<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 July 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 No.)
incorporation or organization)
30000 Aurora Road, Solon, Ohio 44139
- - ------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code (216) 349-1000
---------------------------
AGENCY RENT-A-CAR, INC.
- - ------------------------------------------------------------------------------
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: 26,876,201 shares as of August 31, 1994.
<PAGE> 2
<TABLE>
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
<CAPTION>
PAGE NUMBER
-----------
<S> <C>
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Consolidated Balance Sheets -
July 31, 1994 and January 31, 1994 1 - 2
Consolidated Statements of Income - Three Months
and Six Months Ended July 31, 1994 and 1993 3
Consolidated Statements of Cash Flows -
Six Months Ended July 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 4. Submission of Matters to a Vote of
Security Holders 12
Item 6. Exhibits and Reports on Form 8-K 12
</TABLE>
<PAGE> 3
<TABLE>
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
ASSETS
<CAPTION>
JULY 31, JANUARY 31,
1994 1994
----------- -----------
(Unaudited)
<S> <C> <C>
CASH AND CASH EQUIVALENTS $ 538 $ 758
ACCOUNTS AND NOTES RECEIVABLE (Note B) 137,659 93,347
PREPAID EXPENSES 4,542 5,979
PROPERTY AND EQUIPMENT
Rental automobiles 186,000 247,272
Dealership inventory 24,788 26,428
Other property and equipment 29,224 31,615
-------- --------
240,012 305,315
Less: accumulated depreciation (68,504) (74,648)
-------- --------
171,508 230,667
OTHER ASSETS 17,192 19,370
-------- --------
$331,439 $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>
JULY 31, JANUARY 31,
1994 1994
----------- -----------
(Unaudited)
<S> <C> <C>
LIABILITIES
Accounts payable and accrued expenses $ 12,918 $ 13,609
Dealer holdbacks, net 25,757 13,704
Self-insurance claims 31,196 34,425
Notes payable 9,590 9,590
Operating debt (Note C) 33,884 68,491
Deferred income taxes 28,087 33,045
-------- --------
141,432 172,864
-------- --------
STOCKHOLDERS' EQUITY
Preferred stock - $.05 par value,
authorized 2,000,000 shares,
none issued -- --
Common stock - $.05 par value,
authorized 30,000,000 shares,
26,863,496 issued at July 31,
26,649,322 issued at January 31 1,344 1,333
Additional paid-in capital 124,716 122,905
Retained earnings (including cumulative
foreign currency translation loss
of $1,242 at July 31 and $895 at
January 31) 71,804 60,876
Treasury stock, at cost, 960,668 shares
at July 31 and January 31 (7,857) (7,857)
-------- --------
190,007 177,257
-------- --------
$331,439 $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 SIX MONTHS ENDED
JULY 31, JULY 31,
----------------------- ------------------------
1994 1993 1994 1993
------- ------- -------- --------
<S> <C> <C> <C> <C>
REVENUE
Automobile rentals $36,119 $61,196 $ 75,258 $126,591
Dealership operations 15,889 21,013 35,015 37,231
Financial services 5,314 1,301 9,506 1,791
------- ------- -------- --------
Total 57,322 83,510 119,779 165,613
COSTS AND EXPENSES
Cost of goods sold and operating expenses:
Automobile rentals 15,121 25,632 32,453 54,672
Dealership operations 14,990 21,439 33,472 37,282
Financial services 714 186 1,183 284
Depreciation and amortization 9,601 16,471 21,044 35,514
Selling, general and administrative 5,488 10,413 12,054 21,554
Interest 601 1,342 1,239 2,750
------- ------- -------- --------
Total 46,515 75,483 101,445 152,056
------- ------- -------- --------
INCOME BEFORE INCOME TAXES 10,807 8,027 18,334 13,557
PROVISION FOR INCOME TAXES 4,161 2,970 7,059 5,016
------- ------- -------- --------
NET INCOME $ 6,646 $ 5,057 $ 11,275 $ 8,541
======= ======= ======== ========
EARNINGS PER SHARE $ .26 $ .20 $ .44 $ .34
======= ======= ======== ========
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING (000's) 25,839 25,434 25,786 25,420
======= ======= ======== =======
<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>
SIX MONTHS ENDED
JULY 31,
----------------------------
1994 1993
-------- --------
<S> <C> <C>
Cash Flows from Operating Activities:
