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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Americas Car Mart Inc | NASDAQ:CRMT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 58.55 | 55.20 | 70.00 | 10 | 12:00:00 |
Highlights of fourth quarter operating results:
Highlights of twelve-month operating results:
“We are proud of the progress being made and we will push hard every day to continuously raise the bar on our own expectations. The enthusiasm around our purpose has never been stronger as we have an obligation to serve more customers by growing at a solid, healthy pace. We are committed to staying laser focused on our operational non-negotiables and bringing Customer Experience to a level that cannot be matched in the markets we serve. We are deeply passionate about customer and associate success and we believe that we can be the best company in America at providing transportation solutions to credit challenged customers. As the result of deep reflection on where we are as a company and where we want to go, key Car-Mart leaders have recently developed our new Vision Statement which captures our ‘Why’, the real purpose in our work. Our Vision- ‘To be America’s best auto sales and finance company in the eyes of our associates and customers while improving the communities we serve.’ I am honored to be part of such a great team and to play a role in this very special effort that we have committed our lives to,” said Jeff Williams, President and Chief Executive Officer. “Our diligence is showing up in the numbers as our return on average assets and return on average equity for the year were 10.0% and 19.4%, respectively. Additionally, as we think about value creation for the year, we grew net finance receivables by $31.9 million, re-purchased $26.6 million of our common stock, invested $3.9 million in additional inventory to support our top line growth and funded $4.0 million in long-term capital expenditures (a total of $66.4 million), all with basically no increase in debt. We will stay focused on cash flows and operational efficiencies within our model as these disciplines give us distinct advantages in our markets.”
“We plan to open two new dealerships, in Conway, Arkansas and Bryant, Arkansas, within the next few weeks. Our Chattanooga, Tennessee project has run into some challenges and we don’t have enough clarity at this point to provide an update on when, or if, we will be able to move forward with the location we have been working on,” said Mr. Williams. “We do plan to open a few more new locations in fiscal 2020 and will provide more detail as we move forward. As we have discussed, our primary focus is to continue to grow customer count at existing dealerships, with emphasis on our top performing general managers to leverage their talents. At the same time, we will grow our bench to allow us to add new dealerships in the future. Our growth will be at a pace that matches our ability to serve customers in our communities at the highest levels.”
“Same store revenues were up 2.9% for the quarter and up over 8% for the year and we were pleased with the continued improvement in our credit metrics for the quarter compared to the prior year quarter - net charge-offs were down 110 basis points, collections were up 20 basis points, and the quarter-end 30+ delinquency percentage was down significantly to 2.9%. These metrics contributed to a 320 basis point improvement in the provision for credit losses as a percentage of sales for the quarter over the prior year quarter. While we did not experience leveraging at the SG&A line for the fourth quarter, we did leverage these expenses for the full year. Selling, general and administrative expenses for the fourth quarter included approximately $823,000 of additional stock compensation for performance-based stock options that are expected to vest as a result of the improved net income performance. We will continue to invest in the key areas of the business, especially on the people side, and at the same time expect some leveraging over the long term," said Vickie Judy, Chief Financial Officer. “We are all working very hard to make this company great and to take advantage of the opportunities that are in front of us as we help customers and associates succeed.”
“We repurchased 31,472 shares of our common stock during the quarter at an average price of $79.12 for a total of $2.5 million. Since February 2010 we have repurchased 6.2 million shares at an average price of approximately $36.30. Our primary focus is to be positioned to grow the business and invest in our associates and key areas of the business by managing strong cash-on-cash returns, while continuing to purchase shares opportunistically” added Ms. Judy. “Our balance sheet is very strong with a debt to finance receivables ratio of 28.1%.”
Conference Call
Management will be holding a conference call on Wednesday, May 22, 2019 at 11:00 a.m. Eastern Time to discuss quarterly results. A live audio of the conference call will be accessible to the public by calling (877) 776-4031. International callers dial (631) 291-4132. Callers should dial in approximately 10 minutes before the call begins. A conference call replay will be available two hours following the call for thirty days and can be accessed by calling (855) 859-2056 (domestic) or (404) 537-3406 (international), conference call ID # 4487469.
