<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 October 31, 1994
--------------------------------------------
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 0-12201
--------------
NATIONAL AUTO CREDIT, INC.
- ----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 34-1050582
- ------------------------------------- ---------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
30000 Aurora Road, Solon, Ohio 44139
- ----------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code (216) 349-1000
- ----------------------------------------------------------------------------
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
---- ----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
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 subsequent to the distribution of securities under a plan confirmed by a
court. Yes No
---- ----
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the
latest practicable date: 25,796,378 shares as of November 30, 1994.
<PAGE> 2
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PAGE NUMBER
-----------
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Consolidated Balance Sheets -
October 31, 1994 and January 31, 1994 1 - 2
Consolidated Statements of Income - Three Months
and Nine Months Ended October 31, 1994 and 1993 3
Consolidated Statements of Cash Flows -
Nine Months Ended October 31, 1994 and 1993 4
Notes to Consolidated Financial Statements 5 - 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8 - 11
PART II. OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K 12
<PAGE> 3
<TABLE>
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
ASSETS
<CAPTION>
OCTOBER 31, JANUARY 31,
1994 1994
----------- -----------
(Unaudited)
<S> <C> <C>
CASH AND CASH EQUIVALENTS $ 371 $ 758
ACCOUNTS AND NOTES RECEIVABLE (Note B) 151,605 93,347
PREPAID EXPENSES 3,656 5,979
PROPERTY AND EQUIPMENT
Rental automobiles 161,827 247,272
Dealership inventory 28,935 26,428
Other property and equipment 28,492 31,615
-------- --------
219,254 305,315
Less: accumulated depreciation (64,331) (74,648)
-------- --------
154,923 230,667
OTHER ASSETS 17,069 19,370
-------- --------
$327,624 $350,121
======== ========
<FN>
See notes to consolidated financial statements.
</TABLE>
-1-
<PAGE> 4
<TABLE>
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, Except Per Share Amounts)
LIABILITIES AND STOCKHOLDERS' EQUITY
<CAPTION>
OCTOBER 31, JANUARY 31,
1994 1994
----------- -----------
(Unaudited)
<S> <C> <C>
LIABILITIES
Accounts payable and accrued expenses $ 11,952 $ 13,609
Dealer holdbacks, net 29,006 13,704
Self-insurance claims 28,542 34,425
Notes payable 10,615 9,590
Operating debt (Note C) 27,092 68,491
Deferred income taxes (Note D) 24,807 33,045
-------- --------
132,014 172,864
-------- --------
STOCKHOLDERS' EQUITY
Preferred stock - $.05 par value,
authorized 2,000,000 shares,
none issued -- --
Common stock - $.05 par value,
authorized 30,000,000 shares,
26,913,692 issued at October 31,
26,649,322 issued at January 31 1,346 1,333
Additional paid-in capital 125,215 122,905
Retained earnings (including cumulative
foreign currency translation loss
of $1,197 at October 31 and $895 at
January 31) 77,943 60,876
Treasury stock, at cost, 1,050,668
shares at October 31 and 960,668
shares at January 31 (8,894) (7,857)
-------- --------
195,610 177,257
-------- --------
$327,624 $350,121
======== ========
<FN>
See notes to consolidated financial statements.
</TABLE>
-2-
<PAGE> 5
<TABLE>
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands of Dollars, Except Per Share Amounts)
(Unaudited)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
OCTOBER 31, OCTOBER 31,
----------------------- ------------------------
1994 1993 1994 1993
------- ------- -------- --------
<S> <C> <C> <C> <C>
REVENUE
Automobile rentals $31,862 $50,910 $107,120 $177,501
Dealership operations 13,497 22,449 48,512 59,680
Financial services 6,000 2,301 15,506 4,092
------- ------- -------- --------
Total 51,359 75,660 171,138 241,273
COSTS AND EXPENSES
Cost of goods sold and operating expenses:
Automobile rentals 13,687 22,046 46,140 76,718
Dealership operations 12,780 22,200 46,252 59,482
Financial services 718 184 1,901 468
Depreciation and amortization 8,696 13,345 29,740 48,859
Selling, general and administrative 5,107 8,532 17,161 30,086
Interest 462 1,017 1,701 3,767
------- ------- -------- --------
Total 41,450 67,324 142,895 219,380
------- ------- -------- --------
INCOME BEFORE INCOME TAXES 9,909 8,336 28,243 21,893
PROVISION FOR INCOME TAXES (Note D) 3,815 4,018 10,874 9,034
------- ------- -------- --------
NET INCOME $ 6,094 $ 4,318 $ 17,369 $ 12,859
======= ======= ======== ========
EARNINGS PER SHARE $ .24 $ .17 $ .67 $ .51
======= ======= ======== ========
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING (000's) 25,910 25,476 25,828 25,439
======= ======= ======== ========
<FN>
See notes to consolidated financial statements.
