America's Car-Mart Reports Diluted Earnings Per Share of $.76 on Revenues of $110 Million, 1.3% of Outstanding Shares

America's Car-Mart Reports Diluted Earnings Per Share of $.76 on Revenues of
$110 Million, 1.3% of Outstanding Shares Repurchased During Quarter

BENTONVILLE, Ark., Nov. 19, 2012 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc.
(Nasdaq:CRMT) today announced its operating results for its second fiscal
quarter ended October 31, 2012. Since February 1, 2010, the Company has
invested approximately $85 million to repurchase 24.2% of its outstanding
shares under its stock repurchase program.

Highlights of second quarter operating results:

  *Net income of $7.3 million - $.76 per diluted share vs. $.77 per diluted
    share for prior year quarter
  *Revenues of $110 million compared to $111 million for the prior year
    quarter with same store revenue decrease of 4.8%
  *Retail unit sales decrease of 1.1% to 9,814 from 9,919 for the prior year
    quarter
  *Average retail sales price decreased $42, or 0.4% from the prior year
    quarter and $69, or 0.7% sequentially
  *Opened the Company's 117^th dealership - in Oxford, Mississippi
  *Repurchased 119,308 shares of common stock during the quarter (1.3% of the
    Company) for $5.25 million
  *Active accounts base now over 55,500
  *Debt to equity of 48.8% and debt to finance receivables of 26.9%
  *Allowance for credit losses at 21.5% of finance receivables at October 31,
    2012 and at April 30, 2012

Highlights of six month operating results:

  *Net income of $15.4 million or $1.59 per diluted share vs. $1.55 per
    diluted share for prior year period (2.6% increase in diluted earnings per
    share)
  *Revenue increase of 4.2% to $220.2 million from $211.3 million for the
    prior year period with same store revenue growth of 0.1%
  *Retail unit sales increase of 3.2% to 19,567 from 18,968 for the prior
    year period
  *Strong cash flows supporting the increase in revenues and the $22 million
    increase in Finance Receivables, $2.0 million in net capital expenditures,
    and $14.7 million in common stock re-purchases with only a $13.4 million
    increase in total debt
  *Provision for credit losses of 23.1% of sales vs. 21.6% for prior year
    period

"While we are facing some near-term revenue challenges, we are convinced that
the direction we are going will provide significant profitable long-term
opportunities for America's Car-Mart. We are confident that our business model
is strong and our growth opportunities are outstanding. The amount of funding
for the sub-prime auto industry has increased recently and appears to have had
somewhat of a negative effect on our overall revenues during the 2^nd quarter,
especially in some of our older, more established markets," said William H.
("Hank") Henderson, President and Chief Executive Officer of America's
Car-Mart. "This is not the first time we have seen this situation over our 31
year history and we are making adjustments to help retain our better repeat
customers who now may have a few more options than they have had in the recent
past. We believe that Car-Mart's local presence and face to face relationships
give us the ability to work with customers far more effectively than subprime
finance companies. We offer the best long-term choice for our customers and we
will work tirelessly to earn their repeat business by providing quality
vehicles, affordable payment terms and excellent service. We have over 55,000
active accounts and many more past customers who know what Car-Mart stands for
and the lengths we go to help them succeed. We are committed to fighting to
keep our best customers and we look forward to a bright future. In addition to
serving our existing markets, we believe that there has never been a better
time for Car-Mart to be adding new locations to serve an ever expanding
customer base."

"Even though we are seeing some near-term challenges, especially as related to
revenues, there are certainly several bright spots with our financial
performance for the quarter. Our performance has been positively impacted by
our share repurchase program (we now have less than 9.1 million shares
outstanding), higher interest income on our portfolio and an overall higher
gross profit percentage as we continue to work hard on managing expenses.
Lower unit sales combined with the fact that we have seen three consecutive
sequential quarter decreases in our average retail sales price has had
somewhat of a negative short-term effect on gross margin dollars, selling,
general and administrative expense leveraging and overall credit losses as a
percentage of sales. However, we believe that over the long-term, lower
selling prices increase affordability and resulting customer success," said
Jeff Williams, Chief Financial Officer of America's Car-Mart. "The current
macroeconomic environment continues to be challenging and all of our efforts
will be aimed at creating value over the long-term. When we look to the future
we are convinced that the business model will support significant volume
expansion. Our efforts will be aimed at attracting new customers as well as
earning repeat business from our very best existing and previous customers."

