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AmeriCredit
Corp. (ACF:NYSE):
Announces Pricing of Securitization of $1 Billion of Receivables
FORT WORTH,
Texas, September 3, 2003--AmeriCredit Corp. (NYSE:ACF) announced
the pricing of a securitization of $1 billion of automobile
retail installment contracts. Asset-backed securities totaling
$915 million were offered through lead manager Deutsche Bank
Securities. Co-managers are JP Morgan, Lehman Brothers and Wachovia
Securities. AmeriCredit uses net proceeds from securitization
transactions to provide long-term financing of its receivables.
The weighted average coupon is 2.8%.
Financial Security Assurance will provide bond insurance for this
transaction. Initial credit enhancement will total 11.5% of the
original receivable pool balance building to the total required
enhancement level of 18% of the then outstanding receivable pool
balance. The initial 11.5% enhancement will consist of 2% cash and
9.5% overcollateralization.
This transaction represents AmeriCredit's 40th securitization of
automobile receivables in which a total of more than $30 billion of
automobile receivables-backed securities has been issued.
Copies of the prospectus relating to this offering of
receivables-backed securities may be obtained from the manager and
co-managers. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the securities described in
this press release, nor shall there be any sale of these securities in
any State in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws
of any such State.
AmeriCredit Corp. is a leading independent middle-market auto
finance company. Using its branch network and strategic alliances with
auto groups and banks, the Company purchases retail installment
contracts entered into by auto dealers with consumers who are
typically unable to obtain financing from traditional sources.
AmeriCredit has more than one million customers and over $14 billion
in managed auto receivables. The Company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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Reports
Fourth Quarter and Fiscal Year 2003 Operating Results
Restates Results for Fiscal Year 2002
FORT WORTH,
Texas, August 25, 2003--AmeriCredit Corp. (NYSE:ACF) today announced
operating results for its fourth quarter and fiscal year 2003
and a restatement of operating results for fiscal year 2002
and the nine months ended March 31, 2003. This announcement
updates the August 6, 2003, press release that provided summary
operating results for the quarter and fiscal year ended June
30, 2003.
Fourth quarter and fiscal year 2003 results
For its fourth fiscal quarter ended June 30, 2003, AmeriCredit
reported a net loss of $17.1 million, or $0.11 per share, which
includes a $93.7 million pre-tax ($57.7 million after-tax), non-cash
impairment charge to the Company's credit enhancement assets. Restated
earnings for the fourth fiscal quarter ended June 30, 2002, were $90.8
million, or $1.00 per share. For the fiscal year ended June 30, 2003,
AmeriCredit reported net income of $21.2 million, or $0.15 per share,
compared with restated earnings of $314.6 million, or $3.50 per share,
for the fiscal year ended June 30, 2002.
The carrying value of the Company's credit enhancement assets
after the impairment charge is based on the assumption that credit
defaults and recovery rates in the off-balance sheet trusts will be
consistent with recent experience for the foreseeable future. These
assumptions lead to cumulative credit loss expectations for the 2000,
2001 and 2002 trusts in the 13.0 to 14.5 percent range, compared to
previous expectations in the 12.5 to 14.0 percent range.
"While we're disappointed with the impairment charge related to
our off-book portfolio, we're encouraged with the progress we've made
under our revised operating plan," said AmeriCredit CEO Clifton
Morris. "Over the last six months, we made tough decisions, executed
changes swiftly, and finished the fiscal year with improved liquidity
and a stronger balance sheet."
Automobile loan purchases were $686.9 million for the fourth
quarter of fiscal 2003, compared with the Company's stated origination
goal of approximately $750 million per quarter. Loan purchases for the
same quarter last year were $2.4 billion. Managed auto receivables
totaled $14.9 billion at June 30, 2003.
Annualized net charge-offs were 7.4% of average managed auto
receivables for the fourth quarter of fiscal 2003, compared with
annualized net charge-offs of 7.6% for the March 2003 quarter and 5.2%
for the June 2002 quarter. Managed auto receivables more than 60 days
delinquent were 3.3% of total managed auto receivables at June 30,
2003, compared with 2.7% at March 31, 2003, and 3.3% at June 30, 2002.
AmeriCredit's unrestricted cash balance totaled $316.9 million at
June 30, 2003, compared with $238.1 million at March 31, 2003.
Additionally, in July the Company received a $70 million refund of
estimated tax payments made in fiscal year 2003.
FAS 133 restatement
The Company and its independent accountants have reviewed the
accounting treatment under Statement of Financial Accounting Standards
No. 133, "Accounting for Derivative Instruments and Hedging
Activities," (FAS 133) for certain interest rate swaps that were
entered into prior to 2001 and used to hedge interest rate risk on a
portion of its cash flows from credit enhancement assets. The result
of this review is that certain unrealized losses originally classified
in other comprehensive income should be reclassified to net income for
fiscal year 2002 and the first nine months of fiscal year 2003.
In September, the Company will file an amended annual report on
Form 10-K for the fiscal year ended June 30, 2002, and amended
quarterly reports on Form 10-Q for the first three quarters of fiscal
year 2003 to reflect these changes.
Regulation FD
Pursuant to Regulation FD, the Company provides its expectations
regarding future business trends to the public via a press release or
8-K filing. The Company anticipates some risks and uncertainties with
its guidance as it continues to execute its revised operating plan
implemented in February 2003.
This guidance incorporates, but is not limited to, the restatement
of prior period earnings related to FAS 133, the impairment of credit
enhancement assets in the June 2003 quarter and the following
assumptions:
-- Approximately $750 million in quarterly loan originations,
-- Stable credit quality,
-- An increase in operating expenses as a percent of the managed
portfolio as the portfolio balance declines, and
-- AmeriCredit anticipates that it will terminate its whole loan
purchase facility in the September 2003 quarter. In
connection, the Company will be required to expense the 3%
(approximately $30 million) residual interest granted to the
purchaser and all deferred costs related to the facility
during the quarter. AmeriCredit intends to repurchase and
subsequently securitize these receivables.
AmeriCredit will host a conference call for analysts and investors
today at 5:30 p.m. Eastern Daylight Time. 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.
About AmeriCredit
AmeriCredit Corp. is a leading independent middle-market auto
finance company. Using its branch network and strategic alliances with
auto groups and banks, the Company purchases retail installment
contracts entered into by auto dealers with consumers who are
typically unable to obtain financing from traditional sources.