</TABLE>
-3-
<PAGE> 6
<TABLE>
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
<CAPTION>
NINE MONTHS ENDED
OCTOBER 31,
----------------------------
1994 1993
-------- --------
<S> <C> <C>
Cash Flows from Operating Activities:
Net income $ 17,369 $ 12,859
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 29,740 48,859
Provision for credit losses 1,673 1,163
Deferred income taxes (7,860) 1,226
Changes in operating assets and liabilities:
Accounts receivable 5,890 9,328
Accounts payable and accrued expenses (1,657) (2,324)
Self-insurance claims (5,883) (9,481)
Other operating assets and liabilities 2,818 7,327
-------- --------
Net cash provided by operating activities 42,090 68,957
-------- --------
Cash Flows from Investing Activities:
Principal collected on installment notes receivable 30,110 5,523
Purchase of rental automobiles (19,453) (62,384)
Proceeds from sale of rental automobiles 21,060 60,616
Purchase of other property and equipment (519) (3,999)
Advances to dealers and payments of dealer holdbacks (34,633) (12,675)
Other investing activities, net 348 (139)
-------- --------
Net cash used in investing activities (3,087) (13,058)
-------- --------
Cash Flows from Financing Activities:
Principal payments, net of new borrowings on
operating debt and notes payable (40,374) (56,737)
Payments to acquire treasury stock (1,037) (72)
Other financing activities, net 2,021 208
-------- --------
Net cash used in financing activities (39,390) (56,601)
-------- --------
Decrease in cash and cash equivalents (387) (702)
Cash and cash equivalents at beginning of period 758 1,383
-------- --------
Cash and cash equivalents at end of period $ 371 $ 681
======== ========
Supplemental Disclosures of Cash Flow Information:
Interest paid $ 2,058 $ 4,667
======== ========
Income taxes paid $ 18,751 $ 4,258
======== ========
Supplemental Schedule of Non-Cash Investing Activities:
Sale of rental automobiles and dealership inventory $ 45,188 $ 36,598
Additions to dealer holdback, net 57,071 21,832
-------- --------
Additions to installment notes receivable, net $102,259 $ 58,430
======== ========
<FN>
See notes to consolidated financial statements.
</TABLE>
-4-
<PAGE> 7
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - Consolidated Financial Statements
---------------------------------
The accompanying consolidated financial statements include the
accounts of National Auto Credit, Inc. (formerly Agency Rent-A-
Car, Inc.) and its subsidiaries.
The consolidated balance sheet at October 31, 1994, the
consolidated statements of income and the consolidated
statements of cash flows for the three-month and nine-month
periods ended October 31, 1994 and 1993, have been prepared by
the Company without audit. In the opinion of management, all
normal and recurring adjustments necessary to present fairly the
financial position, results of operations and cash flows at
October 31, 1994 and for all periods presented have been made.
Certain prior period amounts have been reclassified to conform
with the current year presentation.
Certain information and footnote disclosures, which are normally
included in financial statements prepared in accordance with
generally accepted accounting principles, have been condensed or
omitted. It is suggested that these consolidated financial
statements be read in conjunction with the financial statements
and notes thereto included in the Company's January 31, 1994
Form 10-K Annual Report. The results of operations for the
three-month and nine-month periods ended October 31, 1994 may
not necessarily be indicative of the operating results for the
full year.
Earnings per share are computed on the basis of the weighted
average common shares outstanding during the period. Common
share equivalents have been excluded from this computation since
they have less than a 3% dilutive effect.
Management periodically reviews depreciation rates and revises,
where appropriate, based upon a variety of factors including the
strength of the used car market, general economic conditions and
estimated useful life. Gains and losses upon the sale of rental
automobiles are either recorded as an adjustment to depreciation
expense or are included in dealership operations, depending on
the method of disposal. The net gain from the sale of
automobiles totalled $889,000 and $694,000 for the quarters
ended October 31, 1994 and 1993, respectively. The gain for the
nine months ended October 31, 1994 and 1993 was $2,770,000 and
$1,949,000, respectively. The number of automobiles sold by the
Company, either through dealership operations or other methods,
were 2,070 and 4,385 for the quarters ended October 31, 1994 and
1993 respectively, and 7,977 and 14,129 for the nine months
ended October 31, 1994 and 1993, respectively.
