Smart Choice Automotive Group Expects First Quarter Earnings To Meet Analyst Expectations
1 April 1998
Smart Choice Automotive Group Expects First Quarter Earnings To Meet Analyst Expectations
TITUSVILLE, Fla., April 1 -- Smart Choice Automotive Group,
Inc. today announced that management is comfortable with
analysts' estimates of $0.08-$0.09 in per-share earnings for the quarter
ending March 31, 1998.
The Company previously reported that sales of used cars set new company
records in both January (653 cars sold) and February (855 cars sold). Most of
the first quarter sales were financed through the Company's Florida Finance
Group subsidiary.
"Competition in our markets has decreased in recent months, reflecting
reduced funding for many companies in the sub-prime lending industry,"
commented Gary Smith, President and Chief Executive Officer of Smart Choice
Automotive Group, Inc. "We believe that our centralized underwriting and
approval procedures, combined with access to financing for inventories and
customer receivables, provide Smart Choice with competitive advantages in this
environment. Per-store sales at our used car dealerships have set all-time
records during the first quarter of 1998, and we expect to make further market
share gains during the seasonally-strong second quarter of the year.
"Our $70 million portfolio of finance receivables is in excellent shape
and shows early indications of being stronger than the acquired portfolios
from our predecessor companies," concluded Smith.
Smart Choice Automotive Group, Inc. operates a network of 24 new and used
car dealerships in the Southeastern United States. The Company underwrites,
finances and services retail installment contracts generated from the sale of
used cars by its dealerships. Its Eckler's subsidiary is one of the world's
largest aftermarket suppliers of Corvette parts and accessories. The Company
also provides training and insurance services to automobile dealerships
throughout the United States. Smart Choice Automotive Group, Inc. is
headquartered in Titusville, Florida and its common stock trades on Nasdaq
under the symbol "SMCH".
This press release includes statements that may constitute "forward-
looking" statements, usually containing the words "believe," "estimate,"
"project," "expect" 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 the
forward-looking statements. Factors that would cause or contribute to such
differences include, but are not limited to, continued acceptance of the
Company's products in the marketplace, competitive factors, receivables
portfolio risks, dependence upon third-party vendors, and other risks detailed
in the Company's S-3 and other periodic report filings with the Securities and
Exchange Commission. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions or changes
after the date of this release.
SOURCE Smart Choice Automotive Group, Inc.