BENTONVILLE, Ark., Sept. 1, 2009 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced its operating results for the first fiscal quarter ended July 31, 2009.

Highlights of first quarter operating results:

* Net income of $7.0 million ($.60 per diluted share) vs.
   $5.3 million ($.45 per diluted share) for prior year quarter
 * Active customer base increased 5% to over 44,000 during the quarter
   ended July 31, 2009
 * Strong cash flows reflected in the $13.3 million increase in Finance
   Receivables and $1.1 million in capital expenditures with only a
   $745,000 increase in debt
 * Revenue increase of 10.7% with same store revenue growth of 8.5%
 * Retail unit sales increase of 11.3%
 * Provision for credit losses of 19.5% of sales vs. 20.9% for prior
   year quarter
 * Accounts over 30 days past due of 3.5% at July 31, 2009 compared to
   3.6% at July 31, 2008
 * Net charge-offs as a percentage of average Finance Receivables
   decreased to 5.1% from 5.7% for the prior year quarter. Collections
   as a percentage of average Finance Receivables increased to 16.6%
   from 16.4%.
 * Gross margin of 44.1% of sales vs. 43.6% for prior year quarter
 * Finance Receivables growth of $13.3 million (5.8%) during the
   quarter to $244.7 million
 * Debt to equity of 18.6% and debt to finance receivables of 12.5%

For the three months ended July 31, 2009, revenues increased 10.7% to $83.8 million compared with $75.7 million in the same period of the prior year. Income for the quarter was $7.0 million or $.60 per diluted share, versus $5.3 million, or $0.45 per diluted share in the same period last year. Retail unit sales increased 11.3%, with 8,182 vehicles sold in the current quarter, compared to 7,353 in the same period last year. Same store revenue increased 8.5% for the quarter. The provision for credit losses was 19.5% of sales compared to 20.9% in the same period last year. Net charge-offs as a percentage of average finance receivables was 5.1% compared to 5.7% in the same period last year. Gross profit on vehicle sales was 44.1% for the quarter compared to 43.6% for the prior year quarter. Finance Receivables grew by $13.3 million during the quarter or 5.8%. The allowance for credit losses is 22% of Finance Receivables principal balance at both July 31, 2009 and 2008.

"We are very pleased with our first quarter results and we look forward to continuing to push for improvements as we move forward," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "Our top line has been positively impacted by a number of factors including 1) our focus on improving per location volume levels, especially for our newer stores, 2) better lot level execution in all areas of our business, 3) an expanding market which has resulted from credit constrictions for vehicle consumers and most of our competitors, and 4) what we believe to be a solid increase in market share for our current service areas. Our branding campaign, which we started about three years ago, is continuing to provide increased awareness for America's Car-Mart and the superior value we bring to people looking for good, affordable basic transportation and the related financing to go with it. We anticipate the demand for our vehicles and service to continue to increase into the future."

"The significant infrastructure investments we have made over the last few years will allow us to support higher sales volumes at existing locations and to continue our 'grass-fire' growth approach in adding new locations," continued Mr. Henderson. "New locations will generate strong incremental profits and provide our talented associates with individual growth opportunities. Since the end of April we have added new dealerships in Rogers, Arkansas, Okmulgee, Oklahoma and Lebanon, Missouri and we are adding a new location in Owasso, Oklahoma this week. We are very excited about these new locations and anticipate great results from them. The 10.7% increase of our top line resulted from an 8.5% increase in same store sales and sales generated at our four new locations added since the first quarter of fiscal 2009. The negative macro economic issues have so far been positive for us as we have a very healthy balance sheet and strong cash flows, allowing us to continue to grow our customer base without the need for significant levels of debt, unlike most of our competitors. We believe that the tight consumer credit markets will continue to push more people into our markets, where they will find Car-Mart to be 'the' choice for their next car purchase."

"We are so proud of our associates for the great attitude and work ethic they bring to serving our customers," added Mr. Henderson. "Our mission is to earn the repeat business of our customers by providing quality vehicles, affordable payment terms and excellent service. Our associates are fulfilling this mission daily which is reflected in our strong operational performance.