Income Statement - Consolidated

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Income Statement - Consolidated Powered By Docstoc
					                                                                                                                                                                                               CREDIT ACCEPTANCE CORPORATION
                                                                                                                                                                                                   Consolidated Income Statements
                                                                                                                                                                                             (Dollars in thousands, except per share data)



                                                                           Q1 04            Q2 04            Q3 04            Q4 04            Q1 05            Q2 05            Q3 05            Q4 05            Q1 06               Q2 06               Q3 06             Q4 06

Revenue:
   Finance charges                                                           33,829           37,418           38,951           40,453           42,038           44,295           45,047           44,989           46,007              47,919              47,474            47,205
   Premiums earned                                                              544              532              524              857              574              548              469              413              342                 299                 237               165
   Other income                                                               4,859            4,557            4,793            4,754            5,124            5,493            6,107            6,171            6,677               6,863               7,691             8,453
      Total revenue                                                          39,232           42,507           44,268           46,064           47,736           50,336           51,623           51,573           53,026              55,081              55,402            55,823

Costs and expenses:
  Salaries and wages                                                          8,716            8,675            9,130            8,779            9,822            9,449            9,988            9,834           10,594                9,965             10,908             9,548
  General and administrative                                                  5,201            3,915            4,545            6,340            4,943            5,608            5,941            3,153            6,760                6,291              6,062            17,378
  Sales and marketing                                                         2,789            2,775            3,042            3,309            3,527            3,269            4,160            3,319            4,359                3,406              3,942             4,917
  Provision for credit losses                                                 1,316            2,195            1,558            1,457              854            1,816            4,703           (1,668)             524                2,641              4,404             3,437
  Interest                                                                    2,826            2,485            2,946            3,403            3,743            3,613            3,655            2,875            3,574                5,660              5,837             8,259
  Provision for claims                                                           19               70              102              152               77              161               (4)              74               82                   55                 40                49
      Total costs and expenses                                               20,867           20,115           21,323           23,440           22,966           23,916           28,443           17,587           25,893              28,018              31,193            43,588

Income from continuing operations before provision for income taxes          18,365           22,392           22,945           22,624           24,770           26,420           23,180           33,986           27,133              27,063              24,209            12,235

   Provision for income taxes                                                 6,644            5,401            8,827            9,201            9,240            9,817            9,231           11,871             9,928              9,364               8,775             3,726

   Income from continuing operations                                         11,721           16,991           14,118           13,423           15,530           16,603           13,949           22,115           17,205              17,699              15,434             8,509

Discontinued operations
   Gain (loss) from discontinued United Kingdom operations                      322              260              222              752              255              630              922            4,387                 (13)            (132)               (132)                 (20)
   Provision (credit) for income taxes                                           90               75               71              248               71              180              277            1,262                  (5)             (39)                (40)                  (6)

   Gain (loss) from discontinued operations                                     232              185              151              504              184              450              645            3,125                  (8)                (93)              (92)                (14)

Net income                                                                   11,953           17,176           14,269           13,927           15,714           17,053           14,594           25,240           17,197              17,606              15,342             8,495




Net income per common share:
   Basic                                                              $         0.30   $         0.44   $         0.37   $         0.38   $         0.43   $         0.46   $         0.39   $         0.68   $         0.48      $         0.53      $         0.46    $         0.28
   Diluted                                                            $         0.28   $         0.41   $         0.35   $         0.35   $         0.40   $         0.44   $         0.38   $         0.65   $         0.45      $         0.50      $         0.44    $         0.27

Income from continuing operations per common share:
   Basic                                                              $         0.29   $         0.43   $         0.37   $         0.36   $         0.42   $         0.45   $         0.38   $         0.60   $         0.48      $         0.54      $         0.47    $         0.28
   Diluted                                                            $         0.28   $         0.41   $         0.34   $         0.34   $         0.39   $         0.43   $         0.36   $         0.57   $         0.45      $         0.50      $         0.44    $         0.27

Weighted average shares outstanding:
   Basic                                                                  39,791,700       39,240,321       38,679,011       36,819,410       36,900,449       37,016,038       37,020,020       37,025,517       36,146,994          32,979,572          33,093,592        29,921,196
   Diluted                                                                42,159,338       41,413,308       40,943,604       39,473,105       39,457,287       39,064,886       38,912,822       39,088,720       38,609,257          35,433,944          35,074,557        31,569,813
  CREDIT ACCEPTANCE CORPORATION                                                                                                                                                                  CREDIT ACCEPTANCE CORPORATION
      Consolidated Income Statements                                                                                                                                                                 Consolidated Income Statements
(Dollars in thousands, except per share data)                                                                                                                                                  (Dollars in thousands, except per share data)



