicing automobile sales finance contracts originated by franchised and independent dealers. Finance receivables originated in this business are referred to as indirect receivables. Finance receivables originated in businesses previously operated by the Company are referred to as other receivables. Indirect owned finance receivables represent finance contracts held in the Company's loan portfolio. The Company earns finance charge income on these finance receivables. When indirect finance receivables are sold to special purpose financing trusts (the "Trusts") in automobile receivables-backed securities transactions, the Company recognizes a gain on sale of receivables and continues to service such finance receivables. Indirect serviced finance receivables represent finance contracts sold with servicing retained by the Company. The Company earns servicing fee income for acting as servicer of these finance receivables. RESULTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 1995 REVENUE: The Company's average net owned and serviced finance receivables outstanding consisted of the following (in thousands): Three Months Ended September 30, ---------------------- 1996 1995 -------- -------- Indirect owned $218,667 $264,277 Indirect serviced 362,748 -------- -------- 581,415 264,277 Other 1,000 -------- -------- $581,415 $265,277 -------- -------- -------- -------- 10 Total average net owned and serviced finance receivables outstanding increased by 119% as a result of higher loan purchase volume. The Company purchased $175.9 million of indirect loans during the three months ended September 30, 1996, compared to $74.7 million during the three months ended September 30, 1995. This growth resulted from loan production at branches open during both periods as well as expansion of the Company's loan production capacity. The Company operated 60 branch offices as of September 30, 1996, compared to 35 as of September 30, 1995. The Company's finance charge income consisted of the following (in thousands): Three Months Ended September 30, --------------------- 1996 1995 ------- ------- Indirect $10,764 $13,362 Other 15 ------- ------- $10,764 $13,377 ------- ------- ------- ------- The decrease in finance charge income is due to a reduction of 17% in average net indirect owned finance receivables outstanding. Prior to December 1995, all of the finance contracts purchased by the Company were held as indirect owned finance receivables in the Company's loan portfolio. The Company began selling finance receivables to the Trusts in December 1995, reducing average indirect owned finance receivables with corresponding increases in average indirect serviced finance receivables. The Company's effective yield on its owned finance receivables decreased to 19.5% from 20.0%. Gain on sale of receivables of $12.6 million in the three months ended September 30, 1996 resulted from the sale of $155.2 million of finance receivables to the Trusts. The gain on sale of receivables amounted to 8.1% of the sales proceeds. The Company did not sell any finance receivables to the Trusts during the three months ended September 30, 1995. Servicing fee income of $3.6 million in the three months ended September 30, 1996 represents net excess servicing fees and the Company's base servicing fees and other fees earned for acting as servicer of the finance receivables sold to the Trusts. 11 COSTS AND EXPENSES: Operating expenses as an annualized percentage of average net owned and serviced finance receivables outstanding decreased to 6.7% for the three months ended September 30, 1996 as compared to 7.3% for the three months ended September 30, 1995. The ratio improved as a result of economies of scale realized from a growing finance receivables portfolio and automation of loan origination, processing and servicing functions. The dollar amount of operating expenses increased by $4.9 million, or 100%, primarily due to the addition of branch offices and branch management and loan processing and servicing staff. The provision for losses decreased to $1.6 million as compared to $2.0 million. Further discussion concerning the provision for losses is included under the caption, "Finance Receivables". Interest expense increased to $3.2 million for the three months ended September 30, 1996 from $3.1 million for the three months ended September 30, 1995 due to the higher debt levels necessary to fund the Company's increased loan origination volume. Average debt outstanding was $163.3 million and $144.9 million for the three months ended September 30, 1996 and 1995, respectively. The Company's effective rate of interest paid on its debt decreased to 7.8% from 8.5%. The Company's effective income tax rate increased to 38.5% in the three months ended September 30, 1996 from 36.0% in the three months ended September 30, 1995 due to a larger portion of the Company's income being generated in states which have higher tax rates. FINANCE RECEIVABLES The Company provides financing in relatively high-risk markets, and therefore, charge-offs are anticipated. The Company records a periodic provision for losses as a charge to operations and a related allowance for losses in the consolidated balance sheets as a reserve against estimated future losses in the indirect owned finance receivables portfolio. The Company typically purchases individual finance contracts for a non-refundable acquisition fee on a non-recourse basis. Such acquisition fees are also recorded in the consolidated balance sheets as an allowance for losses. The calculation of excess servicing receivable includes an allowance for estimated future losses over the remaining term of the finance receivables sold to the Trusts and serviced by the Company. 