Car-Mart Notches Double-Digit Income & Revenue Gains
BENTONVILLE, Ark. — In a year that left the company's leadership "very proud," America's Car-Mart increased both its net income and revenue double-digit percentages for fiscal 2012, while pushing retail sales up by more than 9 percent from the year-ago period.
Specifically, the company pulled in $33 million of net income for the fiscal year ending April 30, up from $28.2 million in the previous year.
Revenues came in at $430 million, marking a 13.4-percent uptick. Same-store revenue moved up 7.5 percent. Car-Mart posted retail unit sales of 37,722 units for the year, representing a 9.6-percent gain.
In the final quarter of the year, Car-Mart achieved net income of $9.6 million, compared to $8.4 million a year earlier. Quarterly revenues jumped 9.8 percent at $113.5 million.
The company moved 9,789 retail units during the period for a 5.9-percent year-over-year gain.
"It goes without saying that we are very proud of our results for 2012. These results were realized because of the dedication of our associates as they worked tirelessly with our customers while always striving to uphold our mission, vision and values," stated Hank Henderson, the company's president and chief executive officer.
"As we look forward, it is truly remarkable to think of the opportunities we will be providing to our customers and to our associates as we add new locations and as we continue to grow our business from our existing dealerships," he continued. "We will continue to focus all of our efforts on helping our customers succeed by working with them when they experience financial difficulties. This, quite simply, is what we do."
Jeff Williams, the company's chief financial officer, added: "Once again, we are pleased with our financial performance for both the quarter and for the full year. We continue to see healthy growth at the top line as we add new locations and increase volumes at existing dealerships. We have capacity to continue our growth by serving more customers looking for good, basic affordable transportation."