America's Car-Mart Reports Diluted Earnings per Share of $2.77 on Record Revenues of $292 Million

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

[{"type":"text","content":"ROGERS, Ark., Feb. 16, 2022 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its operating results for the third quarter of fiscal year 2022. “For the quarter, revenues were up almost 28% to a record $292 million, including an $11 million increase in interest income. Unit volumes were up slightly for the quarter, and the average sales price was up 24.8% to just over $17,000,” said Jeff Williams, President and CEO. “Unit sales volumes in November were up 20% compared to the prior year, up 7% in December, but down 21% in January. We believe this was primarily the result of the Omicron variant. While January had other challenges – weather as well as the timing of stimulus payments in the prior year period – we believe the Omicron variant was the primary cause of the decline in unit volume for January. The Omicron variant hit our region of the country later than most, but it appears to have followed the same trajectory as it has across the rest of the United States, and our workforce and our customer base have now returned to normal, pre-pandemic behavior. As such, we view January’s results as largely a one-time event. Again, the impact from the Omicron variant now appears to be behind us, and we are operating under more normalized conditions.” “We operate in a difficult, but very good business. We encourage you to view our Investor Video, which covers important aspects of our business model and is available in the Investor Section of our website at www.car-mart.com. We operate in the $490 billion below-prime used auto market. We believe we are the leading integrated auto sales and finance company, but we have a very small percentage (less than a quarter of one percent) of the total market. What makes our business difficult also deters larger companies who cater to prime and near-prime customers from entering our business. We provide a necessary product and have an obligation to serve more customers,” said Mr. Williams. “Once again, our industry has experienced drastic change, accelerated significantly by the COVID-19 pandemic. The average wholesale vehicle value is up over 45% in the last twelve months and up over 65% in the last two years. Since fiscal year 2018, we have been able to grow revenues from $612 million to over $1 billion, and EPS from $4.90 to $15.87 (each on a trailing 12-month basis),” sai...

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