AmeriCredit has more than one million customers and over $14 billion
in managed auto receivables. The Company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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, 2002. Such risks include -- but are not
limited to -- deteriorating economic environment, adverse portfolio
performance, declining wholesale values, reliance on capital markets,
fluctuating interest rates, increased competition, regulatory changes
and tightening labor markets. 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.
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To
Release Complete Fiscal Year 2003 Operating Results
FORT WORTH,
Texas, August 21, 2003 -- AmeriCredit Corp. (ACF) will release
its complete fourth quarter and fiscal year 2003 operating results
on Monday, August 25, 2003. The company will issue this earnings
release after market close. A conference call to discuss the
results will begin at 5:30 p.m. EDT.
The conference call will be broadcast live for all interested parties via the company's web site at www.americredit.com . It is necessary to go to the company's web site to register, download and install any necessary audio software prior to the call. For those who cannot listen to the live broadcast, a replay will be available shortly after the call is completed.
AmeriCredit Corp. is a leading independent middle-market auto finance company. Using its branch network and strategic alliances with auto groups and banks, the Company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers and over $14 billion in managed auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas.
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Delays
Release of Operating Results
FORT
WORTH, Texas August 6, 2003 -- AMERICREDIT CORP. (NYSE:ACF)
announced that the release of its operating results for the
quarter and fiscal year ended June 30, 2003, will be delayed.
AmeriCredit expects to report its complete operating results
on or before August 29, 2003. The conference call scheduled
for tomorrow morning, August 7, will also be delayed.
The Company
and its independent accountants are reviewing the accounting
treatment under Financial Accounting Standards Board's Statement
133, "Accounting for Derivative Instruments and Hedging Activities",
of certain interest rate swaps that were entered into prior
to 2001 and used to hedge variable cash flows on credit enhancement
assets. This review will determine whether unrealized losses
originally classified in other comprehensive income should
be reclassified to net income for fiscal year 2002 and the
first nine months of fiscal year 2003, which may result in
a restatement. The amount of unrealized losses being reviewed
totals approximately $50 million pre-tax. Any restatement
will not change previously reported cash flows and is not
expected to impact shareholders' equity as of March 31, 2003,
because any such unrealized losses that may be reclassified
to net income have already reduced shareholders' equity through
other comprehensive income.
In addition,
the Company will likely miss its previously provided net income
guidance for fiscal year 2003 of $60 million to $70 million
because it expects to record an impairment of the credit enhancement
assets relating to its off-book portfolio. The Company is
also withdrawing its guidance for the 12 months ended December
31, 2003, but will be prepared to issue new guidance when
it reports its operating results.
"We are
disappointed in this delay, but need more time to review these
complex accounting issues and estimates before reporting our
results," stated Clifton Morris, CEO of AmeriCredit. "However,
the delay will have no effect on our current operating strategy."
While
the presentation of complete financial results for the quarter
and fiscal year ended June 30, 2003, has been delayed, AmeriCredit
is providing the following operating results for the June
quarter:
-- Unrestricted cash balances increased by $79 million to
$317 million at June 30, 2003, compared with $238 million
at March 31, 2003.
-- Operating expenses declined to 2.0% of the average portfolio
balance for the quarter ended June 30, 2003, compared with
2.1% of the average portfolio balance for the quarter ended
March 31, 2003.
-- Automobile loan purchases were $687 million for the fourth
quarter of fiscal 2003, compared with the Company's reduced
loan origination goal of approximately $750 million per quarter.
-- Managed auto receivables declined to $14.9 billion at June
30, 2003, compared with $15.8 billion at March 31, 2003.
-- Annualized net charge-offs were at 7.4% of average managed
auto receivables for the fourth quarter of fiscal 2003, compared
with net charge-offs of 7.6% for the March 2003 quarter.
-- Managed auto receivables more than 60 days delinquent were
3.3% of total managed auto receivables at June 30, 2003, compared
with 2.7% at March 31, 2003, and 3.3% at June 30, 2002.
-- Vehicles pending sale at auction declined from 1.44% at
March 31, 2003, to 1.16% at June 30, 2003.
-- The recovery rate during the June quarter increased to
41% of the loan balance compared with 40% last quarter.
"The
operating results for the June quarter reflect continued execution
of the revised operating plan we implemented in February,"
said AmeriCredit President Dan Berce. "We have significantly
improved our liquidity position, we have successfully accessed
the capital markets, and our balance sheet is getting stronger."
AmeriCredit
still plans to provide servicer certificates and summary statistical
data for outstanding securitizations for the month of July
next Monday, August 11, as previously scheduled.
About AmeriCredit
AmeriCredit
Corp. is one of the largest independent middle-market auto
finance companies in North America. Using its branch network
and strategic alliances with auto groups and banks, the Company
purchases retail installment contracts entered into by auto
dealers with consumers who are typically unable to obtain
financing from traditional sources. AmeriCredit has more than
one million customers and over $14 billion in managed auto
receivables. The Company was founded in 1992 and is headquartered
in Fort Worth, Texas.
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, 2002. Such risks
include - but are not limited to - deteriorating economic
environment, adverse portfolio performance, reliance on capital
markets, fluctuating interest rates, increased competition,
regulatory changes and tightening labor markets. 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.
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To
Webcast Analyst Conference Call on Fourth Quarter Operating
Results
FORT WORTH, Texas, July 17, 2003--AMERICREDIT
CORP. (NYSE:ACF) will release its fourth quarter 2003 operating
results on August 6, 2003 after market close. Management will host an
analyst conference call on August 7 at 8:30 a.m. Eastern to discuss
AmeriCredit's operating results for the period.
This call will be broadcast live for all interested parties via
the Company's Web site at www.americredit.com. It is necessary to go
to the Company's Web site to register, download and install any
necessary audio software prior to the call. For those who cannot
listen to the live broadcast, a replay will be available shortly after
the call.
AmeriCredit Corp. is one of the largest independent middle-market
auto finance companies in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
and over $15 billion in managed auto receivables. The company was
founded in 1992 and is headquartered in Fort Worth, Texas.
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To Webcast New York Investor Breakfast
FORT WORTH, Texas, May 29, 2003--AMERICREDIT
CORP. (NYSE:ACF) will host a breakfast meeting for investors on
Wednesday, June 4 at 7:30 a.m. Eastern in New York City to discuss a
general overview of the Company. A Webcast of prepared remarks for
this event will begin promptly at 7:45 a.m.
