<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 September 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 1-10667
-------------------------------------------------------
AmeriCredit Corp.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Texas 75-2291093
------------------------------- ----------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
200 Bailey Avenue, Fort Worth, Texas 76107
- ------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(817) 332-7000
- ------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- ------------------------------------------------------------------------------
(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
---- ----
There were 28,313,729 shares of common stock, $.01 par value outstanding as
of November 10, 1995.
<PAGE>
AMERICREDIT CORP.
INDEX TO FORM 10-Q
Part I. FINANCIAL INFORMATION
<TABLE>
<CAPTION>
Item 1. Financial Statements Page
----
<S> <C>
Consolidated Balance Sheets -
September 30, 1995 and June 30, 1995 ................. 3
Consolidated Income Statements -
Three Months Ended September 30,
1995 and 1994 ........................................ 4
Consolidated Statements of
Cash Flows - Three Months Ended
September 30, 1995 and 1994 .......................... 5
Notes to Consolidated Financial
Statements ........................................... 6
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations ........................ 8
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K ................. 15
SIGNATURE ..................................................... 16
</TABLE>
2
<PAGE>
PART I - FINANCIAL INFORMATION
Item I. FINANCIAL STATEMENTS
AMERICREDIT CORP.
Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
September 30, June 30,
1995 1995
------------- --------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 1,640 $ 18,314
Restricted cash 7,666 5,007
Investment securities 8,102 10,265
Finance receivables, net 264,545 221,888
Property and equipment, net 6,022 6,036
Deferred income taxes 18,711 19,788
Other assets 4,150 4,427
-------- --------
Total assets $310,836 $285,725
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Automobile receivables-backed notes $117,209 $134,520
Bank line of credit 41,300
Notes payable 644 716
Accrued taxes and expenses 2,928 3,263
-------- --------
Total liabilities 162,081 138,499
-------- --------
Shareholders' equity:
Common stock, $.01 par value
per share; 120,000,000 shares
authorized; 32,275,765 and
32,117,201 shares issued,
respectively 323 321
Additional paid-in capital 186,563 185,573
Accumulated deficit (24,304) (26,824)
-------- --------
162,582 159,070
Treasury stock, at cost
(3,585,039 and 3,400,039 shares) (13,827) (11,844)
-------- --------
Total shareholders' equity 148,755 147,226
-------- --------
Total liabilities and shareholders'
equity $310,836 $285,725
======== ========
</TABLE>
The accompanying notes are an integral part
of these consolidated financial statements
3
<PAGE>
AMERICREDIT CORP.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
-----------------------------
1995 1994
----------- ----------
<S> <C> <C>
Revenue:
Finance charge income $ 13,377 $ 4,826
Investment income 281 348
Other income 265 487
---------- ----------
13,923 5,661
---------- ----------
Costs and expenses:
Operating expenses 4,904 3,121
Provision for losses 1,967 654
Interest expense 3,114 49
---------- ----------
9,985 3,824
---------- ----------
Income before income taxes 3,938 1,837
Provision for income taxes 1,418 36
---------- ----------
Net income $ 2,520 $ 1,801
========== ==========
Earnings per share $ .08 $ .06
========== ==========
Weighted average shares
and share equivalents 31,223,551 30,122,210
========== ==========
</TABLE>
The accompanying notes are an integral part
of these consolidated financial statements
4
<PAGE>
AMERICREDIT CORP.