                                                                            Q1 07               Q2 07           Q3 07              Q4 07               Q1 08             Q2 08              Q3 08              Q4 08              Q1 09              Q2 09              Q3 09

 Revenue:
    Finance charges                                                           51,413              54,084           56,743             58,233             63,675            70,827              75,617             76,704             76,726             81,124             84,489
    Premiums earned                                                              142                 104               70                 45                 32                21                  12              3,902              6,460              7,201             11,596
    Other income                                                               5,796               4,098            4,245              4,954              7,071             4,157               4,478              5,690              4,702              4,048              4,183
       Total revenue                                                          57,351              58,286           61,058             63,232             70,778            75,005              80,107             86,296             87,888             92,373            100,268

 Costs and expenses:
   Salaries and wages                                                         11,861              13,092           13,620             16,823             17,740            16,699              16,766             17,788             17,121             16,515             16,862
   General and administrative                                                  5,913               7,325            7,240              6,724              7,137             6,627               6,977              6,795              7,995              6,894              7,869
   Sales and marketing                                                         4,472               4,163            3,855              5,003              4,671             4,556               4,103              3,446              3,921              3,566              3,533
   Provision for credit losses                                                 3,873               3,798            5,931              6,345              2,649            20,760               8,383             14,237                164             (3,790)            (3,591)
   Interest                                                                    8,288               9,463            9,030              9,888             10,864             9,884              10,954             11,487              7,923              7,285              8,144
   Provision for claims                                                           25                  14               (4)                 4                  5                 9                 (13)             2,650              4,809              4,829              5,148
       Total costs and expenses                                               34,432              37,855           39,672             44,787             43,066            58,535              47,170             56,403             41,933             35,299             37,965

 Income from continuing operations before provision for income taxes          22,919              20,431           21,386             18,445             27,712            16,470              32,937             29,893             45,955             57,074             62,303

    Provision for income taxes                                                 7,532               7,938            7,917              6,180             10,131             6,091              12,606             11,116             16,943             20,924             21,491

    Income from continuing operations                                         15,387              12,493           13,469             12,265             17,581            10,379              20,331             18,777             29,012             36,150             40,812

 Discontinued operations
    Gain (loss) from discontinued United Kingdom operations                         (38)            (233)               (9)             (282)                  56                (12)               504             (241)                 (15)                49                (13)
    Provision (credit) for income taxes                                             (11)             (70)           (1,282)             (501)                  17                 23                178              (20)                  (4)                14                 65

    Gain (loss) from discontinued operations                                        (27)            (163)           1,273                  219                 39                (35)               326             (221)                 (11)                35                (78)

 Net income                                                                   15,360              12,330           14,742             12,484             17,620            10,344              20,657             18,556             29,001             36,185             40,734




 Net income per common share:
    Basic                                                              $         0.51      $         0.41   $           0.49   $           0.42   $         0.59    $         0.34      $           0.68   $           0.61   $           0.95   $           1.18   $           1.33
    Diluted                                                            $         0.49      $         0.39   $           0.47   $           0.40   $         0.57    $         0.33      $           0.67   $           0.60   $           0.93   $           1.15   $           1.29

 Income from continuing operations per common share:
    Basic                                                              $         0.51      $         0.41   $           0.45   $           0.41   $         0.58    $         0.34      $           0.67   $           0.62   $           0.95   $           1.18   $           1.33
    Diluted                                                            $         0.49      $         0.40   $           0.43   $           0.40   $         0.57    $         0.33      $           0.66   $           0.60   $           0.93   $           1.15   $           1.29

 Weighted average shares outstanding:
    Basic                                                                  30,054,349          30,140,590       30,015,048         30,007,476         30,106,881        30,252,873          30,310,053         30,327,802         30,479,665         30,600,531         30,658,969
    Diluted                                                                31,283,695          31,312,139       31,139,612         30,897,546         30,891,227        31,088,428          31,024,455         31,038,088         31,180,146         31,423,187         31,539,119
                                                                                           CREDIT ACCEPTANCE CORPORATION
                                                                                               Consolidated Income Statements
                                                                                         (Dollars in thousands, except per share data)



                                                                          Q4 09

Revenue:
   Finance charges                                                           87,098
   Premiums earned                                                            8,348
   Other income                                                               4,689
      Total revenue                                                         100,135

