<PAGE>
EXHIBIT 99
[LOGO OF AMERICREDIT CORP.]
Contact: Kim Pulliam
Investor Relations
(817) 302-7009
AMERICREDIT CORP. REPORTS RECORD
SECOND QUARTER OPERATING RESULTS
- 2/nd/ Quarter Earnings Per Share Up 58% to $0.57
- 2/nd/ Quarter Net Income Up 69% to $48.4 Million
- Managed Portfolio Up 55% Over December 1999
- Annualized Charge-Off Rate Declines to 3.6%
FORT WORTH, TEXAS January 10, 2001 - AMERICREDIT CORP. (NYSE: ACF) today
announced record net income of $48,442,000, or $0.57 per share, for its second
fiscal quarter ended December 31, 2000, versus earnings of $19,609,000, or $0.25
per share for the same period a year earlier. Earnings for the second quarter of
the prior year include a charge of $10,500,000 ($8,985,000, or $0.11 per share
net of income tax benefits) for the closing of AmeriCredit's mortgage business.
On a comparative basis, excluding the charge, earnings increased 69% and
earnings per share rose 58%.
For the six months ended December 31, 2000, AmeriCredit reported net income of
$90,715,000, or $1.08 per share, versus earnings of $44,933,000, or $0.60 per
share, for the six months ended December 31, 1999. Excluding the charge,
earnings for the six months ended December 31, 1999 were $53,918,000, or $0.72
per share. On a comparative basis, excluding the charge, earnings increased 68%
and earnings per share rose 50%.
Automobile loan purchases were $1,380,986,000 for the second quarter of fiscal
2001, an increase of 41% over loan purchases of $980,882,000 for the second
quarter of fiscal 2000. AmeriCredit's managed auto receivables totaled
$8,225,509,000 at December 31, 2000, an increase of 55% since December 31, 1999.
The Company had 202 branch locations in 41 states and Canada at December 31,
2000.
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2
Annualized net charge-offs decreased to 3.6% of average managed auto receivables
for the second quarter ended December 31, 2000, compared to 4.1% for the second
quarter of fiscal 2000. Managed auto receivables more than sixty days
delinquent were 2.7% of total managed auto receivables at December 31, 2000,
compared to 2.5% at December 31, 1999.
REGULATION FD
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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 SEC Regulation FD, AmeriCredit posts all such presentations on
its Web site.
Also pursuant to Regulation FD, the Company provides 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 $1.45 to $1.55 billion in auto loans
during its third fiscal quarter ending March 31, 2001, $5.8 to $6.1 billion
in auto loans during its fiscal year ending June 30, 2001, and $6.5 to $7.0
billion in auto loans during the calendar year ending December 31, 2001.
. Earnings per share are projected in a range of $0.59 to $0.61 for the quarter
ending March 31, 2001, $2.29 to $2.33 for the fiscal year ending June 30,
2001, and $2.55 to $2.59 for the calendar year ending December 31, 2001.
. Pro forma portfolio-based earnings per share are projected in a range between
$0.67 to $0.69 for the quarter ending March 31, 2001, $2.60 to $2.64 for the
fiscal year ending June 30, 2001, and $2.87 to $2.91 for the calendar year
ending December 31, 2001.
AmeriCredit will host a conference call for analysts and investors at 9:00 A.M.
Eastern Time on Thursday, January 11, 2001. 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.
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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 period ended June 30, 2000. Such risks include -
but are not limited to - fluctuating interest rates, increased competition,
regulatory changes, tightening labor markets, deteriorating economic
environment, 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.
AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
----------------------------------- -------------------------------------
2000 1999 2000 1999
-------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Revenue:
Finance charge income $ 52,095 $ 27,458 $ 97,495 $ 54,994
Gain on sale of receivables 71,173 49,314 132,759 98,242
Servicing fee income 63,435 41,096 122,705 75,883
Other income 1,906 1,376 4,991 2,744
-------------- --------------- ---------------- ----------------
188,609 119,244 357,950 231,863
-------------- --------------- ---------------- ----------------
Costs and expenses:
Operating expenses 73,201 52,865 140,495 106,543
Provision for losses 7,271 3,756 13,325 7,243
Interest expense 29,370 16,129 56,626 30,405
Charge for closing mortgage - 10,500 - 10,500
operations
-------------- --------------- ---------------- ----------------
109,842 83,250 210,446 154,691
-------------- --------------- ---------------- ----------------
Income before income taxes 78,767 35,994 147,504 77,172
Income tax provision 30,325 16,385 56,789 32,239
-------------- --------------- ---------------- ----------------
Net income $ 48,442 $ 19,609 $ 90,715 $ 44,933
============== =============== ================ ================
Earnings per share:
Basic $ 0.62 $ 0.27 $ 1.17 $ 0.64
============== =============== ================ ================
Diluted $ 0.57 $ 0.25 $ 1.08 $ 0.60
============== =============== ================ ================
Weighted average shares 78,261,907 73,988,228 77,757,716 70,745,962
============== =============== ================ ================
Weighted average shares and
assumed incremental shares 84,418,806 78,958,413 83,888,520 75,318,456
============== =============== ================ ================
</TABLE>
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Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, September 30, June 30,
2000 2000 2000
-------------- --------------- -------------
<S> <C> <C> <C>
Cash and cash equivalents $ 40,587 $ 128,897 $ 42,916
Finance receivables, net 1,144,552 1,057,408 871,511
Interest-only receivables from Trusts 237,401 230,624 229,059
Investments in Trust receivables 446,329 390,912 341,707
Restricted cash 289,364 284,976 253,852
Other assets 156,777 154,222 123,224
-------------- --------------- -------------
Total assets $ 2,315,010 $ 2,247,039 $ 1,862,269
============== =============== =============
Borrowings under warehouse lines $ 756,650 $ 766,195 $ 487,700
Senior notes 375,000 375,000 375,000
Other notes payable 90,244 95,726 86,297
Other liabilities 261,196 249,129 224,693
-------------- --------------- -------------
Total liabilities 1,483,090 1,486,050 1,173,690
Shareholders' equity 831,920 760,989 688,579
-------------- --------------- -------------
Total liabilities and shareholders' equity $ 2,315,010 $ 2,247,039 $ 1,862,269
============== =============== =============
</TABLE>
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Cash Flows From Operating Activities:
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
-------------------------------------- ----------------------------------------
2000 1999 2000 1999
----------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
Cash revenue
Finance charge income $ 52,095 $ 27,458 $ 97,495 $ 54,994
Cash gain on sale 17,063 1,972 29,213 5,572
Servicing fee income 43,693 29,708 83,173 55,718
Other income 1,906 1,376 4,324 2,744
Securitization distributions 58,009 22,481 107,069 36,711
Changes in working capital (7,679) (2,220) 14,929 1,354
----------------- --------------- --------------- ----------------
165,087 80,775 336,203 157,093
----------------- --------------- --------------- ----------------
Cash expenses
Operating expenses (67,614) (48,873) (129,831) (97,186)
Interest expense (29,370) (16,129) (56,626) (30,405)
Income taxes (26,004) (12,284) (47,172) (24,825)
Charge for closing mortgage - (3,934) - (3,934)
operations
----------------- --------------- --------------- ----------------
(122,988) (81,220) (233,629) (156,350)
----------------- --------------- --------------- ----------------
Operating cash flow 42,099 (445) 102,574 743
Credit enhancement deposits (31,000) (30,000) (67,000) (57,000)
----------------- --------------- --------------- ----------------
Net cash flow $ 11,099 $ (30,445) $ 35,574 $ (56,257)
================= =============== =============== ================
Total Cash Flow Generated by Trusts:
Undistributed $ 45,594 $ 26,299 $ 72,092 $ 59,908
Distributed 58,009 22,481 107,069 36,711
----------------- --------------- --------------- ----------------
Total $ 103,603 $ 48,780 $ 179,161 $ 96,619
================= =============== =============== ================
</TABLE>
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Other Financial Data
