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<PAGE>
Contact: Kim Pulliam
Investor Relations
(817) 302-7009
AMERICREDIT CORP. REPORTS RECORD
FIRST QUARTER OPERATING RESULTS
- 1st Quarter Earnings Per Share Up 46% to $0.51
- 1st Quarter Net Income Up 67% to $42.3 Million
- Managed Portfolio Up 57% Over September 1999
- Annualized Charge-Off Rate Declines to 3.7%
FORT WORTH, TEXAS October 11, 2000 - AMERICREDIT CORP. (NYSE: ACF) today
announced record net income of $42,273,000, or $0.51 per share, for its first
fiscal quarter ended September 30, 2000, versus earnings of $25,324,000, or
$0.35 per share for the same period a year earlier. On a comparative basis, net
income increased 67% and earnings per share rose 46%.
Automobile loan purchases were a record $1,406,753,000 for the first quarter of
fiscal 2001, an increase of 36% over loan purchases of $1,031,837,000 for the
first quarter of fiscal 2000. AmeriCredit's managed auto receivables totaled
$7,448,553,000 at September 30, 2000, an increase of 57% since September 30,
1999. The Company had 198 branch locations in 41 states and Canada at September
30, 2000.
Annualized net charge-offs decreased to 3.7% of average managed auto receivables
for the first quarter ended September 30, 2000, down from 4.3% for the first
quarter of fiscal 2000. This marks the Company's 18th consecutive quarter of
stable or declining charge-off levels.
Managed auto receivables more than sixty days delinquent were 2.4% of total
managed auto receivables at September 30, 2000, compared to 2.3% at September
30, 1999.
<PAGE>
2
REGULATION FD
-------------
AmeriCredit provides information to investors on its Web site at
www.americredit.com including press releases, conference calls, SEC filings, and
other financial data.
From time to time, management makes presentations to the investment community.
In response to the new SEC Regulation FD, AmeriCredit now posts all such
presentations on its Web site.
Also pursuant to Regulation FD, the Company will provide its expectations
regarding future business trends to the public via a press release or 8-K
filing. Based on current business trends:
. The Company projects it will originate $1.2 to $1.3 billion in auto loans
during its second fiscal quarter ending December 31, 2000, and $5.5 to $5.9
billion in auto loans during its fiscal year ending June 30, 2001.
. Earnings per share are projected in a range of $0.52 to $0.54 for the quarter
ending December 31, 2000 and $2.14 to $2.18 for the fiscal year ending June
30, 2001.
. Pro forma "portfolio-based" earnings per share are projected in a range
between $0.61 to $0.63 for the quarter ending December 31, 2000 and $2.48 to
$2.54 for the fiscal year ending June 30, 2001.
AmeriCredit will host a conference call for analysts and investors at 9:00 A.M.
Eastern Time on Thursday, October 12, 2000. For a live Internet broadcast of
this conference call, please go to the Company's Web site to register, download
and install any necessary audio software. For those who cannot listen to the
live broadcast, a replay will be available shortly after the call.
AmeriCredit is the largest independent middle market automobile finance company
in North America specializing in purchasing and servicing automobile loans.
AmeriCredit maintains a Web site at www.americredit.com that contains further
information on the Company.
<PAGE>
3
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 period ended June 30, 2000. Such risks include -
but are not limited to - fluctuating interest rates, increased competition,
regulatory changes, tightening labor markets, reliance on capital markets and
adverse portfolio performance. These forward-looking 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)
<S> <C> <C> <C>
Three Months Ended
September 30,
-------------------------------------
2000 1999
---------------- ----------------
Revenue:
Finance charge income $ 45,400 $ 27,536
Gain on sale of receivables 61,586 48,928
Servicing fee income 59,270 34,787
Other income 3,085 1,368
---------------- ----------------
169,341 112,619
---------------- ----------------
Costs and expenses:
Operating expenses 67,294 53,678
Provision for losses 6,054 3,487
Interest expense 27,256 14,276
---------------- ----------------
100,604 71,441
---------------- ----------------
Income before income taxes 68,737 41,178
Income tax provision 26,464 15,854
---------------- ----------------
Net income $ 42,273 $ 25,324
================ ================
Earnings per share:
Basic $0.55 $0.38
================ ================
Diluted $0.51 $0.35
================ ================
Weighted average shares 77,253,522 67,503,547
================ ================
Weighted average shares and
assumed incremental shares 83,358,230 71,678,349
================ ================
</TABLE>
<PAGE>
4
<TABLE>
<CAPTION>
Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
September 30, June 30, September 30,
2000 2000 1999
--------------- ---------- ------------
<S> <C> <C> <C>
Cash and cash equivalents $ 128,897 $ 42,916 $ 24,013
Finance receivables, net 1,057,408 871,511 606,355
Interest-only receivables from Trusts 230,624 229,059 214,233
Investments in Trust receivables 390,912 341,707 234,725
Restricted cash 284,976 253,852 128,574
Other assets 154,222 123,224 115,605
---------- ---------- -----------
Total assets $ 2,247,039 $1,862,269 $ 1,323,505
=========== ========== ===========
Borrowings under warehouse lines $ 766,195 $487,700 $ 181,561
