<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 April 30, 1995
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
- --------------------------------------------------------------------------------
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: 25,749,934 shares as of May 31, 1995.
<PAGE> 2
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE NUMBER
-----------
<S> <C>
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Consolidated Balance Sheets -
April 30, 1995 and January 31, 1995 1 - 2
Consolidated Statements of Income - Three Months
Ended April 30, 1995 and 1994 3
Consolidated Statements of Cash Flows -
Three Months Ended April 30, 1995 and 1994 4
Notes to Consolidated Financial Statements 5 - 9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 10 - 12
PART II. OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K 13
</TABLE>
<PAGE> 3
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
ASSETS
<TABLE>
<CAPTION>
April 30, January 31,
1995 1995
--------- ----------
(Unaudited)
<S> <C> <C>
Cash and Cash Equivalents $ 302 $ 398
Accounts and Notes Receivable (Note B) 196,464 175,319
Prepaid Expenses 1,850 3,090
Dealership Inventory 19,873 23,406
Property and Equipment
Rental automobiles 102,835 126,152
Other property and equipment 26,153 26,898
-------- --------
128,988 153,050
Less: accumulated depreciation (50,064) (55,146)
-------- --------
78,924 97,904
Other Assets 20,952 21,072
-------- --------
$318,365 $321,189
======== ========
</TABLE>
See notes to consolidated financial statements.
-1-
<PAGE> 4
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, Except Per Share Amounts)
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
APRIL 30, JANUARY 31,
1995 1995
--------- ----------
(Unaudited)
<S> <C> <C>
LIABILITIES
Dealer holdbacks, net (Note C) $ 37,900 $ 33,816
Self-insurance claims 17,575 24,475
Notes payable 13,254 12,469
Operating debt (Note D) 2,946 10,192
Deferred income taxes 24,681 22,543
Other liabilities 18,410 18,466
-------- --------
114,766 121,961
-------- --------
COMMITMENTS AND CONTINGENCIES (NOTE E)
STOCKHOLDERS' EQUITY
Preferred stock - $.05 par value,
authorized 2,000,000 shares,
none issued
Common stock - $.05 par value,
authorized 30,000,000 shares,
27,001,713 and 26,946,679
shares issued, respectively 1,351 1,348
Additional paid-in capital 126,188 125,695
Retained earnings, including
cumulative foreign currency
translation loss of $1,237
and $1,253, respectively 87,582 82,921
Treasury stock, at cost, 1,289,568
and 1,217,668 shares, respectively (11,522) (10,736)
-------- --------
203,599 199,228
-------- --------
$318,365 $321,189
======== ========
</TABLE>
See notes to consolidated financial statements.
-2-
<PAGE> 5
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands of Dollars, Except Per Share Amounts)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
APRIL 30,
----------------------
1995 1994
------- -------
<S> <C> <C>
REVENUE
Automobile rentals $20,147 $39,139
Dealership operations 21,350 19,126
Financial services 7,565 4,192
------- -------
Total 49,062 62,457
COSTS AND EXPENSES
Cost of goods sold and operating expenses:
Automobile rentals 9,804 17,332
Dealership operations 19,777 18,482
Financial services 805 469
Depreciation and amortization 6,329 11,443
Selling, general and administrative 4,465 6,566
Interest 328 638
------- -------
Total 41,508 54,930
------- -------
INCOME BEFORE INCOME TAXES 7,554 7,527
PROVISION FOR INCOME TAXES 2,909 2,898
------- -------
NET INCOME $ 4,645 $ 4,629
======= =======
EARNINGS PER SHARE $ .18 $ .18
======= =======
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING (000's) 25,701 25,732
======= =======
</TABLE>
See notes to consolidated financial statements.
-3-
<PAGE> 6
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
APRIL 30,
----------------------------
1995 1994
-------- --------
<S> <C> <C>
Cash Flows from Operating Activities:
Net income $ 4,645 $ 4,629
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 6,329 11,443
Provision for credit losses and loan discounts 1,503 994
Deferred income taxes (1,379) (3,587)
Changes in operating assets and liabilities:
Accounts receivable 1,059 3,622
Accounts payable and accrued expenses 205 2,363
Interest receivable on dealer advances (1,682) (413)
Dealership inventory (5,551) (740)
Self-insurance claims (6,900) (1,389)
Other operating assets and liabilities 6,114 7,419
-------- --------
Net cash provided by operating activities 4,343 24,341
-------- --------
Cash Flows from Investing Activities:
Purchase of rental automobiles (36) (8,027)
Proceeds from sale of rental automobiles 1,628 8,043
Purchase of other property and equipment (176) (198)
Principal collected on installment notes receivable 16,855 8,382
Advances to dealers and payments of dealer holdbacks (14,678) (15,381)
Other investing activities, net (1,299) (96)
-------- --------
Net cash provided by (used in) investing activities 2,294 (7,277)
-------- --------
Cash Flows from Financing Activities:
Principal payments, net of new borrowings on
operating debt and notes payable (6,461) (16,139)
Payments to acquire treasury stock (786) -0-
Other financing activities, net 514 214
-------- --------
Net cash used in financing activities (6,733) (15,925)
-------- --------
Increase (decrease) in cash and cash equivalents (96) 1,139
Cash and cash equivalents at beginning of period 398 758
-------- --------
Cash and cash equivalents at end of period $ 302 $ 1,897
======== ========
Supplemental Disclosures of Cash Flow Information:
Interest paid $ 295 $ 680
======== ========
Income taxes paid $ 1,009 $ 3,059
======== ========
Supplemental Schedule of Non-Cash Investing Activities:
Sale of rental automobiles and dealership inventory $ 21,360 $ 17,342
Additions to dealer holdback, net 24,563 22,418
-------- --------
Addition to installment notes receivable, net $ 45,923 $ 39,760
======== ========
</TABLE>
See notes to consolidated financial statements.