This event will be broadcast live for all interested parties via
the Company's Web site at www.americredit.com/investors/conferencecalls.asp. It is necessary to
go to the Company's Web site to register, download and install any
necessary audio software prior to the call. For those who cannot
listen to the live broadcast, a replay will be available shortly after
the call.
AmeriCredit Corp. is one of the largest independent middle-market
auto finance companies in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
and over $15 billion in managed auto receivables. The company was
founded in 1992 and is headquartered in Fort Worth, Texas.
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To Webcast Informational Conference Call
FORT WORTH, Texas, May 14, 2003--AMERICREDIT CORP. (NYSE:ACF) will host a conference call on Tuesday, May 20 at 11:00 a.m. Eastern to assist shareholders in reviewing the composition of AmeriCredit's balance sheet.
This call will be broadcast live for all interested parties via the Company's Web site at www.americredit.com/investors/conferencecalls.asp . It is necessary to go to the Company's Web site to register, download and install any necessary audio software prior to the call. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. Supplemental slides will be available on the Web site to download on Monday afternoon, May 19.
AmeriCredit Corp. is one of the largest independent middle-market auto finance companies in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers and over $15 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas.
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Announces $825 Million Asset-Backed Securitization
FORT WORTH, Texas, May 13, 2003--AMERICREDIT
CORP. (NYSE:ACF) announced the pricing of a $825 million offering of
automobile receivables-backed securities through lead managers
Deutsche Bank Securities and Credit Suisse First Boston. Co-managers
are Barclays Capital, JP Morgan and Wachovia Securities.
The bond insurer for this transaction is XL Capital Assurance Inc.
AmeriCredit uses net proceeds from securitization transactions to
provide long-term financing of automobile retail installment
contracts.
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 2003-B-X, in six classes of Notes:
Note Class Amount Average Life Price Interest Rate
---------- ------ ------------ ----- -------------
A-1 $ 147,000,000 0.18 years 100.00000 1.29%
A-2-A $ 201,000,000 0.95 years 99.99816 1.55%
A-2-B $ 115,000,000 0.95 years 100.00000 Libor + 0.19%
A-3 $ 119,000,000 2.00 years 99.98318 2.11%
A-4-A $ 143,000,000 3.11 years 99.99260 2.72%
A-4-B $ 100,000,000 3.11 years 100.00000 Libor + 0.38%
-------------
$825,000,000
=============
The weighted average coupon is 2.3%.
Initial credit enhancement on this trust will total 10.5% of the
original receivable pool balance building to the total required
enhancement level of 18% of the pool balance. The initial 10.5%
enhancement will consist of 3% cash, 4.8% overcollateralization and
2.7% reinsurance. The Company remains on track to generate cash flow
in the June 2003 quarter, and the ability to incorporate reinsurance
in this transaction will further add to its liquidity position.
This transaction represents AmeriCredit's 39th securitization of
automobile receivables in which a total of more than $29 billion of
automobile receivables-backed securities has been issued.
Copies of the prospectus relating to this offering of
receivables-backed securities may be obtained from the managers and
co-managers. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the securities described in
this press release, nor shall there be any sale of these securities in
any State in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws
of any such State.
AmeriCredit Corp. is one of the largest independent middle-market
auto finance companies in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
and over $15 billion in managed auto receivables. The company was
founded in 1992 and is headquartered in Fort Worth, Texas.
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Reorganizes Executive Team
FORT WORTH,
Texas, April 23, 2003--AmeriCredit Corp. (NYSE:ACF) - The Board
of Directors has reorganized the Company's executive management
team, effective immediately. Four executive officers have been
promoted or had their duties expanded, and two executive officers
have stepped down.
The Board has expanded the duties of Chairman Clifton Morris by returning him to the position of chairman and chief executive officer (CEO) - a position he held from 1988 until 2000. Morris replaces Michael Barrington, who has stepped down as president & CEO. Barrington will continue to serve on AmeriCredit's Board of Directors and will serve as a consultant to the Company.
"The Board of Directors has decided that as the Company changes direction under its revised operating plan, now is an appropriate time for Mike to step down and for there to be a leadership change," said AmeriCredit Chairman and CEO Clifton Morris. "The Company realized tremendous growth during Mike Barrington's tenure, and the Board appreciates all that he has accomplished. We look forward to continuing our relationship with Mike in his roles as a director and consultant."
To fill the position of president, the Board has promoted Daniel Berce. He had served as chief financial officer since 1991 and will remain a member of AmeriCredit's Board of Directors. The Board has also promoted Preston Miller from treasurer to chief financial officer (CFO) and Mark Floyd from president of Dealer Services to chief operating officer (COO). Floyd replaces Michael Miller, who stepped down.
"As an executive management team, our strategic focus will remain the same," said President Daniel Berce. "We are committed to our plans to preserve and strengthen our capital and liquidity. We are positioning AmeriCredit to generate positive cash flow by the June 2003 quarter and build liquidity thereafter. I look forward to leading the AmeriCredit team as we face the challenges and opportunities that lie ahead."
"AmeriCredit has a team of highly experienced executives with full knowledge and understanding of the challenges ahead. The Board has confidence that the Company will prosper under the leadership of Dan Berce and our executive team as we move through our second decade in business," Morris said.
About AmeriCredit
AmeriCredit Corp. is one of the largest independent middle-market auto finance companies in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers and more than $15 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com .
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Reports
Third Quarter Operating Results
FORT WORTH,
Texas, April 23, 2003 -- AmeriCredit Corp. (NYSE:ACF) today
announced net income of $14.5 million, or $0.09 per share, for
its third fiscal quarter ended March 31, 2003, versus earnings
of $91.6 million, or $1.02 per share, for the same period a
year earlier. For the nine months ended March 31, 2003, AmeriCredit
reported net income of $40.1 million, or $0.30 per share, versus
earnings of $251.0 million, or $2.81 per share, for the nine
months ended March 31, 2002.
Net income for the March 2003 quarter was reduced by $53.1 million for pretax restructuring charges including $32.3 million for the workforce reduction and branch consolidation previously announced in February, and $20.8 million for the termination of the Company's Customer Relationship Management (CRM) project. The investment in the CRM project was designed to provide scalability and marketing benefits in a high growth environment, which under AmeriCredit's revised operating plan are no longer necessary.