About America's Car-Mart
America’s Car-Mart, Inc. (the “Company”) operates 144 automotive dealerships in eleven states and is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. The Company emphasizes superior customer service and the building of strong personal relationships with its customers. The Company operates its dealerships primarily in small cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers. For more information, including investor presentations, on America’s Car-Mart, please visit our website at www.car-mart.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company’s future objectives, plans and goals, as well as the Company’s intent, beliefs and current expectations regarding future operating performance and can generally be identified by words such as “may,” “will,” “should,” “could," “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” and other similar words or phrases. Specific events addressed by these forward-looking statements include, but are not limited to:
These forward-looking statements are based on the Company’s current estimates and assumptions and involve various risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance, and that actual results could differ materially from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from the Company’s projections include, but are not limited to:
Additionally, risks and uncertainties that may affect future results include those described from time to time in the Company’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Contacts: Jeffrey A. Williams, President and CEO or Vickie D. Judy, CFO at (479) 464-9944
% Change | As a % of Sales | ||||||||||||||||||||||
Three Months EndedApril 30, | 2019 | Three Months Ended April 30, | |||||||||||||||||||||
vs. | |||||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||||
Operating Data: | |||||||||||||||||||||||
Retail units sold | 13,094 | 13,082 | 0.1 | % | |||||||||||||||||||
Average number of stores in operation | 144 | 140 | 2.9 | ||||||||||||||||||||
Average retail units sold per store per month | 30.3 | 31.1 | (2.6 | ) | |||||||||||||||||||
Average retail sales price | $ | 11,305 | $ | 10,922 | 3.5 | ||||||||||||||||||
Same store revenue growth | 2.9% | 10.5% | |||||||||||||||||||||
Net charge-offs as a percent of average finance receivables | 6.4% | 7.5% | |||||||||||||||||||||
Collections as a percent of average finance receivables | 16.0% | 15.8% | |||||||||||||||||||||
Average percentage of finance receivables-current (excl. 1-2 day) | 80.9% | 82.2% | |||||||||||||||||||||
Average down-payment percentage | 8.2% | 8.0% | |||||||||||||||||||||
Period End Data: | |||||||||||||||||||||||
Stores open | 144 | 139 | 3.6 | % | |||||||||||||||||||
Accounts over 30 days past due | 2.9% | 3.5% | |||||||||||||||||||||
Finance receivables, gross | $ | 543,328 | $ | 501,438 | 8.4 | % | |||||||||||||||||
Operating Statement: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Sales | $ | 156,193 | $ | 150,661 | 3.7 | % | 100.0 | % | 100.0 | % | |||||||||||||
Interest income | 20,689 | 18,790 | 10.1 | 13.2 | 12.5 | ||||||||||||||||||
Total | 176,882 | 169,451 | 4.4 | 113.2 | 112.5 | ||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of sales | 92,624 | 89,493 | 3.5 | 59.3 | 59.4 | ||||||||||||||||||
Selling, general and administrative | 28,181 | 25,486 | 10.6 | 18.0 | 16.9 | ||||||||||||||||||
Provision for credit losses | 34,744 | 38,281 | (9.2 | ) | 22.2 | 25.4 | |||||||||||||||||
Interest expense | 1,988 | 1,621 | 22.6 | 1.3 | 1.1 | ||||||||||||||||||
Depreciation and amortization | 1,020 | 1,006 | 1.4 | 0.7 | 0.7 | ||||||||||||||||||
Gain on disposal of property and equipment | (3 | ) | (97 | ) | (96.9 | ) | - | (0.1 | ) | ||||||||||||||
Total | 158,554 | 155,790 | 1.8 | 101.5 | 103.4 | ||||||||||||||||||
Income before taxes | 18,328 | 13,661 | 11.7 | 9.1 | |||||||||||||||||||
Provision for income taxes | 3,763 | 3,492 | 2.4 | 2.3 | |||||||||||||||||||
Net income | $ | 14,565 | $ | 10,169 | 9.3 | 6.7 | |||||||||||||||||
Dividends on subsidiary preferred stock | $ | (10 | ) | $ | (10 | ) | |||||||||||||||||
Net income attributable to common shareholders | $ | 14,555 | $ | 10,159 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 2.17 | $ | 1.47 | |||||||||||||||||||
Diluted | $ | 2.07 | $ | 1.43 | |||||||||||||||||||
Weighted average number of shares used in calculation: | |||||||||||||||||||||||
Basic | 6,699,772 | 6,907,409 | |||||||||||||||||||||
Diluted | 7,021,160 | 7,086,084 | |||||||||||||||||||||
% Change | As a % of Sales | |||||||||||||||||||||
Years Ended April 30, | 2019 | Years Ended April 30, | ||||||||||||||||||||
vs. | ||||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||||
