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FORT WORTH — Automobile finance company AmeriCredit Corp. said it posted a fiscal fourth-quarter profit, in comparison to a year-earlier period weighed down by hefty write-downs on the value of two acquired businesses.
For the quarter ended June 30, the company earned $31.3 million, or 23 cents per share, compared with a loss of $150.2 million, or $1.30 per share, a year earlier.
The prior year's results included a charge of $135 million, or $1.17 per share, related to the declining value of acquired companies Long Beach Acceptance Corp. and Bay View Acceptance Corp.
Revenue fell 24 percent to $454.4 million from $598.4 million.
Analysts polled by Thomson Reuters expected a profit of 5 cents per share on revenue of $412.6 million.
For the full fiscal year, the company reported net income of $13.9 million, or 11 cents per share, compared with a loss of $69.3 million, or 60 cents per share, in fiscal 2008. Revenue declined 18 percent to $2.08 billion from $2.54 billion.
"We fully expect to see continued pressure on consumer credit from high unemployment levels and weak economic conditions, especially as we head into our seasonally weak second half of the calendar year," President and CEO Dan Berce said in a statement. "We will continue to focus on maximizing cash collections from our loan portfolio and protecting shareholder value."
The stock ended up 42 cents, or 2.6 percent, at $16.66.