Automobile loan purchases were $1.32 billion for the third quarter of fiscal 2003, and the Company remains on track to originate approximately $750 million of loans per quarter beginning in the June 2003 quarter. AmeriCredit's managed auto receivables totaled $15.8 billion at March 31, 2003.
"We've operated the business for two months under our revised operating plan, and it's definitely working," said AmeriCredit Chairman and Chief Executive Officer Clifton Morris. "We designed the plan to generate positive cash flow by the June 2003 quarter and build liquidity thereafter, and we remain on target to meet those expectations."
Credit Quality
Annualized net charge-offs were 7.6% of average managed auto receivables for the third quarter of fiscal 2003, compared to net charge-offs of 5.8% for the December 2002 quarter. Vehicles pending sale at auction remained stable at 1.4% of the portfolio at March 31, 2003. Managed auto receivables more than 60 days delinquent were 2.7% of total managed auto receivables at March 31, 2003, compared to 4.1% at December 31, 2002 and 3.1% at March 31, 2002.
Funding Update
During the quarter, AmeriCredit completed a $1 billion whole loan purchase facility as a supplement to the Company's securitization program. In addition, the Company completed its 38th asset-backed securitization with the $1 billion 2003-A-M transaction on April 16, 2003.
"In the past three months, we have completed approximately $2 billion in permanent financing and today have $4 billion in committed credit facilities to fund new loan originations. These accomplishments significantly support our goal of preserving and building our liquidity position," said AmeriCredit President Daniel Berce.
Trust Information
Concurrent with this release, the Company posted its March securitization certificates on www.americredit.com . The Company exceeded the cumulative net loss ratio on three of its 15 FSA-insured securitizations for the first time in the month of March. This has resulted in the postponement of excess cash flow to the Company from all FSA-insured securitizations beginning with distributions payable the first week of April 2003. The postponement of these cash distributions may continue through mid-2004. AmeriCredit continues to receive servicing fees from all of its U.S. securitizations, including those insured by FSA.
Regulation FD
AmeriCredit provides information to investors on its Web site at www.americredit.com including press releases, conference calls, SEC filings and other financial data.
Pursuant to Regulation FD, the Company provides its expectations regarding future business trends to the public via a press release or 8-K filing. The Company anticipates some risks and uncertainties with its guidance as it continues to execute its revised operating plan.
AmeriCredit will host a conference call for analysts and investors at 8:30 A.M. Eastern Time on Thursday, April 24, 2003. 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 Corp. is one of the largest independent middle-market auto finance companies in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers and over $15 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.
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Announces $1.0 Billion Asset-Backed Securitization
FORT WORTH, Texas, April 9, 2003--AMERICREDIT
CORP. (NYSE:ACF) announced the pricing of a $1.0 billion offering of
automobile receivables-backed securities through lead managers
Deutsche Bank Securities and Barclays Capital and co-managers Credit
Suisse First Boston, J.P. Morgan, Lehman Brothers, and Wachovia
Securities.
The bond insurer for this transaction is MBIA Insurance
Corporation (NYSE:MBI). AmeriCredit uses net proceeds from
securitization transactions to provide long-term financing of
automobile retail installment contracts.
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 2003-A-M, in seven classes of Notes:
The weighted average coupon is 2.6%.
The Note Classes are rated by Standard & Poor's, Moody's Investors
Service, Inc. and Fitch, Inc.
Initial credit enhancement on this trust will total 10.5% of the
original receivable pool balance building to the total required
enhancement level of 18% of the pool balance. This transaction
represents AmeriCredit's 38th securitization of automobile receivables
in which a total of more than $28 billion of automobile
receivables-backed securities has been issued.
AmeriCredit Corp. is one of the largest independent middle-market
auto finance companies in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
and $16 billion in managed auto receivables. The company was founded
in 1992 and is headquartered in Fort Worth, Texas.
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To Webcast Analyst Conference Call on Third Quarter Operating Results
FORT WORTH, Texas, April 3, 2003--AmeriCredit
Corp. (NYSE:ACF) will release its third quarter 2003 operating results
and monthly asset-backed securitization data on April 23, 2003 after
market close. Management will host an analyst conference call on April
24 at 8:30 a.m. Eastern to discuss AmeriCredit's operating results for
the period.
This call will be broadcast live for all interested parties via
the Company's Web site at www.americredit.com. It is necessary to go
to the Company's Web site to register, download and install any
necessary audio software prior to the call. For those who cannot
listen to the live broadcast, a replay will be available shortly after
the call.
AmeriCredit Corp. is one of the largest independent middle-market
auto finance companies in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
and $16 billion in managed auto receivables. The company was founded
in 1992 and is headquartered in Fort Worth, Texas.
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Announces $1 Billion Whole Loan Purchase Facility
FORT WORTH, Texas, March 19, 2003--AMERICREDIT CORP. (NYSE:ACF) today announced that it has transferred $1 billion of auto finance receivables into a whole loan purchase facility arranged by Deutsche Bank Securities Inc. ("Deutsche"). AmeriCredit will continue to service the transferred receivables earning a fee of 2.25% per annum. Proceeds will be used to pay down outstanding balances on its warehouse credit facilities.
This facility has a six-month revolving period during which AmeriCredit will transfer additional receivables to the facility as necessary to replenish the amount of principal paid down by consumers and to replace delinquent receivables. After this period, Deutsche may determine the ultimate disposition of the receivables.
"This whole loan purchase facility is an important complement to our asset-backed program," said Daniel Berce, AmeriCredit's chief financial officer. "This funding option allows us to permanently finance our receivable inventory while we continue to pursue opportunities in the securitization market." This is the first time AmeriCredit has utilized a whole loan purchase facility as a source of funding.
AmeriCredit Corp. is one of the largest independent middle-market auto finance company in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers throughout the United States and Canada and $16 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas.
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, 2002. Such risks include - but are not limited to - deteriorating economic environment, adverse portfolio performance, reliance on capital markets, fluctuating interest rates, increased competition, regulatory changes and tightening labor markets. 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.
