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Shares of America's Car-Mart, Inc. (CRMT) were higher on Tuesday after the Company announced its operating results for the fourth quarter and fiscal year ended April 30, 2009.
Fourth quarter evenues increased 1.7% to $77.9 million, compared with $76.5 million in the same period of the prior fiscal year. Net income for the three months was $5.1 million, or $0.43 per diluted share, compared to $6.0 million, or $0.51 per diluted share, for the same period in the prior year. Analysts had expects income of $0.38 per share for the quarter.
For the year ended April 30, 2009, revenues increased 8.9% to $299 million compared with $275 million for the prior year. Net income for the year was $17.9 million, or $1.52 per diluted share, compared to $15.0 million, or $1.26 per diluted share, for 2008.
Tilman J. Falgout, III, Chairman of America's Car-Mart, commented in a conference call today, "We have made huge improvements in our business over the last 2 1/2 years, and we are continuing to improve all areas of our business. These financial results demonstrate that the progress we have made is significant."
Hank Henderson, President and CEO of America's Car-Mart, stated, "To be able to grow profits by 19% and revenues by 8.9% in the current environment is a testament to the strength of our business model. The branding efforts that have been underway for the last few years coupled with strong lot-level execution are resulting in us being the value proposition leader for car buyers."
"Our growth at the top and bottom lines was especially impressive given the significant negative macro-economic factors that were prevalent during most of the year. As a result of our continuing focus on maximizing cash flows, overall debt for the year was reduced by $10.5 million to $29.8 million with growth in finance receivables of $23 million, $2.7 million in capital asset additions and $1.2 million in stock re-purchases. At April 30, 2009 we had $30.6 million in excess availability under our revolving credit facilities. Our debt to equity and debt to finance receivable ratios of 19% and 12.9% are the best in our industry and we will continue to focus on maximizing cash flows into the future," added Jeff Williams, America's Car-Mart's CFO.
Shares of CRMT are trading over 60% higher since March.
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