-5-
<PAGE> 8
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - Consolidated Financial Statements (cont.)
---------------------------------
Dealership inventory is stated at lower of cost or estimated
wholesale market.
Dealer holdbacks are the amounts payable to member dealers from
the acceptance of retail installment contracts, net of cash
advanced. The cash advances are based upon certain criteria and
are interest-bearing at the prime rate less 3%. The dealer
holdbacks protect the Company from potential losses associated
with the installment contracts. The dealer holdbacks are not
paid until all advances related to a particular dealer have been
recovered. At October 31, 1994 and January 31, 1994 the
components of dealer holdbacks were payables of $126,581,000 and
$61,418,000 net of $97,575,000 and $47,714,000 of advances,
respectively.
NOTE B - Accounts and Notes Receivable
-----------------------------
Components of accounts and notes receivable were as follows:
<TABLE>
<CAPTION>
October 31, January 31,
1994 1994
----------- -----------
(In thousands)
<S> <C> <C>
Trade accounts $ 14,244 $ 20,840
Less: allowance for doubtful accounts (3,541) (5,474)
-------- --------
Trade accounts, net 10,703 15,366
Installment notes receivable 169,173 93,233
Unearned income (26,561) (16,036)
Less: allowance for loan losses (2,981) (1,714)
-------- --------
Installment notes receivable, net 139,631 75,483
Other 1,271 2,498
-------- --------
$151,605 $ 93,347
======== ========
</TABLE>
Trade accounts are receivables generated when the Company rents
automobiles, principally to individuals whose automobiles are
out of service due to accident, theft, damage or major repair.
The Company extends credit to the customer's insurance company
when coverage is provided, or to their corporate employer, as
applicable, to cover the cost of the rental.
Installment notes receivable are loans made by the Company's
finance subsidiary which is principally engaged in the financing
of used automobiles. The Company records the gross amount of
the contract as an installment note receivable and the amount of
its discount as unearned income. For balance sheet
presentation, the unearned income is netted from the gross
amount of the note. Installment notes generally have initial
terms ranging from 12 to 42 months with an average initial term
of 31 months. The notes are collateralized by the related
vehicle.
-6-
<PAGE> 9
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE C - Operating Debt
--------------
Operating debt consisted of the following:
<TABLE>
<CAPTION>
October 31, January 31,
1994 1994
----------- -----------
(In thousands)
<S> <C> <C>
Commercial paper $ 26,807 $ 66,981
Unsecured lines of credit 285 1,510
-------- --------
$ 27,092 $ 68,491
======== ========
</TABLE>
The Company has an unsecured short-term commercial paper program
in the aggregate of $200 million. Outstanding commercial paper
was borrowed at a weighted average interest rate of 5.08% and
3.34% at October 31, 1994 and January 31, 1994, respectively.
At October 31, 1994, the Company had short-term unsecured lines
of credit with banks totalling $144 million, net of outstanding
letters of credit. There are no fees or compensating balances
associated with these credit facilities which are provided on an
uncommitted basis.
Borrowings under these lines of credit were at a weighted
average interest rate of 5.00% and 3.40% at October 31, 1994 and
January 31, 1994, respectively.
The Company maintains a committed bank facility of $40 million.
There are no compensating balances associated with this facility
and, as of October 31, 1994, the Company is in full compliance
with all restrictive covenants. The agreement expires May 31,
1995 and can be extended at the discretion of the parties. As
of October 31, 1994 there have been no borrowings under this
agreement.
NOTE D - Provision for Income Taxes
--------------------------
During the quarter ended October 31, 1993 the Omnibus Budget
Reconciliation Act of 1993 was enacted. One of the major
provisions of the act is an increase in the maximum federal
corporate tax rate to 35% from 34% retroactive to January 1,
1993. The provision for income taxes for the quarter ended
October 31, 1993 includes $850,000 reflecting the cumulative
retroactive impact of this new law on reported results for the
period from January 1 to July 31, 1993 and on deferred tax
liabilities.
-7-
<PAGE> 10
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
- ---------------------
Overview
--------
National Auto Credit, Inc. (the Company), formerly Agency Rent-A-Car,
Inc. had third quarter net income of $6.1 million or $.24 per share, an
increase of 41% from the $4.3 million or $.17 per share for the third quarter
ended October 31, 1993, a year ago. NAC, Inc., the Company's financial
services subsidiary, contributed over $.12 per share to earnings, before
interest expense and corporate overhead, for the quarter ended October 31,
1994, which is close to a 150% increase over its contribution of $.05 per
share from the same quarter a year ago.