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Completes Operating Plan Restructuring
FORT WORTH, Texas, March 11, 2003--
AmeriCredit Corp. (NYSE:ACF) reports that it has substantially
completed the restructuring outlined in its revised operating plan
announced in February. The objective of that plan is to position
AmeriCredit to generate positive cash flow by the June 2003 quarter
and build its liquidity thereafter, and the Company is currently on
target to meet that objective.
As planned, the Company has scaled back its origination platform
in its effort to originate approximately $750 million per quarter by
June 2003. Loan volume for the current quarter is still expected to be
approximately $1.3-1.5 billion. The Company has completed its
workforce reduction and branch consolidation. AmeriCredit currently
services more than 10,000 automobile dealers in all 50 states.
AmeriCredit also reports that it has renewed the one-year
component of its $2 billion master warehouse credit facility. When
combined with remaining facilities, AmeriCredit now has $4 billion in
committed credit facilities, with approximately 75 percent of these
commitments having maturities greater than one year. The Company
remains in compliance with all covenants in its warehouse credit
facilities. AmeriCredit continues to pursue the permanent funding of
its receivables including future asset-backed securitizations.
As scheduled, AmeriCredit will report its most recent monthly
securitization pool results on March 12 at www.americredit.com.
Liquidated receivables (credit losses in the securitization pools)
have increased in part due to the Company's strategy to aggressively
repossess late-stage delinquencies. The Company is also experiencing
the traditional seasonal improvement in delinquencies.
All trusts complied with performance triggers in February. The
Company received cash distributions of $28 million (net of swap
payments), including $14 million from FSA-insured trusts. AmeriCredit
still expects some trusts to breach performance triggers in the first
half of 2003, which may delay additional cash receipts from
FSA-insured trusts through mid-2004.
AmeriCredit is reiterating its previous forecast that annualized
net charge-offs for its managed portfolio will peak in the 7.0-7.9%
range during the first half of calendar year 2003 before declining to
the 6.0-6.9% range later this year.
About AmeriCredit
AmeriCredit Corp. is one of the largest independent middle-market
auto finance companies in North America. Using its branch network and
strategic alliances with auto groups and banks the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
and $16 billion in managed auto receivables. The company was founded
in 1992 and is headquartered in Fort Worth, Texas.
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, 2002. Such risks include -- but are not
limited to -- deteriorating economic environment, adverse portfolio
performance, reliance on capital markets, fluctuating interest rates,
increased competition, regulatory changes and tightening labor
markets. 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.
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Revises Net Loss for the Quarter Ended December 31, 2002
FORT WORTH, Texas, February 12, 2003--AmeriCredit
Corp. (NYSE:ACF) today revised its net loss for the quarter ended
December 31, 2002, to reflect an additional non-cash charge of $27.8
million (pre-tax) related to the present value effect of the expected
delay in receiving cash distributions from FSA-insured securitization
trusts.
AmeriCredit anticipates it is probable that targeted net loss
ratios will be exceeded in certain of its FSA-insured securitizations
during calendar year 2003 resulting in cash being used to build credit
enhancement to higher levels prior to ultimate distribution to the
Company. The Company's credit enhancement assets are carried on its
financial statements based on the present value of future cash
distributions from securitization trusts. The expected delay reduces
the present value of the cash distributions and necessitates the
charge.
Prior to its January 16, 2003, release of second quarter operating
results, the Company and its independent accountants initially
determined that the timing of the charge, if any, would be applicable
to future periods. Based on further consultation, AmeriCredit and its
independent accountants concluded that the charge should be taken in
the December 2002 quarter.
The net loss for the December 2002 quarter is now $44.7 million,
or $0.29 per share (compared to $27.6 million, or $0.18 per share, as
previously released). The charge will be reflected on the financial
statements to be included in AmeriCredit's regular quarterly report on
Form 10-Q expected to be filed on February 14, 2003.
About AmeriCredit
AmeriCredit Corp. is the largest independent middle-market auto
finance company in North America. Using its branch network and
strategic alliances with auto groups and banks the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $16 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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, 2002. Such risks include -- but are not
limited to -- deteriorating economic environment, adverse portfolio
performance, reliance on capital markets, fluctuating interest rates,
increased competition, regulatory changes and tightening labor
markets. 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.
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Revises Operating Plan to Preserve and Strengthen Liquidity Position
FORT WORTH, Texas, February 12, 2003--AmeriCredit
Corp. (NYSE:ACF) has announced its revised operating plan in an effort
to preserve and strengthen its capital and liquidity position in light
of the difficult business environment. This plan, which has been
approved by the Company's board of directors, includes revised loan
origination targets and expense reductions. The objective of the plan
is to position AmeriCredit to generate positive cash flow by the June
2003 quarter and build its liquidity thereafter.
The Company's operating plan includes the following:
-- Reducing loan origination volume to approximately $750 million
per quarter by June 2003; origination levels will continue to
fluctuate seasonally.
-- Reducing operating expenses by eliminating approximately 20%
of its workforce by the end of February, including the
closing/consolidation of about 60% of its branch offices.
-- Taking a $40 - $50 million charge for the workforce reduction,
including severance benefits and branch closing costs.
-- Reiterating the previous outlook for annualized credit losses
to be in the 7% range for the first half of calendar year 2003
before declining to the 6% range.
-- Assuming an increase in the credit enhancement required in
future securitizations from the current 12% level to the
mid-teens. The Company anticipates an upfront deposit of 9 -
10%.
-- Assuming all cash receipts from FSA-insured transactions are
delayed through mid-2004 because the Company expects some
trusts to breach performance triggers in 2003.
AmeriCredit's cash sources for calendar year 2003 will include: 1)
excess spread on loans pending securitization, 2) cash distributions
from non-FSA-insured trusts, and 3) servicing and other fees from
securitized loans, including FSA-insured trusts. Cash uses will
include: 1) credit enhancement deposits, 2) operating expenses, 3)
interest expense, and 4) income taxes. After an expected net use of
cash during the March 2003 quarter as the business is scaled back,
AmeriCredit plans to be a net cash generator, with cash flow
accelerating in calendar year 2004.
"We are committed to improving our liquidity position and
providing for the long-term viability of AmeriCredit," said Chief
Executive Officer Michael Barrington. "We will do what it takes to
adapt even if distributions from many of our securitization trusts are
substantially delayed into calendar year 2004."
Workforce reduction
AmeriCredit's workforce reduction will eliminate approximately
1,000 of its nearly 5,000 jobs and result in the closing/consolidation
of approximately 140 of its 232 branch offices. The reduction will
occur by the end of February and affect employees at all levels of the
Company.
