AutoChina International Reports Record 2010 First Quarter Financial Results

Q1 2010 Financial Highlights

  • Total revenues of $120.7 million, up from $10.8 million in the prior year period
  • Net income of $6.2 million, or $0.33 per diluted share, up from net income of $1.7 million, or $0.22 per diluted share in the prior year period, which included $1.8 million of income from discontinued operations generated from the consumer auto business which was disposed in December 2009
  • Adjusted EBITDA of $12.4 million, an increase of 197.5% year-over-year

Operational Highlights

  • 2,506 vehicles were financed in the first quarter of 2010 despite being the Company’s slowest seasonal quarter, compared to 251 in the prior year period
  • Total number of commercial vehicle sales and leasing branches increased from 157 at December 31, 2009, to 180 at March 31, 2010 and 193 at May 21, 2010
  • Announces new branch openings in Jiangsu province and Shanghai directly-controlled municipality

Update for 2010

  • Company expects to lease at least 12,000 vehicles in 2010 and operate at least 275 stores by the end of 2010
  • Company reiterates financial guidance of revenue between $550 million and $600 million and net income between $42 million and $47 million for the year ending December 31, 2010.

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