-----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, EPBL8JxJ0IAoWm+x8t0fNJDhm/InEndNrlf37CJKdIblpvoYQ9/axTLdyO25n+q1 LVaWGDIDo+dQeao65kF8xw== 0000930661-99-001777.txt : 19990809 0000930661-99-001777.hdr.sgml : 19990809 ACCESSION NUMBER: 0000930661-99-001777 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990804 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990806 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: 8-K SEC ACT: SEC FILE NUMBER: 001-10667 FILM NUMBER: 99679112 BUSINESS ADDRESS: STREET 1: 200 BAILEY AVENUE CITY: FORT WORTH STATE: TX ZIP: 76107 BUSINESS PHONE: 8173327000 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 8-K 1 FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 4, 1999 ---------------------- AMERICREDIT CORP. ----------------- (Exact name of registrant as specified in its charter) Texas 1-10667 75-2291093 - --------------------------------- ---------------- ---------------------- (State or other jurisdiction of (Commission File (IRS Employer incorporation) Number) Identification No.) 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (817) 302-7000 -------------------------- 200 Bailey Avenue, Fort Worth, Texas 76107 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ================================================================================ Item 5. Other Events ------------ The Registrant files herewith the exhibit listed in Item 7(c) below. Item 7(c). Exhibits -------- The following exhibit is furnished in accordance with Item 601 of Regulation S-K: 99 Press Release 2 SIGNATURES 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 hereunto duly authorized. AMERICREDIT CORP. (Registrant) Date: August 6, 1999 By: /s/ DANIEL E. BERCE ------------------------------------ Daniel E. Berce Vice Chairman of the Board and Chief Financial Officer 3 INDEX TO EXHIBITS Exhibit Sequentially No. Exhibit Number Page ----------- --------------------------------------------------- ------------ 99 Press Release 4 EX-99 2 PRESS RELEASE [LOGO OF AMERICREDIT APPEARS HERE] EXHIBIT 99 FOR IMMEDIATE RELEASE Contact: Kim Welch Investor Relations (817) 302-7009 AMERICREDIT CORP. ANNOUNCES ITS 21st CONSECUTIVE QUARTERLY EARNINGS INCREASE AND RECORD FISCAL YEAR END OPERATING RESULTS FORT WORTH, TEXAS August 4, 1999 - AMERICREDIT CORP. (NYSE: ACF) today announced record net income of $22,477,000, or $0.33 per share, for its fourth fiscal quarter ended June 30, 1999, versus earnings of $13,901,000, or $0.21 per share, for the quarter ended June 30, 1998. On a comparative basis, net income increased 62% and earnings per share rose 57%. For the fiscal year ended June 30, 1999, AmeriCredit reported record net income of $74,840,000, or $1.11 per share, versus earnings of $49,301,000, or $0.76 per share, for the fiscal year ended June 30, 1998, representing an increase of 52% in net income and an increase of 46% in earnings per share. Automobile loan purchases were $888,902,000 for the fourth quarter of fiscal 1999, an increase of 58% over loan purchases of $561,079,000 for the fourth quarter of fiscal 1998. For the fiscal year ended June 30, 1999, automobile loan purchases were $2,879,796,000, 66% higher than loan purchases of $1,737,813,000 for the fiscal year ended June 30, 1998. AmeriCredit's managed auto receivables totaled $4,105,468,000 at June 30, 1999, an increase of 78% since June 30, 1998. The Company opened 8 branch locations in its fourth fiscal quarter bringing the total number of branch locations to 176 in 41 states and Canada at June 30, 1999. -MORE- 2 Annualized net charge-offs decreased to 4.5% of average managed auto receivables for the fourth quarter ended June 30, 1999, from 5.1% for the fourth quarter of fiscal 1998. Net charge-offs for the fiscal year ended June 30, 1999 were 4.7%, down from 5.3% for the fiscal year ended June 30, 1998. Managed auto receivables more than sixty days delinquent were 1.8% of total managed auto receivables at June 30, 1999, down from 2.6% at June 30, 1998. The statistical summary attached to this release includes a table presenting pro-forma "portfolio-based" earnings data. AmeriCredit is a national consumer finance company specializing in purchasing, securitizing and servicing automobile loans and originating and selling mortgage loans. AmeriCredit maintains a web site at www.americredit.com that contains further information on the Company. AmeriCredit will host a conference call for analysts and investors at 10:30 A.M. EDT on August 5, 1999. For an Internet broadcast of this conference call please go to www.vcall.com before 10:30 A.M. EDT on August 5, 1999 to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties detailed from time to time in the Company's filings and reports with the Securities and Exchange Commission. Such statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially. -MORE- 3
