America's Car-Mart Reports Diluted Earnings per Share of $1.83 on Revenues of $187 Million

About this update from America's Car-mart, Inc.

[{"type":"text","content":"BENTONVILLE, Ark., Feb. 19, 2020 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its operating results for the third quarter of fiscal year 2020.\n Highlights of third quarter operating results: Net earnings of $12.7 million, or $1.83 per diluted share vs. net earnings of $10.9 million, or $1.55 per diluted share for prior year quarterRevenues of $187 million compared to $161 million for the prior year quarter; current quarter includes same store revenue increase of 15.1%Sales volume productivity of 30.6 retail units sold per store per month, up from 27.9 for the prior year quarterInterest income increased 10.5%, or $2.2 million, with a 10.4% increase in average finance receivablesGross profit dollars increased $7.7 million, or 13.2%, to $65.7 million, and gross profit dollars per retail unit sold increased by $85, or 1.7%, to $4,938Selling, general and administrative expenses at 18.6% of sales compared to 18.9% for the prior year quarter and at 61.9% of total revenues less cost of sales and provision for credit losses compared to 60.5% for the prior year quarterNet Charge-offs as a percent of average finance receivables decreased to 5.9%, compared to 6.2% for the prior year quarter. Collections as a percent of average finance receivables remained flat at 13.2%.Provision for credit losses of 24.6% of sales vs. 25.4% for prior year quarter$1.1 million in common stock repurchases at an average price of approximately $91 per share (12,384 shares) “We are pleased to report solid top line growth with revenues up 15.9% and same store revenues up 15.1%. The continuous investments in our business are showing up in the numbers. We are striving for market share gains in the towns we serve as we firmly believe that customers’ lives are better when they are part of the Car-Mart family. The revenue increases we are experiencing are the direct result of improving operational execution in the field, starting with inventory management. To pick up market share in this very competitive environment, we will continue to focus on quality vehicles and a broad selection, as customers have many choices. Competition is intense but we are up to the challenge. Consumers are increasingly choosing America’s Car-Mart because we deliver service, convenience and peace of mind with their local transportation needs. We ‘Keep Customers...

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