EX-99.1 3 k82323exv99w1.txt WEBSITE MATERIALS . . . [CREDIT ACCEPTANCE LOGO] EXHIBIT 99.1
CREDIT ACCEPTANCE CORPORATION CONSOLIDATED INCOME STATEMENTS (Dollars in thousands, except per share data) -------------------------------------------------- Q1 02 Q2 02 Q3 02 Q4 02 ----------- ----------- ----------- ----------- REVENUE Finance charges $ 24,885 $ 25,522 $ 24,018 $ 23,319 Lease revenue 5,159 4,428 3,614 2,900 Ancillary product income 3,599 3,820 5,500 3,518 Premiums earned 1,440 1,054 1,001 1,017 Other income 3,775 3,765 8,535 3,465 ----------- ----------- ----------- ----------- Total revenue 38,858 38,589 42,668 34,219 ----------- ----------- ----------- ----------- COSTS AND EXPENSES General and administrative 5,717 6,383 5,789 6,662 Salaries and wages 7,504 7,448 7,184 6,906 Sales and marketing 1,781 1,809 1,954 2,079 Stock-based compensation expense 482 565 535 490 Provision for insurance and service contract claims 563 570 590 138 Provision for credit losses 3,515 3,562 8,896 7,962 Depreciation of leased assets 2,941 2,566 2,251 1,911 United Kingdom asset impairment expense - - - - Interest 2,305 2,457 2,364 1,932 ----------- ----------- ----------- ----------- Total costs and expenses 24,808 25,360 29,563 28,080 ----------- ----------- ----------- ----------- OPERATING INCOME 14,050 13,229 13,105 6,139 Foreign exchange gain (loss) 16 11 (25) (2) ----------- ----------- ----------- ----------- Income before provision for income taxes 14,066 13,240 13,080 6,137 Provision for income taxes 7,869 4,774 4,468 1,047 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME $ 6,197 $ 8,466 $ 8,612 $ 5,090 =========== =========== =========== =========== Net income per common share: Basic $ 0.15 $ 0.20 $ 0.20 $ 0.12 Diluted $ 0.14 $ 0.19 $ 0.20 $ 0.12 Weighted average shares outstanding: Basic 42,437,481 42,535,312 42,363,895 42,371,316 Diluted 43,497,889 43,821,716 43,122,046 42,852,646 Q1 03 Q2 03 Q3 03 ----------- ----------- ----------- REVENUE Finance charges $ 24,256 $ 26,431 $ 25,770 Lease revenue 2,336 1,784 1,251 Ancillary product income 5,733 4,233 4,369 Premiums earned 755 757 734 Other income 3,849 2,767 3,738 ----------- ----------- ----------- Total revenue 36,929 35,972 35,862 ----------- ----------- ----------- COSTS AND EXPENSES General and administrative 5,484 5,198 4,679 Salaries and wages 8,517 8,687 7,879 Sales and marketing 2,177 2,483 1,886 Stock-based compensation expense 375 1,428 1,027 Provision for insurance and service contract claims 99 209 329 Provision for credit losses 4,188 2,863 2,303 Depreciation of leased assets 1,548 1,167 853 United Kingdom asset impairment expense - 10,493 - Interest 1,596 1,401 2,267 ----------- ----------- ----------- Total costs and expenses 23,984 33,929 21,223 ----------- ----------- ----------- OPERATING INCOME 12,945 2,043 14,639 Foreign exchange gain (loss) 15 14 (1,066) ----------- ----------- ----------- Income before provision for income taxes 12,960 2,057 13,573 Provision for income taxes 4,367 1,049 4,755 ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME $ 8,593 $ 1,008 $ 8,818 =========== =========== =========== Net income per common share: Basic $ 0.20 $ 0.02 $ 0.21 Diluted $ 0.20 $ 0.02 $ 0.20 Weighted average shares outstanding: Basic 42,328,841 42,321,170 42,315,027 Diluted 42,407,981 42,868,265 43,959,924
NOTE: Certain amounts have been reclassified to conform to the 2003 presentation. EXHIBIT 99.1 [CREDIT ACCEPTANCE CREDIT ACCEPTANCE CORPORATION CORPORATION LOGO] CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
3/31/2002 6/30/2002 9/30/2002 12/31/2002 3/31/2003 6/30/2003 9/30/2003 --------- --------- --------- ---------- --------- --------- --------- ASSETS Cash and cash equivalents $ 19,580 $ 20,694 $ 12,443 $ 13,466 $ 6,372 $ 22,068 $ 15,450 Investments -- held to maturity 176 175 175 173 99 456 9,789 Loans receivable 778,823 788,579 787,187 770,069 811,961 851,201 869,927 Allowance for credit losses (14,917) (15,223) (17,568) (20,991) (22,929) (24,461) (14,883) --------- --------- --------- --------- --------- --------- --------- Loans receivable, net 763,906 773,356 769,619 749,078 789,032 826,740 855,044 Floor plan receivables, net 5,774 6,414 5,261 4,450 3,105 2,964 2,920 Lines of credit, net 5,643 5,027 4,203 3,655 3,244 2,817 2,290 Notes receivable, net 5,344 4,842 4,289 3,899 2,809 2,074 2,076 Investment in Operating Leases, net 35,612 29,246 23,222 17,879 13,199 9,328 6,364 