Re: A Favorite Stock, NICK
In addition, this is bad at least at first glance...it means the comps are worse than they look- it was 5% of operating earnings in the Q...
The provision increased from approximately $832,000 for the three-month period ended September 30, 2005 to $852,000 for the corresponding period ended September 30, 2006 for credit losses. The increase in the provision is net of provisions reversed for the three-month period ended September 30, 2006, which totaled approximately $201,000. No provisions were reversed during the three months ended September 30, 2005. The reversal of provisions previously recorded was due to the charge-off performance of static pools originated from April 2005 thru September 2005.
The net portfolio yield increased from 22.17% for the six-month period ended September 30, 2005 to 22.22% for the corresponding period ended September 30, 2006. The net portfolio yield increased due to the above factors, net of additional provisions for credit losses required for the change in the recognition of interest (see discussion under “Analysis of Credit Losses” below) and the resulting affect on the provision for credit losses. The provision increased from approximately $1,260,000 for the six-month period ended September 30, 2005 to $1,662,000 for the corresponding period ended September 30, 2006 for credit losses. The increase in the provision is net of provisions reversed for the six-month period ended September 30, 2006, which totaled approximately $617,000. No provisions were reversed during the six months ended September 30, 2005. The reversal of provisions previously recorded was due to the charge-off performance of static pools originated from April 2005 thru September 2005.
This is not good either:
The average dealer discount associated with new volume for the three months ended September 30, 2006 and 2005 were 8.32% and 8.71%, respectively. The average dealer discount associated with new volume for the six months ended September 30, 2006 and 2005 were 8.43% and 8.63%, respectively. The Company believes the average dealer discount may continue to decrease as the result of competition in the markets the Company is currently operating in.
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