TABLE - Ugly Duckling Corp. <UGLY.O> Q2 net falls
PHOENIX, July 28 (Reuters) -
Consolidated Results of Operations
(In thousands, except used cars sold and per share data)
Six Months ended Three Months ended
June 30, June 30,
1999 1998 1999 1998
Used cars sold 24,170 18,138 11,416 8,699
Used car sales 204,319 142,496 97,876 69,523
Total revenues $ 255,850 176,441 $ 125,732 88,737
Cost of used cars
sold (115,656) (78,968) (55,559) (39,237)
Provision for
credit losses (55,196) (30,350) (26,635) (14,988)
Net revenue from
dealerships 33,467 33,178 15,682 15,298
Interest earnings 32,327 12,229 18,323 6,024
Gain on sale of
loans -- 8,273 -- 3,659
Servicing and
other earnings 19,204 13,443 9,533 9,531
Total operating
expenses (72,334) (53,073) (35,232) (28,193)
Operating income 12,664 14,050 8,306 6,319
Interest expense (9,473) (2,871) (5,818) (1,369)
Earnings before
income taxes 3,191 11,179 2,488 4,950
Income taxes (1,301) (4,507) (1,020) (2,007)
Earnings (loss):
Continuing
operations 1,890 6,672 1,468 2,943
Discontinued
operations - net -- (5,595) -- --
Net earnings 1,890 1,077 1,468 2,943
Earnings per
share - basic:
Continuing operations 0.12 0.36 0.10 0.16
Net earnings 0.12 0.06 0.10 0.16
Earnings per
share - diluted:
Continued operations 0.12 0.35 0.10 0.16
Net earnings 0.12 0.06 0.10 0.16
Shares used in:
Basic computation 15,292 18,570 14,940 18,590
Diluted computation 15,495 18,930 15,210 18,980
Consolidated Balance Sheet Information (in thousands)
June 30, Dec. 31,
Assets: 1999 1998 1998
Cash $ 1,302 1,651 2,751
Finance receivables, net 329,160 124,731 191,466
Used car inventory 37,810 34,742 44,167
Property & equipment, net 34,750 28,424 32,970
Intangible assets, net 14,985 15,852 15,530
Other assets 22,353 15,128 20,575
Discontinued operations, net 24,817 61,116 38,516
465,177 281,644 345,975
Total Liabilities and
Stockholders' Equity:
Accounts payable &
accrued expenses 35,884 24,664 22,173
Notes payable 232,952 48,190 117,294
Subordinated debt 36,943 25,000 43,741
Total liabilities 305,779 97,854 183,208
Total stockholders' equity 159,398 183,790 162,767
465,177 281,644 345,975
07:38 07-28-99 |