Net income $ 11,275 $ 8,541
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 21,044 35,514
Provision for credit losses 1,395 1,133
Deferred income taxes (3,878) (247)
Changes in operating assets and liabilities:
Accounts receivable 5,008 5,848
Accounts payable and accrued expenses (691) (1,623)
Self-insurance claims (3,229) (5,376)
Other operating assets and liabilities 688 3,627
-------- --------
Net cash provided by operating activities 31,612 47,417
-------- --------
Cash Flows from Investing Activities:
Principal collected on installment notes receivable 17,997 2,246
Purchase of rental automobiles (10,251) (60,998)
Proceeds from sale of rental automobiles 15,907 41,257
Purchase of other property and equipment (420) (3,673)
Advances to dealers and payments of dealer holdbacks (21,976) (4,221)
Other investing activities, net 44 (534)
-------- --------
Net cash provided by (used in) investing activities 1,301 (25,923)
-------- --------
Cash Flows from Financing Activities:
Principal payments, net of new borrowings on
operating debt and notes payable (34,607) (21,657)
Other financing activities, net 1,474 132
-------- --------
Net cash used in financing activities (33,133) (21,525)
-------- --------
Decrease in cash and cash equivalents (220) (31)
Cash and cash equivalents at beginning of period 758 1,383
-------- --------
Cash and cash equivalents at end of period $ 538 $ 1,352
======== ========
Supplemental Disclosures of Cash Flow Information:
Interest paid $ 1,392 $ 3,245
======== ========
Income taxes paid $ 11,732 $ 4,113
======== ========
Supplemental Schedule of Non-Cash Investing Activities:
Sale of rental automobiles and dealership inventory $ 33,312 $ 22,359
Additions to dealer holdback, net 38,132 8,373
-------- --------
Additions to installment notes receivable, net $ 71,444 $ 30,732
======== ========
<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 July 31, 1994, the consolidated
statements of income and the consolidated statements of cash flows for
the three-month and six-month periods ended July 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
July 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 six-month periods ended
July 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 $1,185,000 and $742,000 for
the quarters ended July 31, 1994 and 1993, respectively. The gain for
the six months ended July 31, 1994 and 1993 was $1,881,000 and
$1,255,000, respectively. The number of automobiles sold by the
Company, either through dealership operations or other methods, were
2,891 and 5,096 for the quarters ended July 31, 1994 and 1993
respectively, and 5,907 and 9,744 for the six months ended July
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 July 31, 1994 and January
31, 1994 the components of dealer holdbacks were payables of
$112,054,000 and $61,418,000 net of $86,297,000 and $47,714,000 of
advances, respectively.
NOTE B - Accounts and Notes Receivable
-----------------------------
Components of accounts and notes receivable were as follows:
<TABLE>
<CAPTION>
July 31, January 31,
1994 1994
----------- -----------
(In thousands)
<S> <C> <C>
Trade accounts $ 15,417 $ 20,840
Less: allowance for doubtful accounts (3,835) (5,474)
-------- --------
Trade accounts, net 11,582 15,366
Installment notes receivable 152,179 93,233
Unearned income (24,584) (16,036)
Less: allowance for loan losses (2,792) (1,714)
-------- --------
Installment notes receivable, net 124,803 75,483
Other 1,274 2,498
-------- --------
$137,659 $ 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>
July 31, January 31,
1994 1994
----------- -----------
(In thousands)
<S> <C> <C>
Commercial paper $ 33,574 $ 66,981
Unsecured lines of credit 310 1,510
-------- --------
$ 33,884 $ 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 4.35% and 3.34% at July 31, 1994 and January 31, 1994,
respectively.
At July 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 4.45% and 3.40% at July 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 July 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 July 31, 1994 there have been no borrowings
under this agreement.
