National Auto Credit Announces Financial Results for the Three Months Ended April 30, 2002
NEW YORK--June 14, 2002--National Auto Credit, Inc. (OTC/BB:NAKD) today announced its financial results for the three months ended April 30, 2002.For the three months ended April 30, 2002, National Auto Credit, Inc. ("NAC") incurred a net loss from continuing operations of $703,000, or $0.08 per share. For the three months ended April 30, 2001, NAC incurred a net loss from continuing operations of $1.2 million, or $0.10 per share
Revenues for the three months ended April 30, 2002 were $138,000 as compared to $226,000 for the three months ended April 30, 2001. Revenues were comprised principally of interest income from investments and NAC's income from its investment in the Angelika Film Theatre. Costs and expenses for the three months ended April 30, 2002 were $841,000 as compared to $1.4 million for the three months ended April 30, 2001.
For the three months ended April 30, 2002, NAC reported income from discontinued operations of $182,000, or $0.02 per share. For the three months ended April 30, 2001, NAC reported a loss from discontinued operations of $1.1 million, or $0.10 per share, principally as a result of the suspension of the ZoomLot Corporation subsidiaries e-commerce operations effective December 31, 2001.
As NAC continues to implement its restructuring and relocation activities pursuant to a plan, costs and expenses, inclusive of litigation charges and other non-recurring charges and write-downs of asset values and the effects of discontinued operations, have exceeded revenues for each of the three months ended April 30, 2002 and 2001.
At April 30, 2002, NAC had cash and cash equivalents of $5.1 million and marketable securities of $1.0 million.
This news release may include statements that constitute forward-looking statements, usually containing the words "believe", "estimate", "project", "expects", or similar expressions, These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements. By making these forward-looking statements, NAC undertakes no obligation to update these statements for revisions or changes after the date of this document.
National Auto Credit, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share data)
April 30, January 31,
2002 2002
(unaudited)
--------- ----------
ASSETS
Cash and cash equivalents $ 5,030 $ 6,122
Marketable securities 994 994
Investment in AFC 9,313 9,220
Property and equipment, net of accumulated
depreciation of $64, and $57, respectively 70 71
Income taxes refundable 3,507 3,507
Other assets 462 620
----------- -------------
$ 19,376 $ 20,534
=========== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Self-insurance claims $ 761 $ 769
Accrued income taxes 697 697
Other liabilities 2,114 2,743
----------- --------------
Total liabilities 3,572 4,209
Commitments and contingencies - -
Stockholders' Equity:
Preferred stock - -
Common stock, $.05 par value;
authorized 40,000,000 shares; issued
39,377,589 and 39,377,589 shares,
respectively 1,969 1,969
Additional paid-in capital 174,337 174,337
Retained deficit (136,867) (136,346)
Accumulated other comprehensive income
(loss) (133) (133)
Treasury stock, at cost, 30,735,835 and
30,735,835 shares, respectively (23,502) (23,502)
---------- ----------
Total stockholders' equity 15,804 16,325
---------- ----------
$ 19,376 $ 20,534
========== ==========
National Auto Credit, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
April 30,
----------------------------
2002 2001
------------- -----------
Revenues
Interest income from investments $ 45 $ 140
Income from AFC investment 93 86
------------- -----------
Total revenues 138 226
------------- -----------
Costs and Expenses
General and administrative 841 1,436
------------- -----------
Total costs and expenses 841 1,436
------------- -------------
Loss from continuing operations
before income taxes (703) (1,210)
Provision for income taxes - -
------------- -------------
Loss from continuing operations (703) (1,210)
Income (loss) from discontinued
operations, net of tax 182 (1,144)
------------- -------------
Net loss (521) (2,354)
Accretion of discount on redeemable
preferred stock - (24)
------------- -------------
Net loss applicable to common stock $ (521) $ (2,378)
============= =============
Basic and diluted earnings (loss) per share
Continuing operations $ (.08) $ (.10)
Discontinued operations .02 (.10)
------------- -------------
Net earnings (loss) per share $ (.06) (.20)
============= =============
Weighted average number of shares outstanding
Basic and diluted 8,642 11,606
============= =============