BENTONVILLE, Ark., Aug. 10, 2010 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced the opening of a new dealership in Farmington, Missouri. The total number of Car-Mart dealerships is now 99.
"The Farmington dealership will be our 13th dealership in Missouri, a state where Car-Mart has had a successful presence since 1993, when we opened our Joplin location," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "This dealership represents the Company's 2nd new store to open in fiscal 2011. We expect to open between 6 and 8 additional dealerships during the remainder of this fiscal year, and then to open additional dealerships at an approximate 10% annual rate thereafter. We are committed to expanding our footprint to serve a growing customer base in need of affordable transportation and excellent Car-Mart service to go with it. Helping people succeed with their automobile purchases is what we have been doing for almost 30 years and we are excited to be able to expand into Farmington."
"We continue to focus on increasing sales volumes at our existing stores and at the same time adding great new locations," said Jeff Williams, Chief Financial Officer. "Fiscal year 2010, which ended on April 30, was the best year in the Company's history. We had record earnings of $2.27 per diluted share and saw top line revenue growth of over 13%, with same store revenue increasing by over 11%. Our solid financial results, strong balance sheet and competitive strengths will continue to allow us to provide the best possible service to our almost 48,000 active customers and to future customers we will gain as we grow. We will be announcing our first quarter fiscal 2011 results after the market close on Thursday, August 19, 2010."
About America's Car-Mart
America's Car-Mart operates 99 automotive dealerships in eight states and is the largest publicly held automotive retailer in the United States focused exclusively on the "Integrated Auto Sales and Finance" segment of the used car market. The Company emphasizes superior customer service and the building of strong personal relationships with its customers. The Company operates its dealerships primarily in smaller cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers. For more information, including investor presentations, on America's Car-Mart, please visit our website at www.car-mart.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company's future objectives, plans and goals, as well as the Company's intent, beliefs and current expectations regarding future operating performance, and can generally be identified by words such as "may," "will," "should," "could, "believe," "expect," "anticipate," "intend," "plan," "foresee," and other similar words or phrases. Specific events addressed by these forward-looking statements include, but are not limited to:
- new dealership openings;
- same store revenue growth;
- annual growth of the number of dealerships; and
- the Company's business and growth strategies.
These forward-looking statements are based on the Company's current estimates and assumptions and involve various risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance, and that actual results could differ materially from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from the Company's projections include, but are not limited to:
- the availability of credit facilities to support the Company's business;
- the Company's ability to underwrite and collect its loans effectively;
- competition;
- availability of quality vehicles at prices that will be affordable to customers; and
- general economic conditions in the markets in which the Company operates, including but not limited to fluctuations in gas prices, grocery prices and employment levels.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
CONTACT: America's Car-Mart
William H. ("Hank") Henderson, CEO
(479) 464-9944
Jeff Williams, CFO
(479) 418-8021
T.J. ("Skip") Falgout III, Chairman
(972) 717-3423