Consolidated Statements of Cash Flows
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
---------------------
1995 1994
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 2,520 $ 1,801
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 384 322
Provision for losses 1,967 654
Deferred income taxes 1,395
Changes in assets and liabilities:
Other assets 277 (437)
Accrued taxes and expenses (335) (569)
-------- --------
Net cash provided by operating
activities 6,208 1,771
-------- --------
Cash flows from investing activities:
Purchases and originations of finance
receivables (70,808) (38,272)
Principal collections and recoveries on
finance receivables 26,184 14,210
Purchases of property and equipment (370) (441)
Proceeds from disposition of property
and equipment 13
Proceeds from sales and maturities of
investment securities 2,163 7,036
Increase in restricted cash (2,659)
-------- --------
Net cash used by investing activities (45,490) (17,454)
Cash flows from financing activities:
Borrowings on bank line of credit 41,300
Repayments on automobile
receivables-backed notes (17,311)
Payments on notes payable (72) (41)
Purchase of treasury stock (1,983)
Proceeds from issuance of common stock 674 17
-------- --------
Net cash provided (used) by
financing activities 22,608 (24)
-------- --------
Net decrease in cash and cash equivalents (16,674) (15,707)
Cash and cash equivalents at beginning of period 18,314 15,756
-------- --------
Cash and cash equivalents at end of period $ 1,640 $ 49
======== ========
</TABLE>
The accompanying notes are an integral part
of these consolidated financial statements
5
<PAGE>
AMERICREDIT CORP.
Notes to Consolidated Financial Statements
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The accompanying consolidated financial statements include the accounts of
AmeriCredit Corp. and its wholly-owned subsidiaries ("the Company"). All
significant intercompany accounts and transactions have been eliminated in
consolidation.
The consolidated financial statements as of September 30, 1995 and for the
periods ended September 30, 1995 and 1994 are unaudited, but in management's
opinion, include all adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of the results for such
interim periods. The results for interim periods are not necessarily
indicative of results for a full year.
The interim period financial statements, including the notes thereto, are
condensed and do not include all disclosures required by generally accepted
accounting principles. Such interim period financial statements should be
read in conjunction with the Company's consolidated financial statements
which were included in the Company's 1995 Annual Report to Shareholders.
NOTE 2 - FINANCE RECEIVABLES
Finance receivables consist of the following (in thousands):
<TABLE>
<CAPTION>
September 30, June 30,
1995 1995
---- ----
<S> <C> <C>
Indirect finance receivables:
Precomputed interest $227,522 $191,700
Simple interest 113,091 95,660
-------- --------
340,613 287,360
Other finance receivables 724 1,373
-------- --------
Total finance receivables 341,337 288,733
Less unearned finance charges and fees (54,618) (46,894)
-------- --------
Principal amount of finance receivables 286,719 241,839
Less allowance for losses (22,174) (19,951)
-------- --------
Finance receivables, net $264,545 $221,888
======== ========
</TABLE>
6
<PAGE>
The Company's finance contracts typically provide for finance charges on
either a precomputed or simple interest basis. Precomputed interest finance
receivables include principal and unearned finance charges. Simple interest
finance receivables include principal only.
A summary of the allowance for losses is as follows (in thousands):
<TABLE>
<CAPTION>
Three Months Ended
September 30,
-----------------
1995 1994
------- -------
<S> <C> <C>
Balance at beginning of period $19,951 $ 9,330
Provision for losses 1,967 654
Acquisition fees on indirect
finance receivables 3,885 2,340
Net charge-offs (3,629) (1,449)
-------- --------
Balance at end of period $22,174 $10,875
======== ========
</TABLE>
NOTE 3 - DEBT
Automobile receivables-backed notes consist of the following (in thousands):
<TABLE>
<CAPTION>
September 30, June 30,
1995 1995
------- -------
<S> <C> <C>
Series 1994-A notes, interest at 8.19%,
collateralized by certain finance
receivables in the principal amount
of $29,183, final maturity in
December 1999. $28,302 $35,350
Series 1995-A notes, interest at 6.55%,
collateralized by certain finance
receivables in the principal
amount of $92,323, final maturity
in September 2000. 88,907 99,170
-------- ---------
$117,209 $134,520
======== =========
</TABLE>
The Series 1994-A notes were issued in December 1994 and initially
aggregated $51,000,000. The Series 1995-A notes were issued in June 1995
and initially aggregated $99,170,000. Each series of notes was issued by a
wholly-owned special purpose subsidiary of the Company which holds the
related finance receivables. Principal and interest on the notes are
payable monthly from
7
<PAGE>
collections and recoveries on the specific pools of finance receivables.