Senior notes 375,000 375,000 375,000
Other notes payable 95,726 86,297 23,355
Other liabilities 249,129 224,693 196,251
----------- ---------- -----------
Total liabilities 1,486,050 1,173,690 776,167
Shareholders' equity 760,989 688,579 547,338
----------- ---------- -----------
Total liabilities and
shareholders' equity $ 2,247,039 $1,862,269 $ 1,323,505
=========== ========== ===========
</TABLE>
<PAGE>
5
Cash Flows From Operating Activities:
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Three Months Ended
September 30,
--------------------------------------
2000 1999
--------------- ------------
Cash revenue
Finance charge income $ 45,400 $ 27,536
Cash gain on sale 12,150 3,600
Servicing fee income 39,480 26,010
Other income 2,418 1,368
Securitization distributions 49,060 14,230
Changes in working capital 22,608 3,574
--------------- ------------
171,116 76,318
--------------- ------------
Cash expenses
Operating expenses (62,217) (48,313)
Interest expense (27,256) (14,276)
Income taxes (21,168) (12,541)
--------------- ------------
(110,641) (75,130)
--------------- ------------
Operating cash flow 60,475 1,188
Undistributed securitization cash flow 26,498 33,609
Restricted cash deposits (36,000) (27,000)
--------------- ------------
Net cash flow $ 50,973 $ 7,797
=============== ================
Total Cash Flow Generated by Trusts:
Undistributed $26,498 $33,609
Distributed 49,060 14,230
-------------- ---------------
Total $75,558 $47,839
============== ===============
</TABLE>
<PAGE>
6
Other Financial Data
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
-------------------------------------------
2000 1999
-------------------- -------------------
<S> <C> <C> <C>
Auto lending operations
Auto loan originations $1,406,753 $1,031,837
Auto loans sold 1,199,998 899,998
Gain on sale of auto loans 61,586 47,417
Gain on sale of auto loans 5.1% 5.3%
(% of loans sold)
Average owned receivables $ 800,684 $ 460,748
Average serviced receivables 6,238,610 3,953,034
----------------- ------------------
Average managed receivables $7,039,294 $4,413,782
================= ==================
Three Months Ended
September 30,
-------------------------------------------
2000 1999
----------------- ------------------
Auto lending operations
Net charge-offs
Owned $ 2,835 $ 1,658
Serviced 62,712 46,552
----------------- ------------------
$ 65,547 $ 48,210
================= ==================
Net charge-offs as a percentage
of average managed
receivables outstanding 3.7% 4.3%
================= ==================
</TABLE>
<TABLE>
<CAPTION>
September 30, 2000
---------------------------------------------------------------------
Auto loan portfolio Owned Serviced Total Managed
----------- ---------- -------------
<S> <C> <C> <C>
Principal $1,084,646 $6,363,907 $ 7,448,553
Allowance for losses (30,994) (623,743) (654,737)
---------- ---------- ------------
$1,053,652 $5,740,164 $ 6,793,816
========== ========== ============
2.9% 9.8% 8.8%
========== =========== ============
September 30, June 30, September 30,
2000 2000 2000
------------ ----------- ------------
Auto loan delinquency (%)
31 - 60 days 7.3% 6.7% 7.8%
] 60 days 2.4% 2.3% 2.3%
---------- ---------- ------------
9.7% 9.0% 10.1%
Repossessions 0.8% 0.6% 0.8%
---------- ---------- ------------
10.5% 9.6% 10.9%
========== ========== ============
</TABLE>
<PAGE>
7
Pro Forma "Portfolio-Based" Earnings Data /1/
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
-----------------------------------------------------
2000 1999
<S> <C> <C>
Finance charge, fee and other income $ 355,826 $218,325
Funding costs (142,397) (78,172)
--------------- ----------------
Net margin 213,429 140,153
Operating expenses (67,294) (53,678)
Credit losses (65,547) (48,210)
--------------- ----------------
Pre-tax "portfolio-based' income 80,588 38,265
Income taxes (31,026) (14,732)
--------------- ----------------
Net "portfolio-based" income $ 49,562 $ 23,533
=============== ================
Diluted "portfolio-based" earnings per share $ 0.59 $ 0.33
=============== ================
</TABLE>
Pro Forma Return on Managed Assets1
(Auto Business, Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
-----------------------------------------------------
2000 1999
<S> <C> <C>
Finance charge, fee and other income 20.0% 19.4%
Funding costs (8.0) (7.0)
------------- ---------------
Net margin 12.0 12.4
Credit losses (3.7) (4.3)
------------- ---------------
Risk adjusted margin 8.3 8.1
Operating expenses (3.8) (4.6)
------------- ---------------
Pre-tax return on managed assets 4.5 3.5
Income taxes (1.7) (1.4)
------------- ---------------
Return on managed assets 2.8% 2.1%
============= ===============
</TABLE>
1 The pro forma "portfolio-based" earnings data and return on managed assets
present the Company's operating results under the assumption that
securitization transactions are financings and no gain on sale or
servicing fee income is recognized. Instead, finance charge income and
fees as well as interest and other costs are recognized over the life of
the securitized receivables as accrued. Credit losses are recorded as
incurred. While this data does not purport to present the Company's
operating results in accordance with generally accepted accounting
principles, the Company believes such presentation provides another
measure for assessing the Company's performance.
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