AmeriCredit Corp. Consolidated Income Statements (Unaudited, Dollars in Thousands, Except Per Share Amounts) Three Months Ended Year Ended June 30, June 30, --------------------------------------- ---------------------------------------- 1999 1998 1999 1998 ---------------- ----------------- ----------------- ----------------- Revenue: Finance charge income $ 23,750 $ 15,785 $ 75,288 $ 55,837 Gain on sale of receivables 53,341 31,356 169,892 103,194 Servicing fee income 24,264 13,521 85,966 47,910 Other income 949 494 4,310 2,395 ---------------- ----------------- ----------------- ----------------- 102,304 61,156 335,456 209,336 ---------------- ----------------- ----------------- ----------------- Costs and expenses: Operating expenses 49,585 28,382 165,345 94,484 Provision for losses 3,040 2,009 9,629 7,555 Interest expense 13,132 8,162 38,792 27,135 ---------------- ----------------- ----------------- ----------------- 65,757 38,553 213,766 129,174 ---------------- ----------------- ----------------- ----------------- Income before income taxes 36,547 22,603 121,690 80,162 Income tax provision 14,070 8,702 46,850 30,861 ---------------- ----------------- ----------------- ----------------- Net income $ 22,477 $ 13,901 $ 74,840 $ 49,301 ================ ================= ================= ================= Earnings per share: Basic $0.35 $0.23 $1.19 $0.82 ================ ================= ================= ================= Diluted $0.33 $0.21 $1.11 $0.76 ================ ================= ================= ================= Weighted average shares 63,802,626 61,272,126 63,005,746 60,188,788 ================ ================= ================= ================= Weighted average shares and assumed incremental shares 68,695,877 66,597,676 67,191,235 65,203,460 ================ ================= ================= =================
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Condensed Consolidated Balance Sheets (Unaudited, Dollars in Thousands) June 30, March 31, June 30, 1999 1999 1998 ------------------ ----------------- ---------------- Cash and short term investments $ 21,189 $ 36,846 $ 33,087 Finance receivables, net 456,009 415,421 342,853 Interest-only receivables from Trusts 191,865 173,643 131,694 Investments in Trust receivables 195,598 157,201 98,857 Restricted cash 107,399 82,809 55,758 Other assets 91,427 72,062 51,422 ------------------ ----------------- ---------------- Total assets $1,063,487 $937,982 $713,671 ================== ================= ================ Borrowings under warehouse lines $ 114,659 $255,531 $165,608 Senior notes 375,000 175,000 175,000 Other notes payable 17,874 12,759 6,410 Other liabilities 156,224 133,928 78,805 ------------------ ----------------- ---------------- Total liabilities 663,757 577,218 425,823 Shareholders' equity 399,730 360,764 287,848 ------------------ ----------------- ---------------- Total liabilities and shareholders equity $1,063,487 $937,982 $713,671 ================== ================= ================
Cash Flows From Operating Activities: (Unaudited, Dollars in Thousands) Three Months Ended Year Ended June 30, June 30, ------------------------------------ ------------------------------------ 1999 1998 1999 1998 ------------------ --------------- ----------------- ---------------- Cash revenue Finance charge income $ 23,750 $ 15,785 $ 75,288 $ 55,837 Servicing fee income 22,278 11,900 73,241 37,043 Cash gain on sale 3,226 (671) 12,135 6,789 Other income 949 494 4,310 2,395 Securitization distributions 9,349 16,724 44,531 43,807 Changes in working capital 2,452 17,549 25,231 9,063 --------------- --------------- -------------- --------------- 62,004 61,781 234,736 154,934 --------------- --------------- -------------- --------------- Cash expenses Operating expenses (43,842) (26,968) (152,700) (89,986) Interest expense (13,132) (8,162) (38,792) (27,135) --------------- --------------- -------------- --------------- (56,974) (35,130) (191,492) (117,121) --------------- --------------- -------------- --------------- Operating cash flow 5,030 26,651 43,244 37,813 Upfront credit enhancement rerquirement (25,500) (13,325) (82,750) (56,725) Early release of credit enhancement - - 23,000 - --------------- --------------- -------------- --------------- Net cash flow $(20,470) $ 13,326 $ (16,506) $ (18,912) =============== =============== ============== ===============