Financial Security Assurance Inc. ("FSA") issued financial guaranty insurance
policies for the benefit of the noteholders of each series.
In connection with the issuance of the financial guaranty insurance policies
by FSA, the Company was required to establish a cash account for each note
series with a trustee for the benefit of FSA and the noteholders. Such cash
accounts are shown as restricted cash on the Company's consolidated balance
sheets. Monthly collections and recoveries from the pool of finance
receivables in excess of required principal and interest payments on the
notes are added to the restricted cash accounts until the balance reaches a
specified percentage of the pool of finance receivables, and thereafter are
distributed to the Company. In the event that monthly collections and
recoveries from the pool of finance receivables are insufficient to make
required principal and interest payments on the notes, any shortfall would be
drawn from the restricted cash accounts.
Certain agreements with FSA contain restrictive covenants relating to
delinquency, default and net loss ratios in the pools of finance
receivables which collateralize the automobile receivables-backed notes.
The Company has a revolving credit agreement with a group of banks under
which the Company may borrow up to $125 million, subject to a defined
borrowing base. The Company had $41.3 million and $-0- outstanding under this
facility as of September 30, 1995 and June 30, 1995, respectively. Borrowings
under the credit agreement are collateralized by certain indirect finance
receivables and bear interest, based upon the Company's option, at either the
reference prime rate or various market London Interbank Offered Rates plus
1.65%. The Company is also required to pay an annual commitment fee equal to
3/8% of the unused portion of the credit agreement. The credit agreement,
which expires in May 1996, contains various restrictive covenants requiring
certain minimum financial ratios and results and placing certain limitations
on the incurrence of additional debt, capital expenditures and repurchase of
common stock.
8
<PAGE>
NOTE 4 - INCOME TAXES
The Company's effective income tax rate on income before income
taxes differs from the U.S. statutory tax rate as follows:
Three Months Ended
September 30,
------------------
1995 1994
------ ------
U.S. statutory tax rate 35% 35%
Change in valuation allowance (35)
Other 1 2
--- ----
36% 2%
=== ====
At June 30, 1995, the Company has net operating loss
carryforwards of approximately $50,000,000 for income tax
reporting purposes which expire between 2007 and 2009 and an
alternative minimum tax carryforward of $1,047,000 with no
expiration date.
NOTE 5 - SUPPLEMENTAL CASH FLOW INFORMATION
Cash payments for interest costs and income taxes consist of the
following (in thousands):
Three Months Ended
September 30,
------------------
1995 1994
---- ----
Interest costs (none capitalized) $2,875 $49
Income taxes 33
9
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO
THREE MONTHS ENDED SEPTEMBER 30, 1994
REVENUE:
The Company's average net finance receivables outstanding
consisted of the following (in thousands):
Three Months Ended
September 30,
------------------
1995 1994
------ ------
Indirect $264,277 $81,384
Other 1,000 12,390
-------- -------
$265,277 $93,774
======== =======
The Company's overall finance charge income consisted of the
following (in thousands):
Three Months Ended
September 30,
---------------------------
1995 1994
------ ------
Indirect $13,362 100% $4,227 88%
Other 15 0 599 12
------- ---- ------ ---
$13,377 100% $4,826 100%
======= ==== ====== ====
The increase in indirect finance charge income is due to growth
of 225% in average net indirect finance receivables outstanding.
The Company purchased $74.7 million of indirect loans during the
three months ended September 30, 1995, compared to $36.8 million
during the three months ended September 30, 1994. This growth
resulted from loan production at branches open during both
periods as well as expansion of the Company's loan production
capacity. The Company operated 35 branch offices as of September
30, 1995, compared to 20 as of September 30, 1994.
10
<PAGE>
The decrease in other finance charge income is due to the ongoing
liquidation of the related receivables portfolios.
