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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 13, 1999
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AMERICREDIT CORP.
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(Exact name of registrant as specified in its charter)
Texas 1-10667 75-2291093
- --------------------------------- ---------------- ----------------------
(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
200 Bailey Avenue, Fort Worth, Texas 76107
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (817) 332-7000
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(Not Applicable)
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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The Registrant files herewith the exhibit listed in Item 7(c) below.
Item 7(c). Exhibits
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The following exhibit is furnished in accordance with Item 601 of
Regulation S-K:
99 Press Release
2
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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 hereunto duly authorized.
AMERICREDIT CORP.
(Registrant)
Date: January 13, 1999 By: /s/ DANIEL E. BERCE
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Daniel E. Berce
Vice Chairman of the Board and Chief
Financial Officer
3
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INDEX TO EXHIBITS
Exhibit Sequentially
No. Exhibit Number Page
----------- --------------------------------------------------- ------------
99 Press Release
4
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EXHIBIT 99
[LOGO OF AMERICREDIT APPEARS HERE]
FOR IMMEDIATE RELEASE
Contact: Kim Welch
Investor Relations
(817) 882-7009
AMERICREDIT CORP. ANNOUNCES
RECORD SECOND QUARTER OPERATING RESULTS AND
RESTATEMENT OF PRIOR PERIOD RESULTS
FORT WORTH, TEXAS January 13, 1999 AMERICREDIT CORP. (NYSE: ACF) today announced
record net income of $17,376,000, or $0.26 per share, for its second fiscal
quarter ended December 31, 1998, versus restated earnings of $11,912,000, or
$0.18 per share, for the quarter ended December 31, 1997. On a comparative
basis, net income increased 46% and earnings per share rose 44%.
For the six months ended December 31, 1998, AmeriCredit reported record net
income of $32,858,000, or $0.49 per share, versus restated earnings of
$22,142,000, or $0.34 per share, for the six months ended December 31, 1997,
representing an increase of 48% in net income and an increase of 44% in earnings
per share.
Automobile loan purchases were $599,149,000 for the second quarter of fiscal
1999, an increase of 76% over loan purchases of $341,194,000 for the second
quarter of fiscal 1998. For the six months ended December 31, 1998, automobile
loan purchases were $1,224,116,000, 76% higher than loan purchases of
$696,252,000 for the six months ended December 31, 1997.
AmeriCredit's managed auto receivables totaled $3,082,420,000 at December 31,
1998, an increase of 93% since December 31, 1997. The Company opened 16 branch
locations in its second fiscal quarter bringing the total number of branch
locations to 165 in 41 states at December 31, 1998.
Managed auto receivables more than sixty days delinquent were 2.8% of total
managed auto receivables at December 31, 1998, down from 3.6% at December 31,
1997.
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Annualized net charge-offs decreased to 4.8% of ave rage managed auto
receivables for the second quarter ended December 31, 1998, from 5.5% for the
second quarter of fiscal 1998.
AmeriCredit also announced a restatement of its financial statements for the
fiscal years ended June 30, 1998, 1997 and 1996, as well as for the first
quarter of fiscal 1999. As required by the Financial Accounting Standards
Board's ("FASB") Special Report, "A Guide to Implementation of Statement 125 on
Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities, Second Edition", dated December 1998, and related guidance set
forth in statements made by the staff of the Securities and Exchange Commission
("SEC") on December 8, 1998, the Company has retroactively changed its practice
of measuring and accounting for credit enhancement assets to the cash-out method
from the cash-in method.
Initial deposits to restricted cash accounts and subsequent cash flows received
by securitization trusts sponsored by the Company accumulate as credit
enhancement assets until certain targeted levels are achieved, after which cash
is distributed to the Company on an unrestricted basis. Under the cash-in method
previously used by the Company, (i) the assumed discount period for measuring
the present value of credit enhancement assets ended when cash flows were
received by the securitization trusts and (ii) initial deposits to restricted
cash accounts were recorded at face value. Under the cash-out method required
by the FASB and SEC, the assumed discount period for measuring the present value
of credit enhancement assets ends when cash, including return of the initial
deposits, is distributed to the Company on an unrestricted basis.
The change to the cash-out method results only in a difference in the timing of
revenue recognition from a securitization and has no effect on the total cash
flows of such transactions. While the total amount of revenue recognized over
the term of a securitization transaction is the same under either method, the
cash-out method results in (i) lower initial gains on the sale of receivables
due to the longer discount period and (ii) higher subsequent servicing fee
income from accretion of the additional cash-out discount. Accordingly, the
reductions in previously reported earnings resulting from retroactive
application of the change will generally be recognized in subsequent period
earnings as servicing fee income.
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The restatement resulted in the following changes to prior period financial
statements:
<TABLE>
<CAPTION>
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
Quarter Ended Years Ended
September 30, June 30,
-------------- ----------------------------
1998 1998 1997 1996
-------------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenue
Previous $ 76,119 $227,940 $137,747 $ 80,978
As restated 69,766 209,336 123,356 79,635
Net Income
Previous $ 19,389 $ 60,741 $ 38,699 $ 21,591
As restated 15,482 49,301 29,849 20,765
Earnings per share
Previous $ 0.29 $ 0.93 $ 0.63 $ 0.36
As restated 0.23 0.76 0.48 0.34
Credit Enhancement Assets (end of period)
Previous $368,816 $324,051 $182,271 $ 48,397
As restated 324,424 289,161 164,311 47,054
Shareholders' equity (end of period)
Previous $335,156 $306,161 $216,536 $163,225
As restated 307,857 284,706 205,491 162,399
</TABLE>
The Company will amend its Annual Report on Form 10-K for the year ended June
30, 1998 and Quarterly Report on Form 10-Q for the quarter ended September 30,
1998 in connection with the restatement.
