SHIJIAZHUANG, CHINA -- (Marketwired) -- 04/30/13 -- AutoChina International Limited ("AutoChina" or the "Company") (OTCBB: AUTCF), China's largest commercial vehicle sales, servicing, leasing, and support network, today reported financial results for the third quarter ended September 30, 2012, and for the fourth quarter and year ended December 31, 2012.
Q3 2012 Financial Highlights (comparisons are year over year)
•Total revenues of $73.3 million, compared to $168.6 million •Adjusted Net Income of $4.5 million, compared to $11.9 million •Adjusted EBITDA of $11.9 million, compared to $21.8 million
Q4 2012 Financial Highlights (comparisons are year over year)
•Total revenues of $51.9 million, compared to $107.4 million •Adjusted Net Income of $2.6 million, compared to $6.9 million •Adjusted EBITDA of $6.8 million, compared to $16.2 million
Full-year 2012 Financial Highlights (comparisons are year over year)
•Total revenues of $333.1 million, compared to $598.1 million •Gross profit of $88.8 million, compared to $107.5 million •Net income of $23.5 million, compared to $25.2 million (which included loss on change in fair value of earn-out obligation of $17.3 million) •Adjusted Net Income of $23.5 million, compared to $43.5 million •Adjusted EBITDA of $50.3 million, compared to $80.0 million
•1,154 commercial vehicles leased in the third quarter of 2012, and 816 in the fourth quarter of 2012 •5,385 commercial vehicles leased in 2012 •AutoChina opened nine new commercial vehicle financing and service centers in the third quarter of 2012 and 11 new centers in the fourth quarter of 2012. As of December 31, 2012, the Company operated 534 financing and service centers, compared to 506 at December 31, 2011. •AutoChina expects continued margin expansion as finance and insurance income grows as a percentage of revenue •Construction of the Company's new office space in the Kai Yuan Center building in Shijiazhuang was completed in April 2013, and AutoChina has moved its headquarters into the new space.
Operational and Market Review
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, "During the second half of 2012, we were pleased to announce the launch of AutoChina's new website, which now serves as a 24/7-accessible information portal for our customers with new offerings such as logistics services, consulting on and access to various types of insurance, and an online used truck marketplace. We expect the new website to be a key channel by which we expand and diversify our business via an asset-light model that will complement our existing heavy truck leasing business and allow AutoChina to better serve its customers. As China's heavy truck market continues to be impacted by weakened demand, we have taken the opportunity to strengthen the Company by building upon our existing heavy-truck leasing business with these new service offerings, while continuing to expand our geographic presence through our leasing and finance center network. We remain optimistic about the long-term prospects of China's heavy truck industry, which recently welcomed another large manufacturer in January when Sweden's Volvo announced its heavy-truck joint venture with Dongfeng Motor Group Co. Given concerns with pollution and measures to meet more stringent emission standards, demand for liquefied natural gas-fueled heavy trucks is expected to increase over the next few years. We will continue to focus on serving our customers, adapting and growing our business to address their needs."
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