-4-
<PAGE> 7
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - Summary of Significant Accounting Policies
GENERAL:
The consolidated balance sheet at April 30, 1995, the consolidated
statements of income and the consolidated statements of cash flows for
the three-month periods ended April 30, 1995 and 1994 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 April 30,
1995 and for all periods presented have been made.
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, 1995 Form 10-K Annual Report. The results of
operations for the three-month period ended April 30, 1995 may not
necessarily be indicative of the operating results for the full year.
PROPERTY AND EQUIPMENT:
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 $1,924,000 and $696,000 for
the quarters ended April 30, 1995 and 1994, respectively. The number of
automobiles sold by the Company, either through dealership operations
or other methods, were 3,226 and 3,016 for the three months ended April
30, 1995 and 1994, respectively. Other property and equipment is
depreciated using the straight-line method over its estimated useful
life.
RECLASSIFICATIONS:
Certain prior period amounts have been reclassified to conform with
current period presentation.
-5-
<PAGE> 8
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE B - Accounts and Notes Receivable
Components of accounts and notes receivable were as follows:
<TABLE>
<CAPTION>
April 30, January 31,
1995 1995
--------- ----------
(in thousands)
<S> <C> <C>
Installment notes receivable $220,078 $193,456
Unearned income (32,413) (28,195)
Allowance for loan losses (1,307) (1,107)
-------- --------
Installment notes receivable, net 186,358 164,154
Trade accounts 11,310 13,220
Allowance for doubtful accounts (3,157) (3,720)
-------- --------
Trade accounts, net 8,153 9,500
Other 1,953 1,665
-------- --------
$196,464 $175,319
======== ========
</TABLE>
Installment notes receivable are loans made by the Company's finance
subsidiary which is principally engaged in the indirect consumer
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. Installment notes generally have initial
terms ranging from 12 to 42 months with an average initial term of 31
months and a gross amount of $8,200. The notes are collateralized by
the related vehicles sold. Installment notes receivable are from
customers residing in all 50 states with no individual state accounting
for more than 10%, except for North Carolina with 15.0% and Ohio with
10.2%. At April 30 and January 31, 1995, the accrual of interest income
was suspended on $30,736,000 and $27,509,000 of installment notes
receivable, respectively.
The allowance for loan losses is provided for installment notes
receivable with no related dealer holdbacks and earned but unpaid
finance charges. Beginning in fiscal 1995 the Company ceased entering
into these types of receivables, which were 2.3% and 3.5% of gross
installment notes at April 30, 1995 and January 31, 1995,
respectively. Changes in the allowance for loan losses were as follows:
<TABLE>
<CAPTION>
Quarter Year
Ended Ended
April 30, January 31,
1995 1995
-------- ----------
(in thousands)
<S> <C> <C>
Balance, beginning of period $1,107 $ 914
Provision for credit losses
and loan discounts 393 880
Net charge-offs (193) (687)
------ -------
Balance, end of period $1,307 $ 1,107
====== =======
</TABLE>
-6-
<PAGE> 9
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE B - Accounts and Notes Receivable (cont.)
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.