The job eliminations will be concentrated in the
origination/branch platform, as well as in areas that support that
function. These layoffs will not impact the servicing operation,
including the Company's five collection centers that will continue to
focus on collecting AmeriCredit's existing $16 billion portfolio. All
displaced employees will receive severance benefits based on their
length of service, as well as outplacement assistance.
"As we have previously communicated, we are committed to aligning
our loan volume and operating expenses with available capital
resources," Barrington said. "Unfortunately, to do this we must
eliminate a significant number of jobs and branches from the
tremendous team we have developed over the last 10 years. These were
very painful decisions, but necessary to provide for the Company's
long-term viability."
Regulation FD
Pursuant to Regulation FD, the Company provides its expectations
regarding future business trends to the public via a press release or
8-K filing. The following earnings guidance incorporates the most
likely results based on the Company's current expectations.
The Company is reporting revised earnings for the quarter ended
December 31, 2002, in a separate news release today. The effect of
this revision on the Company's net income and earnings per share
forecasts for the 12 months ending June 30, 2003, is included above.
AmeriCredit will host a conference call for analysts and investors
at 8:30 A.M. Eastern Standard Time on Thursday, February 13, 2003. 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.
About AmeriCredit
AmeriCredit Corp. is the largest independent middle-market auto
finance company in North America. Using its branch network and
strategic alliances with auto groups and banks the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $16 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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, 2002. Such risks include -- but are not
limited to -- deteriorating economic environment, adverse portfolio
performance, reliance on capital markets, fluctuating interest rates,
increased competition, regulatory changes and tightening labor
markets. 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.
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Reports Second Quarter Operating Results
FORT WORTH, Texas, January 16, 2003--AmeriCredit
Corp. (NYSE:ACF) today announced a net loss of $27.6 million, or $0.18
per share, for its second fiscal quarter ended December 31, 2002,
versus earnings of $80.6 million, or $0.91 per share, for the same
period a year earlier. This was the first quarter that AmeriCredit
structured its securitization transactions as secured financings,
which did not require the recognition of gain-on-sale revenue. This
net loss also included a $46.6 million pretax impairment of the
interest-only receivable from prior securitization transactions.
For the six months ended December 31, 2002, AmeriCredit reported
net income of $42.6 million, or $0.36 per share, versus earnings of
$159.3 million, or $1.79 per share, for the six months ended December
31, 2001.
Automobile loan purchases were $1.89 billion for the second
quarter of fiscal 2003, down 7% from loan purchases of $2.04 billion
for the second quarter of fiscal 2002. AmeriCredit's managed auto
receivables totaled $16.2 billion at December 31, 2002.
Annualized net charge-offs were 5.8% of average managed auto
receivables for the second quarter of fiscal 2003. This compares to
net charge-offs of 5.3% last quarter and 4.3% for the second quarter
of fiscal 2002. Vehicles pending sale at auction totaled 1.4% of the
portfolio at December 31, 2002, up from 1.1% at September 30, 2002.
Managed auto receivables more than 60 days delinquent were 4.1% of
total managed auto receivables at December 31, 2002, compared to 3.8%
at December 31, 2001.
"We're seeing continued weakness in recovery values on repossessed
vehicles and in the overall economy, causing increases in both loss
severity and frequency. Therefore, we are projecting that credit
losses will rise during the first half of 2003," said AmeriCredit
Chief Executive Officer Michael R. Barrington. "We reduced both loan
origination volume and operating expenses in the December quarter to
align loan growth with available liquidity. We are committed to
maintaining this balance going forward."
REGULATION FD
Pursuant to Regulation FD, the Company provides its expectations
regarding future business trends to the public via a press release or
8-K filing. The Company anticipates some risks and uncertainties with
its guidance as it continues to align loan growth with available
liquidity.
"AmeriCredit expects to be profitable in 2003," said AmeriCredit
Chief Financial Officer Daniel E. Berce. "We are revising our guidance
to take into account possible changes in the scale of our business
given the continued weakness in the overall economy and our projected
increase in credit losses in 2003."
AmeriCredit will host a conference call for analysts and investors
at 9:00 A.M. Eastern Standard Time on Thursday, January 16, 2003. 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 Corp. is the largest independent middle-market auto
finance company in North America. Using its branch network and
strategic alliances with auto groups and banks the company purchases
retail installment contracts entered into by auto dealers with
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $16 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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, 2002. Such risks include - but are not
limited to - deteriorating economic environment, adverse portfolio
performance, reliance on capital markets, fluctuating interest rates,
increased competition, regulatory changes and tightening labor
markets. 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.
(1) The Company evaluates the profitability of its lending
activities based upon the net margin related to its managed auto loan
portfolio, including owned and serviced receivables. The Company
routinely securitizes its receivables and historically has recorded a
gain on the sale of such receivables in the income statement. The net
margin on a managed basis presented above assumes that securitized
receivables have not been sold and are still on the Company's
consolidated balance sheet. Accordingly, no gain on sale or servicing
fee income would have been recognized. Instead, finance charges and
fees would be recognized over the life of the securitized receivables
as accrued and interest and other costs related to the asset-backed
securities also would be recognized as incurred.
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Revises Extension of Offer to Exchange 9 1/4% Senior Notes Due 2009
FORT WORTH, Texas, January 8, 2003--AmeriCredit
Corp. (NYSE:ACF) announced today that it is revising the extension of
its offer (the "Exchange Offer") to exchange its 9 1/4% Senior Notes
Due 2009 (the "New Notes") which have been registered under the
Securities Act of 1933, as amended (the "Securities Act"), for any and
for all of its outstanding 9 1/4% Senior Notes Due 2009 (the "Old
Notes").
The Exchange Offer, originally scheduled to expire at 5:00 p.m.,
New York City time, on January 6, 2003, will now expire at 5:00 p.m.,
New York City time on January 21, 2003, unless extended. All other
terms and conditions of the Exchange Offer remain the same.