Costs and expenses:
  Salaries and wages                                                         16,395
  General and administrative                                                  7,633
  Sales and marketing                                                         3,788
  Provision for credit losses                                                (4,947)
  Interest                                                                    9,047
  Provision for claims                                                        4,513
      Total costs and expenses                                               36,429

Income from continuing operations before provision for income taxes          63,706

   Provision for income taxes                                                23,634

   Income from continuing operations                                         40,072

Discontinued operations
   Gain (loss) from discontinued United Kingdom operations                      116
   Provision (credit) for income taxes                                         (147)

   Gain (loss) from discontinued operations                                       263

Net income                                                                   40,335




Net income per common share:
   Basic                                                              $           1.31
   Diluted                                                            $           1.27

Income from continuing operations per common share:
   Basic                                                              $           1.30
   Diluted                                                            $           1.26

Weighted average shares outstanding:
   Basic                                                                  30,798,119
   Diluted                                                                31,868,441
                                                                                                                                          CREDIT ACCEPTANCE CORPORATION
                                                                                                                                             Consolidated Balance Sheets
                                                                                                                                                 (Dollars in thousands)



                                                  3/31/04     6/30/04     9/30/04     12/31/04    3/31/05     6/30/05     9/30/05     12/31/05    3/31/06     6/30/06     9/30/06     12/31/06    3/31/07     6/30/07     9/30/07

Assets
  Cash and cash equivalents                           800       1,282       1,135          614        275         988      14,336        7,090      1,920         436       66,848       8,528        299       1,829        5,407
  Restricted cash and cash equivalents             21,707      30,101      21,179       23,927     31,139      33,097      26,805       13,473     15,663      30,417       42,000      45,609     54,302      72,327       64,518
  Restricted securities available for sale            -           669         731          928      1,845       2,191       3,483        3,345      3,366       3,844        3,641       3,564      3,878       3,763        3,504

   Loans receivable                                652,708     658,397     669,929     667,394     693,545     696,441     704,976     694,939     721,381     715,960     730,587     754,571     835,850     873,441     886,033
   Allowance for credit losses                    (143,012)   (143,397)   (142,694)   (141,383)   (138,988)   (136,437)   (138,582)   (131,411)   (130,614)   (129,052)   (130,425)   (128,791)   (128,249)   (129,282)   (130,037)
      Loans receivable, net                        509,696     515,000     527,235     526,011     554,557     560,004     566,394     563,528     590,767     586,908     600,162     625,780     707,601     744,159     755,996

   Property and equipment, net                     18,652      19,232      19,643       19,706     19,844      19,520      18,950       17,992     17,075      16,408      16,715       16,203     16,402      17,209       18,760
   Income taxes receivable                            -         1,825         -          9,444        -         7,900       1,490        4,022        731         -         8,989       11,734     14,925       4,504       11,884
   Other assets                                    10,040       9,753      11,611       10,683     10,096       9,684       7,896        9,944     11,338      12,580      13,805       13,795     15,464      12,806       11,125
      Total assets                                560,895     577,862     581,534      591,313    617,756     633,384     639,354      619,394    640,860     650,593     752,160      725,213    812,871     856,597      871,194

Liabilities
   Accounts payable and accrued liabilities        44,781      45,058      49,305       49,384     57,497      53,821      55,313       55,705     61,868      58,655     177,402       78,294     84,075      80,842       80,719
   Line of credit                                  66,200      30,600      58,700        7,700     27,300      44,700      46,000       36,300    101,930      34,400      26,000       38,400     36,900      44,500       37,300
   Secured financing                               83,434     130,428     140,000      176,000    163,112     151,090     138,747      101,500    132,500     202,000     288,500      345,144    401,797     432,631      445,600
   Mortgage note and capital lease obligations      6,824      10,254      10,148        9,847      9,701       9,494       9,322        9,105      8,737       8,585       8,970        8,631      8,301       8,017        7,610
   Deferred income taxes, net                      17,158      14,440      13,887       31,817     31,292      31,568      34,815       43,758     49,569      43,673      44,419       44,397     54,941      50,750       50,139
   Income taxes payable                             7,326         -         1,477          -          152         -           -            -          -         1,451         -            -          -           -            -
   Dealer reserve payable, net                     29,606      24,232      19,919       15,675     12,003       8,243       6,007          -          -           -           -            -          -           -            -
      Total liabilities                           255,329     255,012     293,436      290,423    301,057     298,916     290,204      246,368    354,604     348,764     545,291      514,866    586,014     616,740      621,368

