News Review: Credit Acceptance Corporation (Nasdaq: CACC)

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Credit Acceptance Corporation (Nasdaq: CACC)  today publicized consolidated net income of $177.10M, or $9.1 for each diluted share, for the three months finished December 31, 2017 compared to consolidated net income of $87.60M, or $4.330 for each diluted share, for the similar period in 2016.

For the year finished December 31, 2017, consolidated net income was $470.20M, or $24.040 for each diluted share, compared to consolidated net income of $332.80M, or $16.310 for each diluted share, for the similar period in 2016.

Our GAAP financial results reflect the enactment of the Tax Cuts and Jobs Act in December 2017, which increased consolidated net income by $99.80M, or $5.130 and $5.1 for each diluted share, respectively, for the three months and year finished December 31, 2017.

Adjusted net income, a non-GAAP financial measure, for the three months finished December 31, 2017, was $100.50M, or $5.160 for each diluted share, compared to $96.70M, or $4.790 for each diluted share, for the similar period in 2016.

For the year finished December 31, 2017, adjusted net income was $399.80M, or $20.440 for each diluted share, compared to adjusted net income of $360.60M, or $17.670 for each diluted share, for the similar period in 2016.

Insteel Industries, Inc. (IIIN) recently declared financial results for its 1st-quarter finished December 30, 2k17.

1st-Quarter 2K18 Results:

Net earnings for the 1st-quarter of fiscal 2K18 increased to $8.10M, or $0.420 for each diluted share, from $4.50M, or $0.230 for each share, in the similar period a year ago. Insteel’s earnings for the current year quarter benefited from a $3.70M, or $0.190 for each share gain on the remeasurement of deferred tax liabilities and a $0.50M, or $0.030 for each share reduction in income taxes related to the lower corporate tax rate enacted under the Tax Cuts and Jobs Act in December 2k17. Apart From the deferred tax gain, Insteel’s effective tax rate reduced to 24.90% from 33.70% in the prior year quarter reflecting the reduction in the federal statutory rate to 21.00% from 35.00% for the remaining 3-quarters of fiscal 2K18.

Cash flow from operations increased to $14.80M from $3.90M in the prior year quarter mainly because of the relative changes in net working capital, which offered $4.70M of cash while using $4.60M in the prior-year quarter.

Capital Allocation and Liquidity:

Capital expenditures for the 1st-quarter of fiscal 2K18 increased to $6.1M from $5.40M in the prior year quarter. Capital outlays for fiscal 2K18 are expected to total up to $21.0M mostly related to extra investments in engineered structural mesh manufacturing capabilities, the purchase of the leased Houston facility and further upgrades of production technology and information systems.

Insteel finished the quarter debt-free with $37.20M of cash and cash equivalents, and no borrowings outstanding on its $100.0M revolving credit facility. Following the end of the quarter, on January 5, 2K18 Insteel paid a special cash dividend totaling $19.0M, or $1.0 for each share, to investors of record as of December 20, 2k17, marking the third successive year in which a special dividend has been paid.

SemiLEDs Corporation (LEDS), a developer and producer of LED chips and LED components, recently declared its financial results for the fourth quarter and full year of fiscal year 2017, finished August 31, 2017.

Revenue for the fourth quarter of fiscal 2017 was $2.6M, a 22.0% increase contrast to $2.10M in the third quarter of fiscal 2017. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2017 was $0.70M, contrast to a loss of $1.60M in the third quarter of 2017, or a net loss of $0.190 per diluted share, contrast to a net loss of $0.450 per diluted share for the third quarter of fiscal 2017.

The Company’s cash and cash equivalents was $3.6M as of August 31, 2017, contrast to $3.10M at the end of the third quarter of fiscal 2017. The net cash inflows in operating activities was $0.50M in the fourth quarter of fiscal 2017, contrast with net cash outflows $0.90M in the third quarter of fiscal 2017. GAAP gross margin for the fourth quarter of fiscal 2017 was 6.0%, contrast with gross margin for the third quarter of fiscal 2017 of negative 9.0%. Operating margin for the fourth quarter of fiscal 2017 was negative 31.0%, contrast with negative 61.0% in the third quarter of fiscal 2017.

We expect revenue for the first quarter ending November 30, 2017 to be $2.1M +/- 15.0%.

Revenue for the fiscal year 2017 was $9.20M, a 9% decrease contrast to $10.10M in the fiscal year 2016. GAAP net loss attributable to SemiLEDs stockholders for the fiscal year 2017 was $4.10M, contrast to a loss of $21.30M in the fiscal year 2016 or a net loss of $1.160 per diluted share, contrast to a net loss of $7.250 per diluted share for the fiscal year 2016.

The Company’s cash and cash equivalents was $3.60M as of August 31, 2017, contrast to $6.00M as of August 31, 2016. The net cash outflows in operating activities was $2.10M in the fiscal year 2017, contrast with net cash outflows $3.40M in the fiscal year 2016. GAAP gross margin for the fiscal year 2017 was 1.0%, contrast with gross margin for the fiscal year 2016 of negative 49.0%. Operating margin for the fiscal year 2017 was negative 47.0%, contrast with negative 203.0% in the fiscal year 2017.

 

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