Growth Continues With the Company's 98th Dealership
BENTONVILLE, Ark., June 8, 2010 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced the opening of a new dealership in Clarksville, Tennessee. The total number of Car-Mart dealerships is now 98.
"This dealership represents the Company's 1st new store opening in fiscal 2011, which began May 1, 2010. The Clarksville dealership will be our 2nd dealership in Tennessee, and we are extremely excited to be expanding in the state," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "We expect to open between 7 and 9 additional dealerships during the remainder of this fiscal year, and then to open additional dealerships at an approximate 10 percent annual rate thereafter. We are committed to continuing to grow both sales and profits as we expand our footprint. New store openings are a vital part of our future and are expected to significantly contribute to our growth. Increasing sales volumes at our existing stores is equally important to our future and will remain a priority for us. 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."
About America's Car-Mart
America's Car-Mart operates 98 automotive dealerships in eight states and is the largest publicly held automotive retailer in the United States focused exclusively on the "Buy Here/Pay Here" 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