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
------------------------------------- -------------------------------------------
2000 1999 2000 1999
---------------- --------------- ----------------- ------------------
<S> <C> <C> <C> <C>
Auto lending operations
Auto loan originations $1,380,986 $ 980,882 $2,787,739 $2,012,719
Auto loans sold 1,299,999 1,000,002 2,499,997 1,900,000
Gain on sale of auto loans 71,173 49,314 132,759 96,731
Gain on sale of auto loans 5.5% 4.9% 5.3% 5.1%
(% of loans sold)
Average owned receivables $ 961,780 $ 496,578 $ 881,232 $ 478,566
Average serviced receivables 6,894,906 4,542,046 6,566,758 4,245,948
---------------- --------------- ----------------- ------------------
Average managed receivables $7,856,686 $5,038,624 $7,447,990 $4,724,514
================ =============== ================= ==================
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
------------------------------------- -------------------------------------------
2000 1999 2000 1999
---------------- --------------- ----------------- ------------------
<S> <C> <C> <C> <C>
Auto lending operations
Net charge-offs
Owned $ 3,388 $ 1,726 $ 6,223 $ 3,384
Serviced 67,838 50,971 130,550 97,523
---------------- --------------- ----------------- ------------------
$ 71,226 $ 52,697 $ 136,773 $ 100,907
================ =============== ================= ==================
Net charge-offs as a percentage
of average managed
receivables outstanding 3.6% 4.1% 3.6% 4.2%
================ =============== ================= ==================
</TABLE>
<TABLE>
<CAPTION>
December 31, 2000
-----------------------------------------------------------------------
Auto loan portfolio Owned Serviced Total Managed
------------- ------------- -------------
<S> <C> <C> <C>
Principal $1,175,094 $7,050,415 $8,225,509
Allowance for losses (33,350) (695,854) (729,204)
------------- ------------- -------------
$1,141,744 $6,354,561 $7,496,305
============= ============= =============
Allowance for losses (%) 2.8% 9.9% 8.9%
============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
December 31, September 30, December 31,
2000 2000 1999
------------- ------------- -------------
<S> <C> <C> <C>
Auto loan delinquency (%)
31 - 60 days 7.8% 7.3% 7.6%
* 60 days 2.7% 2.4% 2.5%
------------- ------------- -------------
10.5% 9.7% 10.1%
Repossessions 1.0% 0.8% 0.9%
------------- ------------- -------------
11.5% 10.5% 11.0%
============= ============= =============
</TABLE>
* denotes greater than
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7
Pro Forma Portfolio-Based Earnings Data/1/
(Unaudited, Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
--------------------------------- -------------------------------
2000 1999/2/ 2000 1999/2/
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
Finance charge, fee and other income $ 386,749 $ 246,745 $ 742,575 $ 465,070
Funding costs (153,701) (96,579) (296,098) (174,751)
------------ ------------- ------------ ------------
Net margin 233,048 150,166 446,477 290,319
Operating expenses (73,201) (52,865) (140,495) (106,543)
Credit losses (71,226) (52,697) (136,773) (100,907)
------------ ------------- ------------ ------------
Pre-tax portfolio-based income 88,621 44,604 169,209 82,869
Income taxes (34,119) (17,173) (65,145) (31,905)
------------ ------------- ------------ ------------
Net portfolio-based income $ 54,502 $ 27,431 $ 104,064 $ 50,964
============ ============= ============ ============
Diluted portfolio-based
earnings per share $ 0.65 $ 0.35 $ 1.24 $ 0.68
============ ============= ============ ============
</TABLE>
Pro Forma Return on Managed Assets/1/
(Auto Business, Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
--------------------------------- -------------------------------
2000 1999 2000 1999
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
Finance charge, fee and other income 19.5% 19.4% 19.8% 19.4%
Funding costs (7.7) (7.6) (7.9) (7.3)
------------ ------------- ------------ ------------
Net margin 11.8 11.8 11.9 12.1
Credit losses (3.6) (4.1) (3.6) (4.2)
------------ ------------- ------------ ------------
Risk adjusted margin 8.2 7.7 8.3 7.9
Operating expenses (3.7) (4.2) (3.7) (4.4)
------------ ------------- ------------ ------------
Pre-tax return on managed assets 4.5 3.5 4.6 3.5
Income taxes (1.7) (1.3) (1.8) (1.3)
------------ ------------- ------------ ------------
Return on managed assets 2.8% 2.2% 2.8% 2.2%
============ ============= ============ ============
</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.
2 The pro forma portfolio-based earnings data for the periods ended December
31, 1999, excludes the charge for the closing of AmeriCredit's mortgage
business.
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