The Company's overall effective yield on its finance receivables
decreased to 20.0% from 20.4%.
Investment income decreased as a result of lower average cash and
cash equivalents and investment securities balances for the three
months ended September 30, 1995. The Company's yield on its cash
and cash equivalents and investment securities was 5.0% for the
three months ended September 30, 1995 as compared to 4.5% for the
three months ended September 30, 1994.
Other income for the three months ended September 30, 1994
included $360,000 related to the Company's participation in
certain joint ventures which acquire and collect distressed
receivables portfolios. There was no income from these joint
ventures in the three months ended September 30, 1995.
COSTS AND EXPENSES:
Operating expenses as an annualized percentage of average net
finance receivables outstanding decreased to 7.3% for the three
months ended September 30, 1995 as compared to 13.2% for the
three months ended September 30, 1994. The ratio improved as a
result of the Company's ability to leverage its fixed overhead
costs by growing its finance receivables portfolio. The dollar
amount of operating expenses increased by $1.8 million, or 57%
primarily due to the addition of branch offices and branch
management and portfolio servicing staff.
The provision for losses increased to $1,967,000 as compared to
$654,000. Further discussion concerning the provision for losses
is included under the caption, "Finance Receivables".
Interest expense of $3.1 million for the three months ended
September 30, 1995 resulted from borrowings on the Company's bank
line of credit and the issuance of $51 million and $99.2 million
of automobile receivables-backed notes in December 1994 and June
1995, respectively. The Company did not have any bank borrowings
during the three months ended September 30, 1994.
The provision for income taxes in the three months ended
September 30, 1995 results primarily from amortization at the
federal statutory income tax rate of the Company's deferred tax
asset. In the fourth quarter of fiscal 1995, the Company
recognized a deferred tax asset equal to the expected future tax
savings from using its net operating loss carryforward and other
future tax benefits. Based on the Company's trend of positive
operating results since
11
<PAGE>
entering the indirect automobile finance business in September
1992 and future expectations, the Company determined that it
was more likely than not that its net operating loss
carryforward and other future tax benefits would be fully
utilized prior to expiration of the carryforward periods.
Prior to the fourth quarter of fiscal 1995, the Company
had offset the deferred tax asset associated with its net
operating loss carryforward and other future tax benefits with a
valuation allowance. The deferred tax asset is being expensed
through a non-cash income tax provision against the Company's
earnings as the net operating loss carryforward and other future
tax benefits are utilized. The Company will not pay regular
federal income taxes until the net operating loss carryforward
and other future tax benefits have been fully recovered.
FINANCE RECEIVABLES
The Company provides financing in relatively high-risk markets,
and therefore, charge-offs and related losses are anticipated.
The Company records a periodic provision for losses as a charge
to operations and a related allowance for losses in the
consolidated balance sheet as a reserve against estimated future
losses in the finance receivables portfolio. The Company
typically purchases individual finance contracts for a non-
refundable acquisition fee on a non-recourse basis, and such
acquisition fees are also recorded in the consolidated balance
sheet as an allowance for losses. The Company reviews historical
origination and charge-off relationships, charge-off experience
factors, collections information, delinquency reports, estimates
of the value of the underlying collateral, economic conditions
and trends and other information in order to make the necessary
judgments as to the appropriateness of the periodic provision for
losses and the allowance for losses. Although the Company uses
many resources to assess the adequacy of the allowance for
losses, there is no precise method for accurately estimating the
ultimate losses in the finance receivables portfolio.