"The Company repurchased 119,308 shares of its common stock during the second
quarter (1.3%). Since February 1, 2010 we have repurchased 2,828,691 shares,
or 24.2% of our Company. As we have said, we believe in the long-term value of
our company and we plan to invest in the repurchase program when favorable
conditions are present. Potential future changes to the structuring of
customer contracts could have the effect of reducing the level of capital
allocated to our stock repurchase program when compared to levels in recent
history. Such changes could result in offering somewhat longer overall
contract terms as we have been extremely aggressive over the last several
years in efforts to keep our terms short. As we have said in the past, our
primary focus will be on the healthy growth of our base business. Our debt to
equity ratio was 48.8% and our debt to finance receivables ratio was 26.9% at
the end of the quarter," added Mr. Williams. "Our balance sheet is very
healthy and by staying focused on cash returns our future is bright."

Conference Call

Management will be holding a conference call on Tuesday November 20, 2012 at
11:00 a.m. Eastern Time to discuss second quarter results. A live audio of the
conference call will be accessible to the public by calling (877) 776-4031.
International callers dial (631) 291-4132. Callers should dial in
approximately 10 minutes before the call begins. A conference call replay will
be available one hour following the call for thirty days and can be accessed
by calling (855) 859-2056 (domestic) or (404) 537-3406 (international),
conference call ID #65051451.

About America's Car-Mart

America's Car-Mart, Inc. (the "Company") operates 117 automotive dealerships
in nine states and is the largest publicly held automotive retailer in the
United States focused exclusively on the "Integrated Auto Sales and Finance"
segment of the used car market. The Company emphasizes superior customer
service and the building of strong personal relationships with its customers.
The Company operates its dealerships primarily in small cities throughout the
South-Central United States selling quality used vehicles and providing
financing for substantially all of its customers.For more information,
including investor presentations, on America's Car-Mart, please visit our
website at www.car-mart.com.

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.These forward-looking
statements address the Company's future objectives, plans and goals, as well
as the Company's intent, beliefs and current expectations regarding future
operating performance, and can generally be identified by words such as "may,"
"will," "should," "could, "believe," "expect," "anticipate," "intend," "plan,"
"foresee," and other similar words or phrases.Specific events addressed by
these forward-looking statements include, but are not limited to:

  *new dealership openings;
  *performance of new dealerships;
  *same store revenue growth;
  *future overall revenue growth;
  *the Company's collection results, including but not limited to collections
    during income tax refund periods;
  *repurchases of the Company's common stock;
  *the Company's business and growth strategies.

These forward-looking statements are based on the Company's current estimates
and assumptions and involve various risks and uncertainties.As a result, you
are cautioned that these forward-looking statements are not guarantees of
future performance, and that actual results could differ materially from those
projected in these forward-looking statements.Factors that may cause actual
results to differ materially from the Company's projections include, but are
not limited to:

  *the availability of credit facilities to support the Company's business;
  *the Company's ability to underwrite and collect its accounts effectively,
    including but not limited to collections during income tax refund periods;
  *competition;
  *dependence on existing management;
  *availability of quality vehicles at prices that will be affordable to
    customers;
  *changes in financing laws or regulations; and
  *general economic conditions in the markets in which the Company operates,
    including but not limited to fluctuations in gas prices, grocery prices
    and employment levels.

Additionally, risks and uncertainties that may affect future results include
those described from time to time in the Company's SEC filings. The Company
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.You are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the dates on which they are made.


America's Car-Mart, Inc.
Consolidated Results of Operations
(Operating Statement Dollars in Thousands)

                                                % Change As a % of Sales
                           Three Months Ended     2012     Three Months Ended
                           October 31,            vs.      October 31,
                           2012       2011        2011     2012      2011
Operating Data:                                                   
Retail units sold           9,814     9,919      (1.1)%           
Average number of stores in 116       109        6.4              
operation
Average retail units sold   28.2      30.3       (6.9)            
per store per month
Average retail sales price  $9,515   $9,557    (0.4)            
Same store revenue growth   -4.8%      13.7%                        
Net charge-offs as a
percent ofaverage Finance  6.5%       6.5%                         
Receivables
Collections as a percent of 14.5%      15.7%                        
average Finance Receivables
Average percentage of
Finance Receivables-Current 82.4%      82.4%                        
(excl. 1-2 day)
Average down-payment        6.4%       6.8%                         
percentage
                                                                 
Period End Data:                                                  
Stores open                 117       111        5.4%             
Accounts over 30 days past  4.3%       3.9%                         
due
Finance Receivables, gross  $339,248 $309,453  9.6%             
                                                                 
Operating Statement:                                              
Revenues:                                                         
Sales                       $98,194  $100,128  (1.9)%  100.0%   100.0%
Interest income             12,025    10,679     12.6    12.2     10.7
Total                       110,219   110,807    (0.5)   112.2    110.7
                                                                 
Costs and expenses:                                               
Cost of sales               56,204    57,807     (2.8)   57.2     57.7
Selling, general and        17,351    16,721     3.8     17.7     16.7
administrative
Provision for credit losses 23,647    22,623     4.5     24.1     22.6
Interest expense            708       575        23.1    0.7      0.6
Depreciation and            696       565        23.2    0.7      0.6
amortization
Total                       98,606    98,291     0.3     100.4    98.2
                                                                 