Earnings per share and net income for the nine months ended October 31,
1994 were $.67 and $17.4 million respectively. This compares to earnings per
share of $.51 and net income of $12.9 million for the nine months ended October
31, 1993. NAC, Inc.'s year-to-date contribution was $.32 per share, a 256%
increase from the $.09 per share the year before.
Financial Services
------------------
The Company's financial services subsidiary, NAC, Inc., generated
revenue of $6.0 million for the quarter ended October 31, 1994, a 161% increase
from the $2.3 million for the quarter ended October 31, 1993. Year-to-date
revenue was $15.5 million, a 278% increase from the $4.1 million for the year
prior. This revenue growth, predominately interest income, is attributable to
the growth in the gross installment notes receivable portfolio as follows:
<TABLE>
<CAPTION>
Gross Installment
Notes Receivable Number of
Balance as of: (in Millions) Contracts
---------------- ----------------- ---------
<S> <C> <C>
January 31, 1993 $ 5.1 1,000
October 31, 1993 70.2 9,500
January 31, 1994 93.2 12,900
October 31, 1994 169.2 24,900
</TABLE>
During the quarter ended October 31, 1994 over 100 new dealers were
enrolled bringing the total number of enrolled dealers to over 1,350 at the end
of the quarter as compared to approximately 700 at October 31, 1993. A sixth
branch location, in Atlanta, Georgia, was opened during the quarter. This
compares to three branches in operation during the third quarter of fiscal
1994. As a direct result of the significant growth realized in the finance
company, operating expenses increased by $534,000 from $184,000 for the quarter
ended October 31, 1993 and by $1.4 million from $468,000 for the nine months
then ended. Operating margins remained at around 88% for the current quarter
as well as the nine months ended October 31, 1994 consistent with the prior
year.
-8-
<PAGE> 11
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
As the Company continues to move towards its goal of becoming the
premier alternative financing source for used car purchasers, management
expects the gross installment notes receivable portfolio to exceed $190 million
by year end and dealer membership to approach 1,500.
Automobile Rentals
------------------
Automobile rental revenue declined to $31.9 million for the quarter
ended October 31, 1994 from $50.9 million for the same period the year before.
For the nine months ended October 31, 1994 revenue was $107.1 million down
$70.4 million from the $177.5 million for the same period in the prior year.
The revenue declines for both the quarter and year-to-date are attributable to
lower fleet sizes offset by slight increases in average daily rental rates.
Fleet utilization remained relatively consistent between the quarters and
year-to-date periods at close to 90%. The average fleet size for the three
months ended October 31, 1994 was 16,400 vehicles as compared to 27,700 for the
three months ended October 31, 1993. For the nine months ended October 31,
1994, the fleet averaged 19,100 vehicles down 12,900 units from the year
before.
Operating expenses decreased 38% from $22.0 million for the quarter
ended October 31, 1993 to $13.7 million for the quarter ended October 31, 1994
and decreased 40% from $76.7 million to $46.1 million for the nine month
periods then ended. Expenses for both the quarterly and year-to-date
comparisons decreased proportionately with the declines in average fleet with
gross margins staying consistent at 57%.
At October 31, 1994 there were 321 rental offices in operation as
compared to 498 offices at October 31, 1993. As office performance is closely
scrutinized, only offices with the greatest potential for profit will remain in
operation. By year end approximately 300 offices are expected to be in
operation, concentrated in the major metropolitan areas across the country.
Accordingly, fleet size will be proportionately further reduced.
Dealership Operations
---------------------
Dealership operations consists of the distribution and sale of retired
fleet vehicles principally to NAC, Inc.'s member dealers for retail sale.
Dealership revenue was $13.5 million for the quarter ended October 31, 1994
down from $22.4 million for the quarter ended October 31, 1993 and $48.5
million for the nine months then ended down from the $59.7 million in the prior
year. This revenue decrease resulted from a decrease in the number of units
sold partially offset by a slight increase in the average selling prices.
Operating expenses have been reduced due to the savings realized by the
elimination of the Company's retail sales operation in favor of the disposal of
retired rental fleet units through NAC, Inc.'s member dealers.