-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 net income for the quarter ended July 31, 1994 of $6.6 million or $.26
per share as compared to $5.1 million or $.20 per share for the quarter ended
July 31, 1993. This 31% increase in earnings was achieved as a result of an
$.11 per share contribution by the Company's financial services subsidiary,
NAC, Inc. This contribution represents close to a 300% increase over the $.03
per share from the same quarter of a year ago.
During August 1994, National Auto Credit, Inc. began trading on The
Nasdaq Stock Market under this, their new name. The name change, from Agency
Rent-A-Car, Inc., was approved by the Company's stockholders at the annual
meeting held on June 22, 1994.
Earnings per share and net income for the six months ended July 31, 1994
were $.44 and $11.3 million, respectively. This compares to earnings per share
of $.34 and net income of $8.5 million for the six months ended July 31, 1993.
NAC, Inc.'s contribution to earnings was $.20 per share compared to $.04 per
share for the six months ended July 31, 1993.
Financial Services
------------------
Financial services revenue, generated by NAC, Inc., consisting primarily
of interest and fee income, increased to $5.3 million during the quarter ended
July 31, 1994 from $1.3 million for the quarter ended July 31, 1993 and
increased to $9.5 million from the $1.8 million for the six months then ended.
This revenue growth was achieved by increasing 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
July 31, 1993 40.8 5,600
January 31, 1994 93.2 12,900
July 31, 1994 152.2 21,500
</TABLE>
During the current quarter net dealer enrollments increased by over 100
dealers, bringing the total dealer network to over 1,200 members as of July 31,
1994 compared to 500 as of July 31, 1993.
Operating margins continue to remain strong exceeding 86% for both the
current quarter as well as the six months ended July 31, 1994. Operating
expenses increased by $528,000 from the year before to $714,000 for the quarter
ended July 31, 1994. This increase reflects the incremental costs incurred to
support the Company's
-8-
<PAGE> 11
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
expanding operations, including its five branch locations. The Company
operated out of a single location for the majority of the first six months of
fiscal 1994.
In pursuing its goal to become the premier alternative financing source
for new and used car dealers, a sixth branch location is expected to be opened
soon. The Company expects that its gross installment notes receivables
portfolio will exceed $200 million with over 1,500 enrolled member dealers by
year end.
Automobile Rentals
------------------
Automobile rental revenue decreased to $36.1 million for the quarter
ended July 31, 1994, down from $61.2 million for the same period the year
before. For the six months ended July 31, 1994 revenue was $75.3 million
compared to $126.6 million for the same period ended July 31, 1993, a decrease
of $51.3 million. Declines in both quarterly and year-to-date comparisons are
attributable primarily to a lower fleet size. Fleet utilization and rental
rates remained relatively constant in the second quarter of fiscal 1995
compared to the second quarter of fiscal 1994 as well as for the year-to-date
periods. The average fleet size for the three months ended July 31, 1994 was
19,000 cars which compares to 32,000 cars for the same quarter last year. The
average fleet size for the six month periods ended July 31, 1994 and July 31,
1993 were 20,000 cars and 34,000 cars, respectively.
Operating expenses decreased from $25.6 million for the three months
ended July 31, 1993 to $15.1 million for the same period ended July 31, 1994
and from $54.7 million to $32.5 million for the six month periods then ended.
Expense reductions of 41% are directly proportionate to the decline in average
fleet and reflect savings in salaries, rent, claims and maintenance due to
fleet reductions and office closings in high-risk major metropolitan areas.
There were an average of 383 offices in operation during this year's
second quarter as compared to 583 offices during the second quarter of fiscal
1994. As operating margins are closely scrutinized only offices with the
greatest potential for profit will remain in operation. Further office
closings and consolidations are expected by year end leaving the Company with
approximately 300 offices, concentrated in the major metropolitan areas across
the country. Fleet will be further reduced, through these consolidations, by a
few thousand vehicles.
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 $15.9 million for the quarter ended July 31, 1994 as
compared to $21.0 million for the quarter
-9-
<PAGE> 12
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ended July 31, 1993 and $35.0 million and $37.2 million for the six month
periods then ended. This revenue decrease reflects a shift in emphasis from
retail sales in fiscal 1994 during which all Company operated retail locations
were closed or converted to servicing locations for NAC, Inc., program car
sales. The number of units sold has declined but margins have improved from
last fiscal year for the comparable quarter and six month periods, due to
slightly higher average selling prices and the cost savings realized by the
elimination of the retail sale operations.