NOTE C - Dealer Holdbacks
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 and are
not paid until all advances related to a particular dealer have been
recovered. At April 30 and January 31, 1995 the components of dealer
holdbacks were:
<TABLE>
<CAPTION>
April 30, January 31,
1995 1995
--------- ----------
(in thousands)
<S> <C> <C>
Dealer holdbacks $ 164,285 $ 140,850
Advances (129,327) (108,872)
Allowance for credit losses 2,942 1,838
--------- ---------
Dealer holdbacks, net $ 37,900 $ 33,816
========= =========
</TABLE>
An allowance for credit losses is provided to protect the Company
from advances that are not expected to be recovered as follows:
<TABLE>
<CAPTION>
Quarter Year
Ended Ended
April 30, January 31,
1995 1995
--------- ----------
(in thousands)
<S> <C> <C>
Balance, beginning of period $ 1,838 $ 800
Provision for credit losses 1,110 1,044
Net charge-offs (6) (6)
-------- --------
Balance, end of period $ 2,942 $ 1,838
======== ========
</TABLE>
-7-
<PAGE> 10
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE D - Operating Debt
Operating debt consisted of the following:
<TABLE>
<CAPTION>
April 30, January 31,
1995 1995
-------- ----------
(in thousands)
<S> <C> <C>
Commercial paper $ -0- $ 8,961
Unsecured lines of credit 2,946 1,231
-------- --------
$ 2,946 $ 10,192
======== ========
</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 5.85% at January 31, 1995.
At April 30, 1995, the Company had short-term unsecured lines of credit
with banks totalling $124 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 an interest rate of
6.12% at April 30 and January 31, 1995.
The Company maintains a committed bank facility of $40 million. There
are no compensating balances associated with this facility. The
agreement expires June 30, 1995 and can be extended at the discretion
of the parties. There have been no borrowings under this agreement.
NOTE E - Contingencies
In the normal course of its business, the Company is named as defendant
in legal proceedings. It is the policy of the Company to vigorously
defend litigation and/or enter into settlements of claims where
management deems appropriate.
On June 15, 1992, former employees of the Company filed a class action
lawsuit which is currently in the United States District Court for the
Northern District of California. The complaint alleges that the Company
violated certain sections of the California Labor Law, including those
relating to the payment of overtime. In November 1994 the liability
phase of this case was tried to the Court without a jury. Closing
briefs were submitted by both sides in January 1995. The Court has not
yet issued a finding as to liability. Subsequent to the Court issuing a
finding on liability and dependent upon the specifics of that ruling,
the case will proceed into the damages phase.
-8-
<PAGE> 11
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE E - Contingencies - (cont.)
The Company estimates that claims for damages, penalties, interest and
attorneys fees could range from $300,000, which has been accrued, to
$7,000,000. The Company believes, however, it has meritorious defenses
for many of the claims and intends to vigorously proceed both at trial
and on any appeal, as appropriate. The amount of the ultimate liability
or damages which might finally exist cannot be reasonably estimated.
-9-
<PAGE> 12
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) had first quarter net income of
$4.6 million or $.18 per share consistent with the prior year. The earnings
contribution by the Company's financial services subsidiary, NAC, Inc. increased
from $.09 per share for the first quarter of fiscal 1995 to $.16 for the first
quarter of fiscal 1996, an increase of 78%. This increase in earnings is due to
a much larger receivable portfolio as well as increased fee income. It is
anticipated that the Company's earnings from its financing business will
continue to show significant increases due to the dramatic increase in the
automobile loan portfolio.
Financial Services
Financial services revenue generated by NAC, Inc., consisting primarily
of interest and fee income, increased to $7.6 million for the first quarter of
fiscal 1996 up from $4.2 million for the same quarter during the prior year.
This revenue growth is attributable to the growth in the gross installment notes
receivable portfolio and the revenues earned thereon and in enrolled dealers as
follows:
<TABLE>
<CAPTION>
GROSS INSTALLMENT NUMBER OF
NOTES RECEIVABLE NUMBER ENROLLED
(IN MILLIONS) OF CONTRACTS DEALERS
----------------- ------------ ---------
<S> <C> <C> <C>
January 31, 1993 $ 5.1 1,000 100
April 30, 1993 18.2 2,700 330
January 31, 1994 93.2 12,900 900
April 30, 1994 129.5 17,800 1,100
January 31, 1995 193.5 28,400 1,400
April 30, 1995 220.1 33,100 1,700
</TABLE>
As a direct result of the 70% growth in the gross receivable portfolio
from April 30, 1994 to April 30, 1995, operating expenses increased $336,000.
Operating margins remained at 89% for the current quarter consistent with the
prior year.
As the Company strives to maintain a leadership role in the alternative
automobile financing market, management expects the gross installment notes
receivable balance to be $325 million with an enrolled member dealer population
of 2,400 by fiscal year end. The delinquencies and the rate of charge-offs in
the first quarter were consistent with our experience for the preceding twelve
months.
-10-
<PAGE> 13
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Automobile Rentals
Automobile rental revenue decreased to $20.1 million for the quarter
ended April 30, 1995, from $39.1 million the year before. This decline is
principally attributable to the reduction in average fleet size from 22,000 cars
for the quarter ended April 30, 1994 to 11,000 cars during the current quarter,
partially offset by a 7% increase in rental rate. Fleet utilization, at close to
90%, remained relatively constant in the first quarter of fiscal 1996 compared
to the first quarter of fiscal 1995.