-9-
<PAGE> 12
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Other Costs and Expenses
------------------------
As a direct result of the reduction in fleet size, DEPRECIATION AND
AMORTIZATION EXPENSE declined $4.6 million in the third quarter compared to the
same period one year ago and $19.1 million for the nine months ended October
31, 1994 compared to the same period ended October 31, 1993. The average
monthly composite depreciation rate remained relatively constant between these
periods at approximately 1.5%.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES declined $3.4 million for
the third quarter compared to the same quarter of fiscal 1994 and $12.9 million
for the nine month period ended October 31, 1994 compared to the nine months
ended October 31, 1993. The decreases for both the current quarter and
year-to-date are attributable to the strategically planned cost reductions
associated with the downsizing of rental operations predominately in salaries,
advertising and promotional expenses.
INTEREST EXPENSE for the three months ended October 31, 1994 was
$462,000, a 55% decrease from the $1.0 million a year earlier. This decline is
largely due to the reduction in the average debt level from $113.9 million to
$34.0 million, partially offset by an increase in the average effective
interest rate from 3.4% to 4.7%. For the nine months ended October 31, 1994,
interest expense decreased $2.1 million to $1.7 million from the nine months
ended October 31, 1993. The decrease is due to a decline in the average debt
level from $138.0 million to $51.0 million in the current period.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Company's principal sources of internally generated funds continue
to be cash flow from operations and principal collected on installment notes.
Total cash generated from these sources during the first nine months of the
year amounted to $72.2 million compared to $74.5 million for the first nine
months of fiscal 1994.
External sources of funds available to the Company at October 31, 1994
amounted to $200 million in commercial paper, $144 million in unsecured
uncommitted short-term bank lines of credit, $40 million in unsecured committed
bank lines of credit and $15 million in lines of credit with automobile
manufacturers. The Company also maintains the flexibility to selectively
utilize alternative financing sources for the purchase of fleet vehicles and
the opportunity to expand its manufacturers' lines should the need arise.
Outstanding borrowings at October 31, 1994 amounted to $26.8 million in
commercial paper and $10.9 million in unsecured uncommitted short-term lines of
credit.
During the third quarter ended October 31, 1994 the Company's Board of
Directors authorized the buy-back of an additional one million shares of
Company stock bringing its total authorization to four million shares. In
October 1994, the buy-back program was activated and by the end of November
1994, 160,000 shares have been added to treasury stock at a cost of $1.8
million.
-10-
<PAGE> 13
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Company believes it has sufficient internal and external sources of
funds available to meet its current obligations, to fund current operating and
capital requirements and to finance future growth.
The ratio of operating debt to total capital was 11% at October 31, 1994
compared to 25% at January 31, 1994. The decline reflects lower debt levels as
a result of a reduction in fleet purchases necessary to support the reduced
fleet size. It is anticipated that debt levels will decline further due to the
minimal number of fleet purchases planned.
-11-
<PAGE> 14
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K
--------------------------------
a) Exhibits
--------
Exhibit 27 - Financial Data Schedule
------------------------------------
Electronically filed with the Securities and Exchange
Commission pursuant to Item 601(c) of Regulation S-K
b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter
ended October 31, 1994.
-12-
<PAGE> 15
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 thereunto duly authorized.
NATIONAL AUTO CREDIT, INC.
Date: December 13, 1994 By: /S/ Sam J. Frankino
---------------------- -----------------------------
Sam J. Frankino
Chairman of the Board
By: /S/ Robert J. Bronchetti
-----------------------------
Robert J. Bronchetti
President, Chief Executive
Officer and Chief Financial
Officer (Principal Financial
and Accounting Officer)
-13-
<PAGE> 16
INDEX OF EXHIBITS
Exhibit Number Description
- -------------- -----------
27 Financial Data Schedule
-14-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheet and income statement and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-31-1995
<PERIOD-END> OCT-31-1995
<CASH> 371
<SECURITIES> 0
<RECEIVABLES> 184,688
<ALLOWANCES> (6,522)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 219,254
<DEPRECIATION> (64,331)
<TOTAL-ASSETS> 327,624
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 1,346
0
0
<OTHER-SE> 194,264
<TOTAL-LIABILITY-AND-EQUITY> 327,624
<SALES> 48,512
<TOTAL-REVENUES> 171,138
<CGS> 46,252
<TOTAL-COSTS> 94,293
<OTHER-EXPENSES> 29,740
<LOSS-PROVISION> 3,923
<INTEREST-EXPENSE> 1,701
<INCOME-PRETAX> 28,243
<INCOME-TAX> 10,874
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,369
<EPS-PRIMARY> .67
<EPS-DILUTED> 0
</TABLE>