12 The Company reviews historical origination and charge-off relationships, charge-off experience factors, collections information, delinquency reports, estimates of the value of the underlying collateral, economic conditions and trends and other information in order to make the necessary judgments as to the appropriateness of the periodic provision for losses and the allowance for losses. Although the Company uses many resources to assess the adequacy of the allowance for losses, there is no precise method for accurately estimating the ultimate losses in the finance receivables portfolio. The following table presents certain data related to the finance receivables portfolio (dollars in thousands): September 30, 1996 --------------------------------------- Indirect Indirect Total Owned Serviced Portfolio -------- -------- --------- Gross finance receivables $313,797 $460,798 $ 774,595 Unearned finance charges and fees (52,929) (79,741) (132,670) -------- -------- --------- Finance receivables 260,868 $381,057 $ 641,925 -------- --------- -------- --------- Allowance for losses (12,598) $ 36,295 (1) $ 48,893 -------- -------- --------- -------- --------- Finance receivables, net $248,270 -------- -------- Number of outstanding contracts 28,492 41,576 70,068 -------- -------- --------- -------- -------- --------- Average amount of outstanding contract (principal amount) (in dollars) $ 9,156 $ 9,165 $ 9,161 -------- -------- --------- -------- -------- --------- Allowance for losses as a percentage of finance receivables 4.8% 9.5% 7.6% -------- -------- --------- -------- -------- --------- (1) The allowance for losses related to indirect serviced finance receivables is netted against excess servicing receivable in the Company's consolidated balance sheets. 13 The following is a summary of net indirect owned and serviced finance receivables which are more than 60 days delinquent (dollars in thousands): September 30, ------------- 1996 1995 ---- ---- Delinquent contracts $22,446 $8,421 Delinquent contracts as a percentage of net indirect owned and serviced finance receivables 3.5% 2.9% The following table presents charge-off data with respect to the Company's net indirect owned and serviced finance receivables portfolio (dollars in thousands): Three Months Ended September 30, -------------------- 1996 1995 ---- ---- Net charge-offs: Indirect owned $4,751 $3,593 Indirect serviced 3,287 ------ ------ $8,038 $3,593 ------ ------ ------ ------ Net charge-offs as an annualized percentage of average net indirect owned and serviced finance receivables outstanding 5.5% 5.4% ------ ------ ------ ------ The Company recorded periodic provisions for losses as charges to operations of $1,617,000 and $1,967,000 for the three months ended September 30, 1996 and 1995, respectively. The decreased loss provisions are a result of lower average net indirect owned finance receivables outstanding. The Company began its indirect automobile finance business in September 1992 and the Company has grown its net owned and serviced finance receivables portfolio to $641.9 million as of September 30, 1996. The Company expects that its delinquency and charge-offs will increase over time as the portfolio matures and its finance receivables growth rate moderates. Accordingly, the delinquency and charge-off data above is not necessarily indicative of delinquency and charge-off experience that could be expected for a more seasoned portfolio. 14 LIQUIDITY AND CAPITAL RESOURCES The Company's cash flows are summarized as follows (in thousands): Three Months Ended September 30, ------------------------ 1996 1995 ---- ---- Operating activities $ 14,707 $ 6,208 Investing activities (18,798) (45,490) Financing activities 7,867 22,608 --------- --------- Net increase (decrease) in cash and cash equivalents $ 3,776 $(16,674) --------- --------- --------- --------- In addition to the net change in cash and cash equivalents shown above, the Company also had net decreases in investment securities of $55,000 and $2,163,000 for the three months ended September 30, 1996 and 1995, respectively. Such amounts are included as investing activities in the above table. The Company's primary sources of cash have been collections and recoveries on its finance receivables portfolio, borrowings under its bank line of credit and the issuance of automobile receivables-backed securities. In October 1996, the Company expanded its line of credit arrangement with a group of banks to provide for available borrowings of $240 million and extended the maturity of the facility to October 1997. The Company utilizes the line of credit to fund its daily lending activities and operations. A total of $109.8 million was outstanding under the line of credit as of September 30, 1996. In August 1996, the Company completed its sixth automobile receivables-backed securities transaction with the issuance of $175 million of automobile receivables-backed securities through the AmeriCredit Automobile Receivables Trust 1996-C. The proceeds from the transaction were used to repay a portion of the borrowings then outstanding under the Company's bank line of credit. The Company's primary use of cash has been purchases and originations of finance receivables. The Company purchased $175.9 million of finance contracts during the three months ended September 30, 1996 requiring cash of $172.5 million, net of acquisition fees and other factors. The Company operated 60 branch offices and had a number of marketing representatives as of September 30, 1996. The Company plans to open twenty-one additional branches in the remainder of fiscal 1997. The Company may also expand loan production capacity 15 at existing offices where appropriate. While the Company has been able to establish and grow its indirect automobile finance business thus far, there can be no assurance that future expansion will be successful due to competitive, regulatory, market, economic or other factors. The Company's Board of Directors has authorized the repurchase of up to 6,000,000 shares of the Company's common stock. A total of 4,594,700 shares at an aggregate purchase price of $27.3 million had been purchased pursuant to this program through September 30, 1996. As of September 30, 1996, the Company had $12.4 million in cash and cash equivalents and investment securities. The Company also had available borrowing capacity of $130.2 million under its bank line of credit. The Company estimates that it will require additional external capital for the remainder of fiscal 1997 in addition to these existing capital resources and collections and recoveries on its finance receivables portfolio in order to fund expansion of its indirect automobile lending business, capital expenditures, additional common stock purchases and other costs and expenses. The Company anticipates that such funding will be in the form of additional automobile receivables-backed securities transactions, implemention of other warehouse financing facilities and issuance of other debt securities. There can be no assurance that funding will be available to the Company through these sources, or if available, that it will be on terms acceptable to the Company. Since the Company's funding strategy is dependent upon the issuance of interest-bearing securities and the incurrence of other debt, fluctuations in interest rates impact the Company's profitability. The Company uses several strategies to minimize the risk of interest rate fluctuations including the use of hedging instruments and the regular sale of finance receivables to the Trusts. There can be no assurance that these strategies will be effective in minimizing interest rate risk or that increases in interest rates will not have an adverse effect on the Company' profitability. 16 PART II. OTHER INFORMATION Item 1. LEGAL PROCEEDINGS Not Applicable Item 2. CHANGES IN SECURITIES Not Applicable Item 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not Applicable Item 5. OTHER INFORMATION Not Applicable Item 6. EXHIBITS AND REPORTS ON FORM 8-K (A) Exhibits: 11.1 - Statement Re Computation of Per Share Earnings 27.1 - Financial Data Schedule (b) Reports on Form 8-K The Company did not file any reports on Form 8-K during the quarterly period ended September 30, 1996. 17 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AmeriCredit Corp. --------------------------------- (Registrant) Date: November 13, 1996 By: /s/ Daniel E. Berce --------------------------------- (Signature) Daniel E. Berce Chief Financial Officer 18 EX-11.1 2 EXHIBIT 11.1 EXHIBIT 11.1 AMERICREDIT CORP. STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (Dollars in Thousands, Except Per Share Data) Three Months Ended September 30, ------------------- 1996 1995 ---- ---- PRIMARY: Average common shares outstanding. . . . . . . . 28,372,506 28,679,151 Common share equivalents resulting from assumed exercise of stock options and warrants . . . . . . . . . . . . . . . . . 1,746,433 2,544,400 ----------- ----------- Average common shares and share equivalents outstanding. . . . . . . . . . . . . . . . . . 30,118,939 31,223,551 ----------- ----------- ----------- ----------- FULLY DILUTED: Average common shares outstanding. . . . . . . . 28,372,506 28,679,151 Common share equivalents resulting from assumed exercise of stock options and warrants . . . . . . . . . . . . . . . . . 2,006,421 2,935,420 ----------- ----------- Average common shares and share equivalents outstanding. . . . . . . . . . . . 30,378,927 31,614,571 ----------- ----------- ----------- ----------- NET INCOME . . . . . . . . . . . . . . . . . . . $ 8,072 $ 2,520 ----------- ----------- ----------- ----------- EARNINGS PER SHARE: Primary. . . . . . . . . . . . . . . . . . . . $ .27 $ .08 ----------- ----------- ----------- ----------- Fully diluted. . . . . . . . . . . . . . . . . $ .27 $ .08 ----------- ----------- ----------- ----------- Primary earnings per share has been computed by dividing net income by the average common shares and share equivalents outstanding. Common share equivalents were computed using the treasury stock method. The average common stock market price for the period was used to determine the number of common share equivalents. 19 Fully diluted earnings per share has been computed in the same manner as primary earnings per share except that the higher of the average or end of period common stock market price was used to determine the number of common share equivalents. EX-27 3 EXHIBIT 27 (FDS)
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF AMERICREDIT CORP. INCLUDED IN ITS QUARTERLY REPORT ON FORM 10-Q, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS JUN-30-1997 JUL-01-1996 SEP-30-1996 37,089 6,503 260,868 (12,598) 0 0 11,110 (2,753) 353,459 0 164,557 0 0 331 168,541 353,459 0 27,795 0 9,827 0 1,617 3,226 13,125 5,053 8,072 0 0 0 8,072 .27 .27
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