Shareholders' Equity
  Common stock                                        393         392         368          369        370         370         370          370        330         334         301          302        303         303          302
  Paid-in capital                                  75,537      76,394      26,644       25,640     28,429      28,920      29,298       29,746        -         1,287         -            828      2,055       2,730        1,014
  Unearned stock-based compensation                   -           -           -            -       (1,964)     (1,834)     (1,697)      (1,566)    (1,692)     (4,044)     (2,432)         -          -           -            -
  Retained earnings                               226,539     243,712     257,980      271,912    287,626     304,679     319,273      344,513    287,674     304,317     209,036      209,253    224,524     236,856      248,518
  Accumulated other comprehensive (loss) income     3,097       2,352       3,106        2,969      2,238       2,333       1,906          (37)       (56)        (65)        (36)         (36)       (25)        (32)           (8)
     Total shareholders' equity                   305,566     322,850     288,098      300,890    316,699     334,468     349,150      373,026    286,256     301,829     206,869      210,347    226,857     239,857      249,826
     Total liabilities and shareholders' equity   560,895     577,862     581,534      591,313    617,756     633,384     639,354      619,394    640,860     650,593     752,160      725,213    812,871     856,597      871,194
                                                                                                                                            CREDIT ACCEPTANCE CORPORATION
                                                                                                                                               Consolidated Balance Sheets
                                                                                                                                                   (Dollars in thousands)



                                                  12/31/07     3/31/08      6/30/08      9/30/08      12/31/08     3/31/09      6/30/09        9/30/09      12/31/09

Assets
  Cash and cash equivalents                            712            60          82          934        3,154          106        1,609          1,610        2,170
  Restricted cash and cash equivalents              74,102        82,456      86,892       82,993       80,333       86,991       75,663         76,019       82,456
  Restricted securities available for sale           3,290         3,036       4,243        3,933        3,345        3,136        2,905          2,779        3,121

   Loans receivable                                 944,698    1,048,393    1,144,409    1,155,591    1,148,752    1,179,484    1,184,094      1,180,340    1,167,558
   Allowance for credit losses                     (134,145)    (113,825)    (132,259)    (119,184)    (130,835)    (131,384)    (127,153)      (123,240)    (117,545)
      Loans receivable, net                         810,553      934,568    1,012,150    1,036,407    1,017,917    1,048,100    1,056,941      1,057,100    1,050,013

   Property and equipment, net                      20,124        21,283       21,844       21,550       21,049       20,487       19,635         18,801       18,735
   Income taxes receivable                          20,712        18,058       12,426       10,012          -            -            -            4,460        3,956
   Other assets                                     12,689        20,317       14,464       14,527       13,556       18,157       14,539         17,132       15,785
      Total assets                                 942,182     1,079,778    1,152,101    1,170,356    1,139,354    1,176,977    1,171,292      1,177,901    1,176,236

Liabilities
   Accounts payable and accrued liabilities         79,834       83,739       81,896       79,845       83,948       94,512       84,691         81,106       77,295
   Line of credit                                   36,300       87,400       38,100       82,900       61,300       99,300      113,900        102,500       97,300
   Secured financing                               488,065      544,027      658,284      602,429      574,175      521,865      470,716        436,491      404,597
   Mortgage note and capital lease obligations       7,765        7,387        6,975        6,608        6,239        5,862        5,498          5,285        5,082
   Deferred income taxes, net                       64,768       71,330       69,116       78,848       75,060       78,837       88,494        100,911       93,752
   Income taxes payable                                -            -            -            -            881        8,211          832            -            -
   Dealer reserve payable, net                         -            -            -            -            -            -            -              -            -
      Total liabilities                            676,732      793,883      854,371      850,630      801,603      808,587      764,131        726,293      678,026

Shareholders' Equity
  Common stock                                         302           305          306          306          306          308          308            309          311
  Paid-in capital                                    4,134         6,913        8,647        9,983       11,829       13,080       15,130         18,491       24,370
  Unearned stock-based compensation                    -             -            -            -            -            -            -              -            -
  Retained earnings                                261,001       278,621      288,965      309,622      328,178      357,179      393,364        434,098      474,433
  Accumulated other comprehensive (loss) income          13            56        (188)        (185)      (2,562)      (2,177)      (1,641)        (1,290)        (904)
     Total shareholders' equity                    265,450       285,895      297,730      319,726      337,751      368,390      407,161        451,608      498,210
     Total liabilities and shareholders' equity    942,182     1,079,778    1,152,101    1,170,356    1,139,354    1,176,977    1,171,292      1,177,901    1,176,236