USA: Onyx Acceptance Reports Second Quarter Earnings
Onyx Acceptance Corporation (Nasdaq: ONYX - news) announced today its financial and operational results for the quarter ended June 30, 2000. Net income and earnings per diluted share were $1.6 million and $0.25 respectively, compared to $2.4 million and $0.37 for the same period in 1999. Total revenues increased by 7.0% to $24.3 million from $22.7 million in the second quarter of 1999. The reduction in net income and earnings per share was the result of an increase in the loss reserve rate coupled with interest rate spread compression on contracts securitized in the second quarter.
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