Other Costs and Expenses
------------------------
As a direct result of the reduction in fleet size, DEPRECIATION AND
AMORTIZATION EXPENSE declined $6.9 million in the second quarter compared to
the same period one year ago and $14.5 million for the six months ended July
31, 1994 compared to the same period ended July 31, 1993. The average monthly
composite depreciation rate remained relatively constant between these periods
at approximately 1.5%.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES declined $4.9 million for
the second quarter compared to the same quarter of fiscal 1994 and $9.5 million
for the six month period ended July 31,1994 compared to the six months ended
July 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 July 31, 1994 was $601,000,
a 55% decrease from the $1.3 million a year earlier. This decline is largely
due to the reduction in the average debt level from $146.1 million to $52.7
million. For the six months ended July 31, 1994, interest expense decreased
$1.5 million to $1.2 million from the six months ended July 31, 1993. The
decrease is due to a decline in the average debt level from $150.3 million to
$60.0 million in the current period.
LIQUIDITY AND CAPITAL RESOURCES
- - -------------------------------
The Company's principal sources of internally generated funds are cash
flow from operations and principal collected on installment notes. Total cash
generated from these sources during the first six months of the year amounted
to $49.6 million compared to $49.7 million for the first six months of fiscal
1994.
External sources of funds available to the Company at July 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 $75 million in lines of credit with automobile
manufacturers. The Company also maintains the flexibility to selectively
utilize alternative financing sources for
-10-
<PAGE> 13
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
the purchase of fleet vehicles. Outstanding borrowings at July 31, 1994
amounted to $33.6 million in commercial paper and $9.9 million in unsecured
uncommitted short-term lines of credit.
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 13% at July 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 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
The Annual Meeting of Stockholders was held on June 22, 1994.
The matters voted upon were: the election of three directors,
adoption of the 1993 Equity Incentive Plan, which would replace
the 1983 Stock Option Plan that expired on April 17, 1993 and a
proposal to change the Company's name to National Auto Credit,
Inc. Following is a summary of the voting results for each
ballot item:
<TABLE>
<CAPTION>
Votes
Votes Against Broker
in Favor or Withheld Abstentions Non-Votes
--------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Election of Directors
Per E. Hoel 25,028,332 173,186 -- --
Edward N. Leszczynski 25,029,413 172,105 -- --
Kelly W. Reagan 25,029,422 172,096 -- --
Adoption of the 1993
Equity Incentive Plan 19,838,571 3,616,601 36,428 1,709,918
Changing the Company's
Name 25,129,365 54,214 17,939 --
</TABLE>
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 July 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: September 12, 1994 By: /S/ Sam J. Frankino
---------------------- -------------------------
Sam J. Frankino
Chairman of the Board
and Chief Executive Officer
By: /S/ Robert J. Bronchetti
-------------------------
Robert J. Bronchetti
President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
-13-
<PAGE> 16
INDEX OF EXHIBITS
Exhibit Number Description
- - -------------- -----------
27 Financial Data Schedule
<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.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1994
<PERIOD-END> JUL-31-1994
<CASH> 538
<SECURITIES> 0
<RECEIVABLES> 168,870
<ALLOWANCES> (6,627)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 240,012
<DEPRECIATION> (68,504)
<TOTAL-ASSETS> 331,439
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 1,344
0
0
<OTHER-SE> 188,663
<TOTAL-LIABILITY-AND-EQUITY> 331,439
<SALES> 35,015
<TOTAL-REVENUES> 119,779
<CGS> 33,472
<TOTAL-COSTS> 67,108
<OTHER-EXPENSES> 21,044
<LOSS-PROVISION> 2,975
<INTEREST-EXPENSE> 1,239
<INCOME-PRETAX> 18,334
<INCOME-TAX> 7,059
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,275
<EPS-PRIMARY> .44
<EPS-DILUTED> 0
</TABLE>