Operating Data: | ||||||||||||||||||||||
Retail units sold | 50,257 | 48,271 | 4.1 | % | ||||||||||||||||||
Average number of stores in operation | 142 | 140 | 1.4 | |||||||||||||||||||
Average retail units sold per store per month | 29.5 | 28.7 | 2.8 | |||||||||||||||||||
Average retail sales price | $ | 11,125 | $ | 10,604 | 4.9 | |||||||||||||||||
Same store revenue growth | 8.4% | 5.2% | ||||||||||||||||||||
Net charge-offs as a percent of average finance receivables | 25.7% | 28.8% | ||||||||||||||||||||
Collections as a percent of average finance receivables | 55.3% | 53.1% | ||||||||||||||||||||
Average percentage of finance receivables-current (excl. 1-2 day) | 81.7% | 80.9% | ||||||||||||||||||||
Average down-payment percentage | 6.5% | 6.4% | ||||||||||||||||||||
Period End Data: | ||||||||||||||||||||||
Stores open | 144 | 139 | 3.6 | % | ||||||||||||||||||
Accounts over 30 days past due | 2.9% | 3.5% | ||||||||||||||||||||
Finance receivables, gross | $ | 543,328 | $ | 501,438 | 8.4 | % | ||||||||||||||||
Operating Statement: | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Sales | $ | 586,508 | $ | 537,528 | 9.1 | % | 100.0 | % | 100.0 | % | ||||||||||||
Interest income | 82,614 | 74,673 | 10.6 | 14.1 | 13.9 | |||||||||||||||||
Total | 669,122 | 612,201 | 9.3 | 114.1 | 113.9 | |||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||
Cost of sales | 343,898 | 315,273 | 9.1 | 58.6 | 58.7 | |||||||||||||||||
Selling, general and administrative | 107,249 | 99,023 | 8.3 | 18.3 | 18.4 | |||||||||||||||||
Provision for credit losses | 146,363 | 149,059 | (1.8 | ) | 25.0 | 27.7 | ||||||||||||||||
Interest expense | 7,883 | 5,599 | 40.8 | 1.3 | 1.0 | |||||||||||||||||
Depreciation and amortization | 3,969 | 4,250 | (6.6 | ) | 0.7 | 0.8 | ||||||||||||||||
Loss (gain) on disposal of property and equipment | (91 | ) | 91 | (200.0 | ) | - | - | |||||||||||||||
Total | 609,271 | 573,295 | 6.3 | 103.9 | 106.7 | |||||||||||||||||
Income before taxes | 59,851 | 38,906 | 10.2 | 7.2 | ||||||||||||||||||
Provision for income taxes | 12,226 | 2,397 | 2.1 | 0.4 | ||||||||||||||||||
Net income | $ | 47,625 | $ | 36,509 | 8.1 | 6.8 | ||||||||||||||||
Dividends on subsidiary preferred stock | $ | (40 | ) | $ | (40 | ) | ||||||||||||||||
Net income attributable to common shareholders | $ | 47,585 | $ | 36,469 | ||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||
Basic | $ | 6.99 | $ | 5.04 | ||||||||||||||||||
Diluted | $ | 6.73 | $ | 4.90 | ||||||||||||||||||
Weighted average number of shares outstanding: | ||||||||||||||||||||||
Basic | 6,810,879 | 7,232,014 | ||||||||||||||||||||
Diluted | 7,071,768 | 7,441,358 | ||||||||||||||||||||
April 30, | April 30, | April 30, | ||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||
Cash and cash equivalents | $ | 1,752 | $ | 1,022 | $ | 434 | ||||||||||||
Finance receivables, net | $ | 415,486 | $ | 383,617 | $ | 357,161 | ||||||||||||
Inventory | $ | 37,483 | $ | 33,610 | $ | 30,129 | ||||||||||||
Total assets | $ | 492,542 | $ | 455,584 | $ | 424,258 | ||||||||||||
Total debt | $ | 152,918 | $ | 152,367 | $ | 117,944 | ||||||||||||
Treasury stock | $ | 230,902 | $ | 204,325 | $ | 162,024 | ||||||||||||
Stockholders' equity | $ | 260,510 | $ | 230,535 | $ | 233,008 | ||||||||||||
Shares outstanding | 6,699,421 | 6,849,161 | 7,608,471 | |||||||||||||||
Finance receivables: | ||||||||||||||||||
Principal balance | $ | 543,328 | $ | 501,438 | $ | 466,854 | ||||||||||||
Deferred revenue - payment protection plan | (21,367 | ) | (19,823 | ) | (18,472 | ) | ||||||||||||
Deferred revenue - service contract | (10,592 | ) | (10,332 | ) | (9,611 | ) | ||||||||||||
Allowance for credit losses | (127,842 | ) | (117,821 | ) | (109,693 | ) | ||||||||||||
Finance receivables, net of allowance | ||||||||||||||||||
and deferred revenue | $ | 383,527 | $ | 353,462 | $ | 329,078 | ||||||||||||
Allowance as % of principal balance, | ||||||||||||||||||
net of deferred revenue | 25.0 | % | 25.0 | % | 25.0 | % | ||||||||||||
Changes in allowance for credit losses: | ||||||||||||||||||
Three Months Ended April 30, | Years Ended April 30, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||
Balance at beginning of period | $ | 127,980 | $ | 117,268 | $ | 117,821 | $ | 109,693 | ||||||||||
Provision for credit losses | 34,744 | 38,281 | 146,363 | 149,059 | ||||||||||||||
Charge-offs, net of collateral recovered | (34,882 | ) | (37,728 | ) | (136,342 | ) | (140,931 | ) | ||||||||||
Balance at end of period | $ | 127,842 | $ | 117,821 | $ | 127,842 | $ | 117,821 | ||||||||||
1 Year Americas Car Mart Chart |
1 Month Americas Car Mart Chart |
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