AMERICREDIT CORP. (NYSE:ACF - news) today announced record net income of $42,273,000, or $0.51 per share, for its first fiscal quarter ended September 30, 2000, versus earnings of $25,324,000, or $0.35 per share for the same period a year earlier. On a comparative basis, net income increased 67% and earnings per share rose 46%.

Automobile loan purchases were a record $1,406,753,000 for the first quarter of fiscal 2001, an increase of 36% over loan purchases of $1,031,837,000 for the first quarter of fiscal 2000. AmeriCredit's managed auto receivables totaled $7,448,553,000 at September 30, 2000, an increase of 57% since September 30, 1999. The Company had 198 branch locations in 41 states and Canada at September 30, 2000.

Annualized net charge-offs decreased to 3.7% of average managed auto receivables for the first quarter ended September 30, 2000, down from 4.3% for the first quarter of fiscal 2000. This marks the Company's 18th consecutive quarter of stable or declining charge-off levels.

Managed auto receivables more than sixty days delinquent were 2.4% of total managed auto receivables at September 30, 2000, compared to 2.3% at September 30, 1999.

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.

From time to time, management makes presentations to the investment community. In response to the new SEC Regulation FD, AmeriCredit now posts all such presentations on its Web site.

Also pursuant to Regulation FD, the Company will provide its expectations regarding future business trends to the public via a press release or 8-K filing. Based on current business trends:

  • The Company projects it will originate $1.2 to $1.3 billion in auto loans during its second fiscal quarter ending December 31, 2000, and $5.5 to $5.9 billion in auto loans during its fiscal year ending June 30, 2001.


  • Earnings per share are projected in a range of $0.52 to $0.54 for the quarter ending December 31, 2000 and $2.14 to $2.18 for the fiscal year ending June 30, 2001.


  • Pro forma "portfolio-based" earnings per share are projected in a range between $0.61 to $0.63 for the quarter ending December 31, 2000 and $2.48 to $2.54 for the fiscal year ending June 30, 2001.


  • AmeriCredit will host a conference call for analysts and investors at 9:00 a.m. Eastern Time on Thursday, October 12, 2000. 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 is the largest independent middle market automobile finance company in North America specializing in purchasing and servicing automobile loans. AmeriCredit maintains a Web site at
    "http://www.americredit.com"target="_blank">www.americredit.com that contains further information on the Company.