Income before taxes         11,613    12,516             11.8     12.5
                                                                 
Provision for income taxes  4,335     4,756              4.4      4.7
                                                                 
Net income                  $7,278   $7,760            7.4      7.8
                                                                 
Dividends on subsidiary     $(10)    $(10)                      
preferred stock
                                                                 
Net income attributable to  $7,268   $7,750                     
common shareholders
                                                                 
Earnings per share:                                               
Basic                       $0.80    $0.79                      
Diluted                     $0.76    $0.77                      
                                                                 
Weighted average number of                                        
shares outstanding:
Basic                       9,105,921 9,776,817                   
Diluted                     9,579,409 10,081,274                  
                                                                 
                                                                 

America's Car-Mart, Inc.
Consolidated Results of Operations
(Operating Statement Dollars in Thousands)

                                                  % Change As a % of Sales
                             Six Months Ended       2012     Six Months Ended
                             October 31,           vs.      October 31,
                             2012       2011        2011     2012     2011
Operating Data:                                                    
Retail units sold             19,567    18,968     3.2%            
Average number of stores in   115       108        6.5             
operation
Average retail units sold per 28.4      29.3       (3.1)           
store per month
Average retail sales price    $9,549   $9,502    0.5             
Same store revenue growth     0.1%       8.5%                        
Net charge-offs as a percent
of average Finance            12.4%      12.0%                       
Receivables
Collections as a percent of   29.4%      31.6%                       
average Finance Receivables
Average percentage of Finance
Receivables-Current (excl.    82.0%      81.6%                       
1-2 day)
Average down-payment          6.8%       7.1%                        
percentage
                                                                  
Period End Data:                                                   
Stores open                   117       111        5.4%            
Accounts over 30 days past    4.3%       3.9%                        
due
Finance Receivables, gross    $339,248 $309,453  9.6%            
                                                                  
Operating Statement:                                               
Revenues:                                                          
Sales                         $196,491 $190,452  3.2%    100.0%  100.0%
Interest income               23,728    20,879     13.6    12.1    11.0
Total                         220,219   211,331    4.2     112.1   111.0
                                                                  
Costs and expenses:                                                
Cost of sales                 112,389   109,369    2.8     57.2    57.4
Selling, general and          35,207    32,918     7.0     17.9    17.3
administrative
Provision for credit losses   45,310    41,157     10.1    23.1    21.6
Interest expense              1,361     1,018      33.7    0.7     0.5
Depreciation and amortization 1,358     1,103      23.1    0.7     0.6
Total                         195,625   185,565    5.4     99.6    97.4
                                                                  
Income before taxes           24,594    25,766             12.5    13.5
                                                                  
Provision for income taxes    9,198     9,725              4.7     5.1
                                                                  
Net income                    $15,396  $16,041           7.8     8.4
                                                                  
Dividends on subsidiary       $(20)    $(20)                     
preferred stock
                                                                  
Net income attributable to    $15,376  $16,021                   
common shareholders
                                                                  
Earnings per share:                                                
Basic                         $1.67    $1.60                     
Diluted                       $1.59    $1.55                     
                                                                  
Weighted average number of                                         
shares outstanding:
Basic                         9,205,332 10,024,088                 
Diluted                       9,665,739 10,330,549                 



America's Car-Mart, Inc.
Consolidated Balance Sheet and Other Data
(Dollars in Thousands)
                                                                  
                                                       October 31, April 30,
                                                       2012        2012
                                                                  
Cash and cash equivalents                               $400      $276
Finance receivables, net                                $268,811  $251,103
Total assets                                            $329,858  $310,940
Total debt                                              $91,256   $77,900
Treasury stock                                          $91,909   $77,242
Stockholders' equity                                    $187,112  $184,473
Shares outstanding                                      9,070,289  9,378,346
                                                                  
                                                                  
Finance receivables:                                               
Principal balance                                       $339,248  $316,934
Deferred Revenue - payment protection plan             (11,544)   (10,745)
Allowance for credit losses                             (70,437)   (65,831)
                                                                  
Finance receivables, net of allowance & deferred        $257,267  $240,358
revenue
                                                                  
                                                                  
Allowance as % of net principal balance                 21.5%       21.5%
                                                                  
                                                                  
Changes in allowance for credit losses:                            
                                                       Six Months Ended
                                                       October 31,
                                                       2012        2011
Balance at beginning of year                            $65,831   $60,173
Provision for credit losses                             45,310     41,157
Net charge-offs                                         (40,704)   (35,399)
                                                                  
Balance at end of period                                $70,437   $65,931

CONTACT: William H. ("Hank") Henderson, CEO at (479) 464-9944
         or Jeffrey A. Williams, CFO at (479) 418-8021

America's Car-Mart Inc. Logo
 
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