BENTONVILLE, Ark., Oct. 8, 2010 (GLOBE NEWSWIRE) -- America's Car-Mart, Inc. (Nasdaq:CRMT) today announced the opening of its 100th dealership. This dealership is located in Opelika, Alabama.
"The opening of our 100th location is a very significant milestone, and certainly worthy of celebrating. For many years we have talked of preparing for that day when we'll have a hundred stores, and now that day has arrived. It is truly an exciting time to be a part of Car-Mart. The Opelika dealership will be our 6th dealership in Alabama, a state where Car-Mart has tremendous opportunities for future expansion," said William H. ("Hank") Henderson, President and Chief Executive Officer of America's Car-Mart. "This dealership represents the Company's 3rd new store to open in fiscal 2011. We expect to open between five and seven additional dealerships during the remainder of this fiscal year, and then to open additional dealerships at an approximate 10% annual rate thereafter. The longer-term potential we have in Alabama could be compared to Arkansas where we currently have 36 dealerships."
"We are very excited that former Auburn football coach Pat Dye will be on hand to sign autographs and be part of our Grand Opening. Everyone is invited to come on out and help us celebrate this milestone," added Mr. Henderson. "From Bill Fleeman's one dealership in Rogers, Arkansas in 1981 to our current footprint of 100 locations in 8 states across the south, we have a long and successful history of serving our customers. We are committed to continuing our expansion to serve a growing customer base in need of affordable transportation and excellent Car-Mart service."
"The first people we must thank for making this happen are our customers. We are so fortunate to have such great, loyal customers who continue to do business with us year after year. I'd also like to express appreciation to our General Managers, Recruiters, and our Associate Development team who have all worked diligently to support and develop our new managers through our MIT Program. We must certainly as well say 'hats off' to Ted Taylor, our Director of Expansion, and Jennifer Neuberger, our Expansion Specialist, for all of their hard work in finding and developing our great new locations. Our facilities look better than ever. Their hard work is duly noted and greatly appreciated," said Mr. Henderson.
"As we have previously discussed, we will continue to focus on increasing sales volumes at our existing stores and at the same time adding great new locations like Opelika," said Jeff Williams, Chief Financial Officer. "For the first quarter of fiscal year 2011, which ended on July 31, we had the best quarter in our Company's history. We had record earnings of $.70 per diluted share and saw solid top-line revenue growth, with a strong same store revenue increase. Our solid financial results, strong balance sheet and competitive strengths will continue to allow us to provide the best possible service to our almost 49,000 active customers and to future customers we will gain as we grow."
About America's Car-Mart
America's Car-Mart operates 100 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 about America's Car-Mart, including investor presentations, 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.