by Lance Turner
Posted 5/24/2013 08:08 am
Updated 2 years ago
America's Car-Mart Inc. of Bentonville on Thursday reported fourth-quarter net income of $8.8 million, down about 9 percent from the same quarter last year. For the fiscal year, net income was $32.2 million, down about 2 percent from the previous year.
The company, which sells used cars, reported fourth-quarter earnings per share of 92 cents, which missed analysts' estimates of 93 cents per share and was down from 97 cents last year. The company said last year's figure includes a one-gain of $1 million related to an allowance for credit losses.
"We are very pleased with our results for the quarter and for the year and are very excited about our future," William H. "Hank" Henderson, president and CEO, said in a news release. "We opened 10 new dealerships during the year, four of which were opened during the fourth quarter.
"We couldn't be happier with our expansion department and the great work being done by that group. We have several great new locations in process and our expectation continues to be that we will open new dealerships in fiscal 2014 and beyond at an approximate 10 percent annual rate."
Fourth-quarter revenue reached $126 milion, beating analysts' estimates of $119 million and rising 11 percent from the same time last year. Same-store sales increased by 5.3 percent.
For the full year, revenue was $465 million, up 8 percent from the previous year. Same-store sales rose 3.3 percent.
The company has 124 dealerships in 10 states.