The Old Notes have not been registered under the Securities Act
and may not be offered or sold except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of
the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the Old
Notes or the New Notes in any state in which such offer, solicitation
or sale, would be unlawful prior to registration or qualification
under the securities laws of any such state. The offer is subject to
all the terms and conditions set forth in the Prospectus, dated
December 6, 2002, previously distributed to holders of the Old Notes.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance company in North America. Using its branch
network and strategic alliances with auto groups and banks, the
company purchases retail installment contracts made by auto dealers to
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $15 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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Extends Offer to Exchange 9 1/4% Senior Notes Due 2009
FORT WORTH, Texas, January 7, 2003--AMERICREDIT
CORP. (NYSE:ACF) announced today that it will extend its offer (the
"Exchange Offer") to exchange its 9 1/4% Senior Notes Due 2009 (the
"New Notes") which have been registered under the Securities Act of
1933, as amended (the "Securities Act"), for any and for all of its
outstanding 9 1/4% Senior Notes Due 2009 (the "Old Notes").
The Exchange Offer, originally scheduled to expire at 5:00 p.m.,
New York City time, on January 6, 2003, will expire at 5:00 p.m., New
York City time on January 20, 2003, unless extended. All other terms
and conditions of the Exchange Offer remain the same. As of 3:00 p.m.,
New York City time on January 6, 2003, approximately $174.5 million
(out of $175.0 million) in aggregate principal amount of the Old Notes
have been tendered in exchange for a like principal amount of New
Notes.
The Old Notes have not been registered under the Securities Act
and may not be offered or sold except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of
the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the Old
Notes or the New Notes in any state in which such offer, solicitation
or sale, would be unlawful prior to registration or qualification
under the securities laws of any such state. The offer is subject to
all the terms and conditions set forth in the Prospectus, dated
December 6, 2002, previously distributed to holders of the Old Notes.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance company in North America. Using its branch
network and strategic alliances with auto groups and banks, the
company purchases retail installment contracts made by auto dealers to
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $15 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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Announces Dates for Monthly Asset-backed Securitization Data
FORT WORTH, Texas, January 6, 2003--AMERICREDIT
CORP. (NYSE:ACF) provides servicer certificates and summary
statistical data for outstanding securitizations to its asset-backed
investors and other interested parties on www.americredit.com. The
Company will post this monthly securitization data to its web site on
the 12th of the following month or the first business day thereafter,
except for the third month of each quarter. In those instances, the
data will be released concurrently with the quarterly earnings data.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance company in North America. Using its branch
network and strategic alliances with auto groups and banks, the
company purchases retail installment contracts made by auto dealers to
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $15 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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To Webcast Analyst Conference Call On Second Quarter Operating Results
FORT WORTH, Texas, January 6, 2003--AMERICREDIT
CORP. (NYSE:ACF) will release its second quarter 2003 operating
results on January 16, 2003 at 7:30 a.m. Eastern Time. One hour later
at 9:00 a.m. Eastern Time, Clifton H. Morris, Jr., Executive Chairman
of the Board; Michael R. Barrington, Vice Chairman, CEO & President;
and Daniel E. Berce, Vice Chairman and Chief Financial Officer, will
host an analyst conference call to discuss AmeriCredit's operating
results for the period.
This call will be broadcast live for all interested parties via
the Company's Web site at www.americredit.com. It is necessary to go
to the Company's Web site to register, download and install any
necessary audio software prior to the call. For those who cannot
listen to the live broadcast, a replay will be available shortly after
the call.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance company in North America. Using its branch
network and strategic alliances with auto groups and banks, the
company purchases retail installment contracts made by auto dealers to
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $15 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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To
Present at Equity Conference
FORT
WORTH, Texas, November 26, 2002 -- AmeriCredit Corp. (NYSE:ACF)
will be presenting at the Friedman, Billings, Ramsey & Co.,
Inc. 9th Annual Investor Conference on Dec. 4, 2002 at 11:40
A.M. EST. Daniel E. Berce, Chief Financial Officer, will be
presenting on behalf of the Company.
This
presentation can be accessed by visiting the Investors section
of the Company's Web site, www.americredit.com. This event
will be broadcast live and available for replay.
AmeriCredit
Corp. (NYSE:ACF) is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases retail installment contracts made by auto dealers
to consumers who are typically unable to obtain financing
from traditional sources. AmeriCredit has more than one million
customers throughout the United States and Canada and more
than $15 billion in managed auto receivables. The company
was founded in 1992 and is headquartered in Fort Worth, Texas.
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Completes
2nd Asset-Backed Securitization in Canada
FORT WORTH, Texas, November 18, 2002--AMERICREDIT
CORP. (NYSE:ACF) announced the pricing of a C$246,125,000 offering of
automobile receivables-backed securities through lead manager Merrill
Lynch Canada Inc. and selling agents CIBC World Markets Inc., TD
Securities Inc. and Royal Bank Capital Markets.
AmeriCredit uses proceeds from securitization transactions to
provide long-term financing of automobile loans.
This transaction represents AmeriCredit's second securitization of
its Canadian loan portfolio. This transaction is similar to the
company's US dollar denominated senior subordinated securitizations
and employs a combination of subordinated notes, overcollateralization
and a reserve fund to support the ratings instead of bond insurance.
The securities will be issued via AmeriCredit Canada Automobile
Receivables Trust and represent Series C2002-1. Four classes of notes
will be issued in addition to a variable pay note (VPN) in the amount
of C$65,000,000.
The weighted average coupon paid by AmeriCredit is 5.5% (including
the VPN).
This transaction represents AmeriCredit's 37th securitization of
automobile receivables in which a total of more than $27 billion of
automobile receivables-backed securities has been issued.
AmeriCredit Corp. is the largest independent middle-market auto
finance company in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
installment contracts made by auto dealers to consumers who are
typically unable to obtain financing from traditional sources.
AmeriCredit has more than one million customers throughout the United
States and Canada and more than $15 billion in managed auto
receivables. The company was founded in 1992 and is headquartered in
Fort Worth, Texas.
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To Present At Equity Conference
FORT WORTH, Texas, November 6, 2002--AMERICREDIT
CORP. (NYSE:ACF) will be presenting at the 14th Annual U.S. Bancorp
Piper Jaffray Financial Services Conference on November 12, 2002 at
4:10 P.M. EST.
Daniel E. Berce, Chief Financial Officer, will be presenting on
behalf of the Company.
This presentation can be accessed by visiting the Investors
section of the Company's Web site, www.americredit.com. This event
will be broadcast live and available for replay.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance company in North America. Using its branch
network and strategic alliances with auto groups and banks, the
company purchases retail installment contracts made by auto dealers to
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $15 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
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Executive Chairman Purchases 500,000 Shares
FORT WORTH, Texas, October 28, 2002--AmeriCredit
Corp. (NYSE:ACF) announced today that Executive Chairman Clifton H.
