America's Car-Mart 3Q Profit Up 9.5 Percent to $8M

America's Car-Mart Inc. of Bentonville on Monday reported third-quarter net income of $8 million, up 9.5 percent from $7.3 million during the same quarter last year.

The company, which sells and finances used cars, said earnings per share reached 84 cents, up from 73 cents during the same quarter last year.

Quarterly revenue reached $119 million, up 8.8 percent from $105 million during the same time last year.

"We are very pleased with our results for the quarter, and especially so with the significant increases in sales," William H. ("Hank") Henderson, the company's president and CEO, said in a news release.

The compan said retail unit sales increased 16 percent to 10,403 from 8,965 during the same quarter last year, with a productivity increase of 9.2 percent to 29.4 retail units sold per store per month. And average retail sales price decreased $125, or 1.3 percent, from the same quarter last year, but increased by $282, or 3 percent, sequentially.

The company (Nasdaq: CRMT) said it repurchased 62,160 shares of its common stock during the third quarter, and said that since Feb. 1, 2010, it has repurchased 2,890,851 shares, or 24.7 percent of our company.

"We believe in the long-term value of our company and we plan to invest in the repurchase program when favorable conditions are present," Jeff Williams, the company's CFO, said.

The company also said it opened three new dealerships during the quarter, and now has 120 dealerships in the country.