Property and equipment, net 19,649 19,802 20,532 19,951 20,057 18,355 18,294 Other assets 14,037 12,357 14,474 14,280 12,457 13,378 13,152 --------- --------- --------- --------- --------- --------- --------- TOTAL ASSETS $ 869,721 $ 871,913 $ 854,218 $ 826,831 $ 850,374 $ 898,180 $ 925,379 ========= ========= ========= ========= ========= ========= ========= LIABILITIES Lines of credit $ 67,403 $ 91,272 $ 96,811 $ 43,555 $ 55,627 $ 8,305 $ - Secured financing 108,364 65,101 30,257 58,153 32,904 100,000 100,000 Mortgage note 6,740 6,562 6,381 6,195 6,005 5,813 5,618 Capital lease obligations - 556 1,029 1,938 1,727 1,538 1,258 Accounts payable and accrued liabilities 37,412 37,402 32,496 28,341 31,428 33,034 33,858 Dealer holdbacks, net 331,791 340,492 349,088 347,040 371,509 397,682 420,759 Deferred income taxes, net 12,237 17,331 16,618 10,058 8,762 4,010 17,048 Income taxes payable 7,125 5,781 2,489 6,094 10,826 11,700 2,538 --------- --------- --------- --------- --------- --------- --------- TOTAL LIABILITIES 571,072 564,497 535,169 501,374 518,788 562,082 581,079 --------- --------- --------- --------- --------- --------- --------- SHAREHOLDERS' EQUITY Common stock 422 417 417 423 423 422 422 Paid-in capital 129,317 124,322 124,693 124,772 107,142 124,446 123,477 Retained earnings 176,691 185,158 193,770 198,858 223,694 208,459 217,277 Accumulated other comprehensive income (loss) - cumulative translation adjustment (7,781) (2,481) 169 1,404 327 2,771 3,124 --------- --------- --------- --------- --------- --------- --------- TOTAL S.H. EQUITY 298,649 307,416 319,049 325,457 331,586 336,098 344,300 --------- --------- --------- --------- --------- --------- --------- TOTAL LIAB. & S.H. EQUITY $ 869,721 $ 871,913 $ 854,218 $ 826,831 $ 850,374 $ 898,180 $ 925,379 ========= ========= ========= ========= ========= ========= =========
NOTE: Certain amounts have been reclassified to conform to the 2003 presentation. EXHIBIT 99.1 [CREDIT ACCEPTANCE CREDIT ACCEPTANCE CORPORATION CORPORATION LOGO] UNITED STATES INCOME STATEMENTS (Dollars in thousands, except per share data)
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 ------------ ------------ ------------ ------------ ------------ ------------ ------------ REVENUE Finance charges $ 19,582 $ 20,425 $ 18,954 $ 19,453 $ 20,759 $ 23,195 $ 23,135 Ancillary product income 3,173 3,332 3,300 3,378 4,848 4,189 4,363 Premiums earned 1,440 1,054 1,001 1,017 755 757 734 Other income 2,457 2,560 7,270 2,335 2,987 2,403 2,466 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Total revenue 26,652 27,371 30,525 26,183 29,349 30,544 30,698 ------------ ------------ ------------ ------------ ------------ ------------ ------------ COSTS AND EXPENSES General and administrative 3,964 5,043 4,464 5,717 4,517 4,352 3,940 Salaries and wages 5,962 5,982 5,878 5,923 7,290 7,199 6,741 Sales and marketing 1,512 1,577 1,668 1,765 1,838 1,818 1,884 Stock-based compensation expense 390 458 426 412 296 1,353 962 Provision for insurance and service contract claims 563 570 590 138 99 209 329 Provision for credit losses 513 680 5,555 4,998 2,840 1,490 1,189 Interest 1,107 1,352 1,656 1,293 946 958 1,865 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Total costs and expenses 14,011 15,662 20,237 20,246 17,826 17,379 16,910 ------------ ------------ ------------ ------------ ------------ ------------ ------------ OPERATING INCOME 12,641 11,709 10,288 5,937 11,523 13,165 13,788 Foreign exchange gain (loss) 17 (5) (14) (4) (11) (18) (1,082) ------------ ------------ ------------ ------------ ------------ ------------ ------------ Income before provision for income taxes 12,658 11,704 10,274 5,933 11,512 13,147 12,706 Provision for income taxes 7,496 4,384 3,801 1,098 4,032 4,444 4,564 ------------ ------------ ------------ ------------ ------------ ------------ ------------ NET INCOME $ 5,162 $ 7,320 $ 6,473 $ 4,835 $ 7,480 $ 8,703 $ 8,142 ============ ============ ============ ============ ============ ============ ============ Net income per common share: Basic $ 0.12 $ 0.17 $ 0.15 $ 0.11 $ 0.18 $ 0.21 $ 0.19 Diluted $ 0.12 $ 0.17 $ 0.15 $ 0.11 $ 0.18 $ 0.20 $ 0.19 Weighted average shares outstanding: Basic 42,437,481 42,535,312 42,363,895 42,371,316 42,328,841 42,321,170 42,315,027 Diluted 43,497,889 43,821,716 43,122,046 42,852,646 42,407,981 42,868,265 43,959,924
NOTE: Certain amounts have been reclassified to conform to the 2003 presentation.