AmeriCredit is a national consumer finance company specializing in purchasing,
securitizing and servicing automobile loans and originating and selling mortgage
loans. AmeriCredit maintains a web site at http://www.americredit.com that
contains further information on the Company.
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Except for the historical information contained herein, the matters discussed in
this news release include forward-looking statements that involve risks and
uncertainties detailed from time to time in the Company's filings and reports
with the Securities and Exchange Commission including the Company's Annual
Report on Form 10-K for the year ended June 30, 1998. Such statements are based
on the beliefs of the Company's management as well as assumptions made by and
information currently available to Company management. Actual events or results
may differ materially.
<TABLE>
<CAPTION>
AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Six Months Ended
December 31, December 31,
--------------------------------------- ---------------------------------------
1998 1997 1998 1997
Restated Restated
---------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Revenue:
Finance charge income $ 16,260 $ 13,129 $ 33,177 $ 26,190
Gain on sale of receivables 38,900 23,655 74,020 44,335
Servicing fee income 21,146 11,882 38,011 22,171
Other income 2,013 582 2,877 1,022
---------------- ----------------- ---------------- -----------------
78,319 49,248 148,085 93,718
---------------- ----------------- ---------------- -----------------
Costs and expenses:
Operating expenses 39,676 21,825 73,735 41,916
Provision for losses 2,115 1,849 4,303 3,755
Interest expense 8,274 6,206 16,619 12,045
---------------- ----------------- ---------------- -----------------
50,065 29,880 94,657 57,716
---------------- ----------------- ---------------- -----------------
Income before income taxes 28,254 19,368 53,428 36,002
Income tax provision 10,878 7,456 20,570 13,860
---------------- ----------------- ---------------- -----------------
Net income $ 17,376 $ 11,912 $ 32,858 $ 22,142
================ ================= ================ =================
Earnings per share:
Basic $ 0.28 $ 0.20 $ 0.52 $ 0.37
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Diluted $ 0.26 $ 0.18 $ 0.49 $ 0.34
================ ================= ================ =================
Weighted average shares 62,857,131 59,780,710 62,657,929 59,369,920
================ ================= ================ =================
Weighted average shares and
assumed incremental shares 66,750,045 64,813,118 66,918,992 64,398,534
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</TABLE>
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<TABLE>
<CAPTION>
Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
December 31, September 30, June 30,
1998 1998 1998
Restated Restated
----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Cash and short term investments $ 68,709 $ 28,218 $ 33,087
Finance receivables, net 345,654 386,476 342,853
Interest-only receivables from Trusts 170,162 139,290 131,694
Investments in Trust receivables 123,627 107,084 98,857
Restricted cash 96,821 78,050 58,610
Other assets 60,432 55,611 48,570
----------------- ---------------- -----------------
Total assets $865,405 $794,729 $713,671
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Borrowings under warehouse lines $236,922 $208,185 $165,608
Senior notes 175,000 175,000 175,000
Other notes payable 11,022 8,285 6,410
Other liabilities 105,152 95,402 81,947
----------------- ---------------- -----------------
Total liabilities 528,096 486,872 428,965
Shareholders' equity 337,309 307,857 284,706
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Total liabilities and shareholders equity $865,405 $794,729 $713,671
================= ================ =================
</TABLE>
<TABLE>
<CAPTION>
Other Financial Data
(Unaudited, Dollars in Thousands)
Three Months Ended Six Months Ended
December 31, December 31,
----------------------------------------- ---------------------------------------
1998 1997 1998 1997
----------------- ----------------- ----------------- ---------------
Auto lending operations
<S> <C> <C> <C> <C> <C>
Auto loan originations $ 599,149 $ 341,194 $1,224,116 $ 696,252
Auto loans sold 650,000 350,000 1,220,001 682,499
Gain on sale of auto loans 37,168 22,601 (1) 70,938 42,091 (1)
Gain on sale of auto loans
(% of loans sold) 5.7% 6.5% (1) 5.8% 6.2% (1)
Average owned receivables $ 279,693 $ 244,597 $ 284,969 $ 245,296
Average serviced receivables 2,625,065 1,248,876 2,419,905 1,130,318
------------------ ------------------ ------------------- -----------------
Average managed receivables $2,904,758 $1,493,473 $2,704,874 $1,375,614
================== ================== =================== =================
(1) Restated
Mortgage lending operations
Mortgage loan originations $ 85,545 $ 24,179 $ 124,446 $ 51,572
Mortgage loans sold 73,947 23,160 121,489 48,129
Gain on sale of mortgage loans 1,732 1,054 3,082 2,244
Gain on sale of mortgage
loans (% of loans sold) 2.3% 4.6% 2.5% 4.7%
</TABLE>
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<TABLE>
<CAPTION>
December 31, 1998
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Auto loan portfolio Owned Serviced Total Managed
--------------- --------------- ---------------
<S> <C> <C> <C>
Principal $330,036 $2,752,384 $3,082,420
Allowance for losses (8,377) (256,599) (264,976)
---------------- ---------------- ----------------
$321,659 $2,495,785 $2,817,444
================ ================ ================
Allowance for losses (%) 2.5% 9.3% 8.6%
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</TABLE>
<TABLE>
<CAPTION>
December 31, December 31,
1998 1997
---------------- ---------------
Auto loan delinquency (%)
<S> <C> <C> <C>
31 - 60 days 7.7% 7.6%
> 60 days 2.8% 3.6%
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10.5% 11.2%
Repossessions 1.0% 1.4%
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11.5% 12.6%
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</TABLE>
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