Net finance receivables represented 85.1% of the Company's total
assets at September 30, 1995. The following table presents
certain data related to the finance receivables portfolio
(dollars in thousands):
12
<PAGE>
September 30,
1995
--------------------------------
Indirect Other Total
-------- ----- -----
Gross finance receivables $340,613 $724 $341,337
Unearned finance charges and fees (54,612) (6) (54,618)
--------- ----- ---------
Finance receivables (principal
amount) 286,001 718 286,719
Allowance for losses (21,635) (539) (22,174)
--------- ----- ---------
Finance receivables, net $264,366 $179 $264,545
======== ==== ========
Number of outstanding contracts 36,706
========
Allowance for losses as a percentage
of finance receivables (principal
amount) 7.6%
=========
Average amount of outstanding
contract (principal amount)
(in dollars) $7,792
=========
The following is a summary of indirect finance receivables which
are more than 60 days delinquent (dollars in thousands):
September 30,
--------------
1995 1994
---- ----
Principal amount of delinquent contracts $8,421 $1,931
Principal amount of delinquent contracts
as a percentage of total net indirect
finance receivables outstanding 2.9% 2.0%
13
<PAGE>
The following table presents charge-off data with respect to the
Company's indirect finance receivables portfolio (dollars in
thousands):
Three Months Ended
September 30,
------------------
1995 1994
---- ----
Net charge-offs $3,593 $880
Net charge-offs as a percentage
of average net indirect finance
receivables outstanding 5.4% 4.3%
The Company recorded periodic provisions for losses as charges to
operations of $1,967,000 and $606,000 related to its indirect
finance receivables portfolio for the three months ended
September 30, 1995 and 1994, respectively. The increased loss
provisions are a result of higher average net indirect finance
receivables outstanding. The Company also accounts for
acquisition fees on indirect finance contracts as additional
allowances for losses.
The Company began its indirect automobile finance business in
September 1992 and the Company has grown its receivables
portfolio to $286 million as of September 30, 1995. The Company
expects that its delinquency and charge-offs will increase over
time as the portfolio gains more maturity. Accordingly, the
delinquency and charge-off data above is not necessarily
indicative of delinquency and charge-off experience that could be
expected for a more seasoned portfolio.
LIQUIDITY AND CAPITAL RESOURCES
The Company's cash flows are summarized as follows (in
thousands):
Three Months Ended
September 30,
------------------
1995 1994
---- ----
Operating activities $6,208 $1,771
Investing activities (45,490) (17,454)
Financing activities 22,608 (24)
-------- --------
Net decrease in
cash and cash equivalents ($16,674) ($15,707)
========= =========
14
<PAGE>
In addition to the net decrease in cash and cash equivalents
shown above, the Company also had net decreases in investment
securities of $2,163,000 and $7,036,000 for the three months
ended September 30, 1995 and 1994, respectively. Such amounts
are included as investing activities in the above table.
The Company's primary sources of cash have been collections and
recoveries on its finance receivables portfolio, borrowings under
its bank line of credit and the issuance of automobile
receivables-backed notes.
The Company has a line of credit arrangement with a group of
banks under which the Company may borrow up to $125 million. The
Company utilized the line of credit to fund its lending
activities during the three months ended September 30, 1995. A
total of $41.3 million was outstanding under the line of credit
as of September 30, 1995.
The Company's primary use of cash has been purchases and
originations of finance receivables. The Company purchased $74.7
million of finance contacts during the three months ended
September 30, 1995 requiring cash of $70.8 million net of
acquisition fees and other factors. The Company operated 35
branch offices and had a group of marketing representatives as of
September 30, 1995. The Company plans to open eleven additional
branches and expand loan production capacity at existing offices
through the remainder of fiscal 1996. While the Company has been
able to establish and grow this business thus far, there can be
no assurance that future expansion will be successful due to
competitive, regulatory, market, economic or other factors.
The Company's Board of Directors has authorized the repurchase of
up to 6,000,000 shares of the Company's common stock. A total of
3,635,500 shares at an aggregate purchase price of $14,138,000
had been purchased pursuant to this program through September 30,
1995. The Company purchased an additional 444,000 shares in
October 1995.
As of September 30, 1995 the Company had $9.7 million in cash and
cash equivalents and investment securities. The Company also had
available borrowing capacity of $83.7 million under its bank line
of credit. The Company estimates that it will require additional
external capital for the remainder of fiscal 1996 in addition to
these existing capital resources and collections and recoveries
on its finance receivables portfolio in order to fund expansion
of its indirect automobile lending business, capital
expenditures, additional common stock purchases and other costs
and expenses.