Morris Jr. purchased 500,000 shares of the company's common stock on
the open market Friday, Oct. 25, 2002. Mr. Morris now has beneficial
ownership of 1,203,135 shares.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance company in North America. Using its branch
network and strategic alliances with auto groups and banks, the
company purchases retail installment contracts made by auto dealers to
consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers
throughout the United States and Canada and more than $15 billion in
managed auto receivables. The company was founded in 1992 and is
headquartered in Fort Worth, Texas.
Return
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Announces $1.7 Billion Asset-Backed Securitization
FORT WORTH, Texas, October 18, 2002--AMERICREDIT
CORP. (NYSE:ACF) announced the pricing of a $1.7 billion offering of
automobile receivables-backed securities through lead managers Credit
Suisse First Boston and Deutsche Bank Securities and co-managers Bank
One Capital Markets, Inc., Lehman Brothers, Merrill Lynch & Co. and
Wachovia Securities, Inc.
The company uses net proceeds from securitization transactions to
provide long-term financing of automobile retail installment
contracts.
This transaction is AmeriCredit's first term securitization
transaction with MBIA Insurance Corporation (NYSE:MBI) as the primary
bond insurer. It is structured as an on-book financing and therefore
does not require gain-on-sale treatment.
"With this securitization, we're successfully executing our
strategies to fully fund the required credit enhancement at closing
and to expand our bond insurance program," said AmeriCredit Chief
Financial Officer Daniel E. Berce. "These are important steps in our
effort to position AmeriCredit for stronger long-term performance."
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 2002-E-M, in seven classes of Notes.
This transaction represents AmeriCredit's 36th securitization of
automobile receivables in which a total of more $27 billion of
automobile receivables-backed securities has been issued.
AmeriCredit Corp. is the largest independent middle-market auto
finance company in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
installment contracts made by auto dealers to consumers who are
typically unable to obtain financing from traditional sources.
AmeriCredit has more than one million customers throughout the United
States and Canada and more than $15 billion in managed auto
receivables. The company was founded in 1992 and is headquartered in
Fort Worth, Texas.
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Reports First Quarter Operating Results
FORT WORTH, Texas, October 15, 2002--AmeriCredit
Corp. (NYSE:ACF):
AmeriCredit Corp. (NYSE:ACF) today announced net income of $70.2
million, or $0.81 per share, for its first fiscal quarter ended
September 30, 2002, versus earnings of $78.7 million, or $0.88 per
share, for the same period a year earlier.
Automobile loan purchases were $2.42 billion for the first quarter
of fiscal 2003, an increase of 19% over loan purchases of $2.04
billion for the first quarter of fiscal 2002. AmeriCredit's managed
auto receivables totaled $15.7 billion at September 30, 2002.
Annualized net charge-offs were 5.3% of average managed auto
receivables for the first quarter of fiscal 2003. This compares to net
charge-offs of 5.2% last quarter and 3.8% for the first quarter of
fiscal 2002. Managed auto receivables more than sixty days delinquent
were 3.5% of total managed auto receivables at September 30, 2002,
compared to 3.1% at September 30, 2001.
"We have taken important steps to improve AmeriCredit's financial
flexibility and to enhance our financial transparency," said
AmeriCredit Chief Executive Officer Michael R. Barrington. "We
successfully raised equity, slowed growth and managed expenses this
quarter, all of which help position AmeriCredit for stronger long-term
performance. And we are moving to on-balance sheet financing beginning
with the December quarter to make it easier for all our stakeholders
to understand our business."
Regulation FD
Starting in the December quarter AmeriCredit will structure its
future securitization transactions as secured financings, which do not
require the recognition of a gain-on-sale. Accordingly, net earnings
will be recognized over the life of the receivables as finance charge
and fee income, less related funding costs and a provision for losses.
Since the Company's earnings base under the new income recognition
model will consist of unsecuritized receivables as of September 30,
2002 ($2.2 billion) plus future originations, net income for the
forecasted periods discussed below is expected to be substantially
lower than comparable period historical results.
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; expected earnings are as
follows:
AmeriCredit will host a conference call for analysts and investors
at 9:00 A.M. Eastern Daylight Time on Wednesday, October 16, 2002. 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 Corp. is the largest independent middle-market auto
finance company in North America. Using its branch network and
strategic alliances with auto groups and banks, the company purchases
installment contracts made by auto dealers to consumers who are
typically unable to obtain financing from traditional sources.
AmeriCredit has more than one million customers throughout the United
States and Canada and more than $15 billion in managed auto
receivables. The company was founded in 1992 and is headquartered in
Fort Worth, Texas. For more information, visit www.americredit.com.
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, 2002. Such risks include - but are not
limited to - deteriorating economic environment, adverse portfolio
performance, reliance on capital markets, fluctuating interest rates,
increased competition, regulatory changes and tightening labor
markets. 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.
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To Webcast Analyst Conference Call On First Quarter Operating Results
FORT WORTH, Texas, October 4, 2002--AMERICREDIT
CORP. (NYSE:ACF) will release its first quarter 2003 operating results
on October 15, 2002 after stock market close.
Clifton H. Morris, Jr., Executive Chairman of the Board; Michael
R. Barrington, Vice Chairman, CEO & President; and Daniel E. Berce,
Vice Chairman and Chief Financial Officer, will host an analyst
conference call on October 16 at 9:00 a.m. Eastern Daylight Time to
discuss AmeriCredit's operating results for the period.
This call will be broadcast live for all interested parties via
the Company's Web site at www.americredit.com. It is necessary to go
to the Company's Web site to register, download and install any
necessary audio software prior to the call. For those who cannot
listen to the live broadcast, a replay will be available shortly after
the call.
AmeriCredit Corp. is a leading independent middle-market auto
finance Company in North America. Using its branch network and
strategic alliances with auto groups and banks, the Company purchases
installment contracts made by auto dealers to consumers who are
typically unable to obtain financing from traditional sources.
AmeriCredit has more than one million customers throughout the United
States and Canada and nearly $15 billion in managed auto receivables.
The Company was founded in 1992 and is headquartered in Fort Worth,
Texas.
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