Operating expenses decreased 43% from $17.3 million for the quarter ended
April 30, 1994 to $9.8 million for the quarter ended April 30, 1995. This
reduction is reflective of 158 fewer offices being operated, down from an
average of 426 in the quarter ended April 30, 1994 to 268 in the quarter ended
April 30, 1995.
Revenues and net income related to automobile rentals will be below that
of prior periods due to the reduction in fleet that has already occurred and
further reductions that will occur due to normal attrition. Rental operations
will be shown as discontinued operations once a definitive plan of disposal is
formulated, which is expected to occur in the second quarter of this year.
Dealership Operations
Dealership operations represents the Company's used car sales subsidiary
operating under the name of National Motors, Inc. (NMI). Revenue increased 11.6%
to $21.4 million on the sale of 3,000 cars from $19.1 million on the sale of
2,600 cars during first quarter of fiscal 1995. As rental car retirements
continue to decrease, the Company intends to purchase units at auction or
through other wholesale means to support these sales.
Cost of sales increased to $19.8 million from $18.5 million in the first
quarter of fiscal 1995 as a result of increased sales volume, offset by a
decreased average cost per car.
As the Company's core business evolves from automobile rental to
financial services, NMI is taking on greater significance as a servicing
operation that processes and distributes cars to NAC member dealers for retail
sale. This strategy has enabled NMI to improve margins and more effectively
control operating costs.
-11-
<PAGE> 14
NATIONAL AUTO CREDIT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Other Costs and Expenses
DEPRECIATION AND AMORTIZATION EXPENSE declined 45% to $6.3 million in the
first quarter of fiscal 1996 compared to $11.4 for the same period one year ago.
This is relatively proportionate with the significant reduction in fleet size.
The average depreciation rate of approximately 1.5% remained constant between
periods.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES decreased $2.1 million from
$6.6 million last year to $4.5 million for the quarter ended April 30, 1995.
This decline is directly attributable to across-the-board cost reductions
associated with the downsizing of rental operations.
INTEREST EXPENSE for the three months ended April 30, 1995 was $.3
million, a 50% decrease from $.6 million a year earlier. This decline is due to
the reduction in the average debt level from $66.8 million to $18.5 million.
Interest rates averaged 6.12% in the first quarter of fiscal 1996 versus 3.43%
in the first quarter of fiscal 1995.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of internally generated funds were as
follows:
<TABLE>
<CAPTION>
Three Months Ended April 30:
(in thousands)
1995 1994
---- ----
<S> <C> <C>
Operating activities $ 4,343 $24,341
Principal collected on
installment notes receivable 16,855 8,382
Proceeds from sale of rental automobiles 1,628 8,043
</TABLE>
External sources of funds available to the Company at April 30, 1995
amounted to $200 million in commercial paper, $124 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. Outstanding borrowings at April 30, 1995 amounted to $16.2
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. In addition, depending on the
method of discontinuing rental operations and the form of proceeds thereon,
additional funds may be available to either fund the continued growth of
financial services and/or to buy-back, through open market purchases, additional
shares of Company stock pursuant to the Company's buy-back program. Of the four
million shares of stock authorized by the Company's Board of Directors under
this program, 1,290,000 shares have been repurchased as of April 30, 1995.
The ratio of operating debt to total capital was 1% at April 30, 1995
compared to 4% at January 31, 1995. It is anticipated that debt levels will
remain minimal.
-12-
<PAGE> 15
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 April
30, 1995.
-13-
<PAGE> 16
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: June 13, 1995 By: /s/ Robert J. Bronchetti
----------------------------------
Robert J. Bronchetti
President and
Chief Executive Officer
and Director
By: /s/ Davida S. Howard
----------------------------------
Davida S. Howard
Vice President-Finance
and Controller (Principal
Financial and Accounting
Officer)
-14-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Balance Sheet Income Statement
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-START> FEB-01-1995
<PERIOD-END> APR-30-1995
<CASH> 302
<SECURITIES> 0
<RECEIVABLES> 233,341
<ALLOWANCES> (4,464)
<INVENTORY> 19,873
<CURRENT-ASSETS> 0
<PP&E> 128,988
<DEPRECIATION> (50,064)
<TOTAL-ASSETS> 318,365
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 1,351
0
0
<OTHER-SE> 202,248
<TOTAL-LIABILITY-AND-EQUITY> 318,365
<SALES> 21,350
<TOTAL-REVENUES> 49,062
<CGS> 19,777
<TOTAL-COSTS> 30,386
<OTHER-EXPENSES> 6,329
<LOSS-PROVISION> 1,926
<INTEREST-EXPENSE> 328
<INCOME-PRETAX> 7,554
<INCOME-TAX> 2,909
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,645
<EPS-PRIMARY> .18
<EPS-DILUTED> 0
</TABLE>