15
<PAGE>
The Company anticipates that such funding will be in the form of
additional issuances of automobile receivables-backed securities.
The Company has determined that it will structure future
issuances of automobile receivables-backed securities in a manner
which will result in the recognition of a gain on sale of
receivables at the time such transaction is completed. The
Company's previous automobile receivables-backed securities
transactions were structured as issuances of debt by subsidiaries
of the Company and thus were accounted for as borrowings.
There can be no assurance that structuring future issuances of
automobile receivables-backed securities as sales of receivables
would increase the Company's profitability or otherwise be
advantageous to the Company. Further, regardless of the
structure selected, there can be no assurance that funding will
be available to the Company through the issuance of automobile
receivables-backed securities, or if available, that it will be
on terms acceptable to the Company.
16
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Not Applicable
Item 2. CHANGES IN SECURITIES
Not Applicable
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable
Item 5. OTHER INFORMATION
Not Applicable
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits:
11.1 - Statement Re Computation of Per Share
Earnings
27.1 - Financial Data Schedule
(b) Reports on Form 8-K
The Company did not file any reports on
Form 8-K during the quarterly period
ended September 30, 1995.
17
<PAGE>
SIGNATURE
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.
AmeriCredit Corp.
-------------------------------
(Registrant)
Date: November 14, 1995 By: /s/ Daniel E. Berce
-------------------------------
(Signature)
Daniel E. Berce
Chief Financial Officer
18
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exh. No. Description
- -------- -----------
<S> <C>
11.1 Statement Re Computation of Per Share Earnings
27.1 Financial Data Schedule
</TABLE>
<PAGE>
EXHIBIT 11.1
AMERICREDIT CORP.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
----------------------------
PRIMARY: 1995 1994
---------- ----------
<S> <C> <C>
Average common shares outstanding ............ 28,679,151 28,749,452
Common share equivalents resulting from
assumed exercise of stock options
and warrants ............................... 2,544,400 1,372,758
---------- ----------
Average common shares and share equivalents
outstanding ................................ 31,223,551 30,122,210
========== ==========
FULLY DILUTED:
Average common shares outstanding ............ 28,679,151 28,749,452
---------- ----------
Common share equivalents resulting from
assumed exercise of stock options
and warrants ............................... 2,935,420 1,567,739
---------- ----------
Average common shares and share
equivalents outstanding .................... 31,614,571 30,317,191
========== ==========
NET INCOME ................................... $ 2,520 $ 1,801
========== ==========
EARNINGS PER SHARE:
Primary .................................... $ .08 $ .06
========== ==========
Fully diluted ............................. $ .08 $ .06
========== ==========
</TABLE>
Primary earnings per share has been computed by dividing net income by the
average common shares and share equivalents outstanding. Common share
equivalents were computed using the treasury stock method. The average common
stock market price for the period was used to determine the number of common
share equivalents.
19
<PAGE>
Fully diluted earnings per share has been computed in the same manner as
primary earnings per share except that the higher of the average or end of
period common stock market price was used to determine the number of common
share equivalents.
20
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF AMERICREDIT CORP. INCLUDED IN ITS
QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000804269
<NAME> AMERICREDIT CORP.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 9,306
<SECURITIES> 8,102
<RECEIVABLES> 286,719
<ALLOWANCES> (22,174)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 8,894
<DEPRECIATION> (2,872)
<TOTAL-ASSETS> 310,836
<CURRENT-LIABILITIES> 0
<BONDS> 159,153
<COMMON> 323
0
0
<OTHER-SE> 148,432
<TOTAL-LIABILITY-AND-EQUITY> 310,836
<SALES> 0
<TOTAL-REVENUES> 13,923
<CGS> 0
<TOTAL-COSTS> 4,904
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,967
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</TABLE>