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Other Financial Data (Unaudited, Dollars in Thousands) Three Months Ended Year Ended June 30, June 30, ------------------------------------------- ----------------------------------------- 1999 1998 1999 1998 ------------------ ------------------- ----------------- ----------------- Auto lending operations Auto loan originations $ 888,902 $ 561,079 $2,879,796 $1,737,813 Auto loans sold 849,999 520,000 2,770,000 1,637,499 Gain on sale of auto loans 50,901 30,014 162,353 98,842 Gain on sale of auto loans 6.0% 5.8% 5.9% 6.0% (% of loans sold) Average owned receivables $ 406,583 $ 268,694 $ 320,962 $ 250,304 Average serviced receivables 3,438,215 1,844,995 2,808,501 1,399,112 ------------------ ------------------- ----------------- ----------------- Average managed receivables $3,844,798 $2,113,689 $3,129,463 $1,649,416 ================== =================== ================= ================= Mortgage lending operations Mortgage loan originations $ 94,017 $ 42,632 $ 297,535 $ 137,169 Mortgage loans sold 95,143 48,954 294,096 119,683 Gain on sale of mortgage loans 2,440 1,343 7,539 4,353 Gain on sale of mortgage loans 2.6% 2.7% 2.6% 3.6% (% of loans sold)
June 30, 1999 ---------------------------------------------------------------- Auto loan portfolio Owned Serviced Total Managed --------------- --------------- --------------- Principal $444,128 $3,661,340 $4,105,468 Allowance for losses (11,841) (354,338) (366,179) ---------------- ---------------- ---------------- $432,287 $3,307,002 $3,739,289 ================ ================ ================ Allowance for losses (%) 2.7% 9.7% 8.9% ================ ================ ================
June 30, June 30, 1999 1998 ---------------- --------------- Auto loan delinquency (%) 31 - 60 days 6.8% 5.5% > 60 days 1.8% 2.6% ---------------- --------------- 8.6% 8.1% Repossessions 0.9% 0.8% ---------------- --------------- 9.5% 8.9% ================ ===============
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Pro Forma "Portfolio-Based" Earnings Data (Unaudited, Dollars in Thousands) Three Months Ended Year Ended June 30, June 30, -------------------------------------------- --------------------------------------- 1999 1998 1999 1998 Finance charge, fee and other income $189,702 $108,985 $ 621,048 $ 340,951 Funding costs (69,022) (38,726) (220,958) (120,546) ------------- ------------- ------------ ------------- Net margin 120,680 70,259 400,090 220,405 Operating expenses (49,585) (28,383) (165,345) (94,485) Credit losses (43,453) (27,084) (147,344) (88,002) ------------- ------------- ------------ ------------- Pre-tax "portfolio-based" income 27,642 14,792 87,401 37,918 Income taxes (10,642) (5,695) (33,649) (14,598) ------------- ------------- ------------ ------------- Net "portfolio-based" income $ 17,000 $ 9,097 $ 53,752 $ 23,320 ============= ============= ============ ============= Diluted "portfolio-based" earnings per share $ 0.25 $ 0.14 $ 0.80 $ 0.36 ============= ============= ============ ============= Return on managed assets (auto business) 1.8% 1.7% 1.7% 1.4% ============= ============= ============ =============
1 The pro forma "portfolio-based" earnings data above presents the Company's operating results under the assumption that securitization transactions are financings and no gain on sale or servicing fee income is recognized. Instead, finance charge income and fees as well as interest and other costs are recognized over the life of the securitized receivables as accrued. Credit losses are recorded as incurred. While the pro forma "portfolio-based" earnings data does not purport to present the Company's operating results in accordance with GAAP, the Company believes such presentation provides another measure for assessing the Company's performance. ### -----END PRIVACY-ENHANCED MESSAGE-----