Ugly Duckling Reports First Quarter 2001 Results
PHOENIX--(BUSINESS WIRE)--April 25, 2001--
First Quarter Highlights:
-- Total revenues were $164.0 million
-- E-Commerce generated $15.1 million in revenues and 1,725 cars
sold during the first quarter of 2001 as compared to $13.7
million in revenues and 1,553 cars sold during the fourth
quarter of 2000
-- Loan portfolio principal balance reached $535.0 million,
representing a 28% increase over the year-ago quarter
-- New loan originations were $126.0 million, consistent with the
year-ago quarter
-- Entered into a $35 million Senior Secured Loan facility to
replace its previous $38 million Senior Secured facility
-- Entered into a $75-$100 million warehouse receivables line of
credit with Greenwich Capital Financial Products, Inc.
(announced April 16, 2001)
-- Secured an option to extend until December 31, 2001, the
Company's existing $25 million inventory line of credit
(announced April 16, 2001)
-- Closed 19th Securitization with loan principal balances of
approximately $117.7 million and Class A bonds issued of $83.6
million (announced April 16, 2001)
-- Incurred $368,000 after tax charge to earnings in connection
with the closing of Florida and Texas collection and loan
administration centers
-- The Company's Chairman of the Board and largest shareholder,
Ernest C. Garcia II, made an offer to purchase all outstanding
stock of the Company (announced April 16, 2001) |
