SOURCE: CompuCredit

February 15, 2006 18:08 ET

CompuCredit Reports Record 2005 Earnings and Account Growth

ATLANTA, GA -- (MARKET WIRE) -- February 15, 2006 -- CompuCredit (NASDAQ: CCRT) reported record results for 2005 with full year managed earnings of $180.7 million or $3.53 of managed earnings per fully diluted share, as compared to managed earnings of $119.4 million, or $2.29 managed earnings per fully diluted share in 2004. For both the fourth quarter of 2005 and the fourth quarter of 2004, CompuCredit reported $0.36 managed earnings per fully diluted share.

Effective with its reporting for the fourth quarter of 2005, CompuCredit began to report its earnings on a so-called "managed basis" and to reconcile its managed earnings to "GAAP" net income in the tables that accompany this press release. Investors and analysts have long requested that CompuCredit report its earnings on a managed basis, as this is the principal metric that they use to monitor CompuCredit's performance and to compare its performance against others within the specialty finance sector. On a GAAP basis, 2005 net income was a record $171.4 million or $3.34 net income per common share on a fully diluted basis. This compares to 2004 net income of $96.3 million, or $1.93 net income per common share on a fully diluted basis. Fourth quarter 2005 net income was $3.0 million, or $0.06 net income per common share on a fully diluted basis, as compared to fourth quarter 2004 net income of $26.9 million, or $0.54 net income per common share on a fully diluted basis.

"We are pleased with our performance for full year 2005, a year highlighted by record earnings as determined on both a managed and a GAAP basis and record account growth for CompuCredit," said David G. Hanna, Chairman and Chief Executive Officer. "We added a record 477,000 accounts in the fourth quarter of 2005 and a record 1.4 million accounts in 2005, and we continue to have great success in originating new accounts and serving our customers through our diversified suite of financial products and services. Moreover, we feel we are well positioned for further growth and profitability as we move forward in 2006."

CompuCredit's net interest margin was 22.4 percent in the fourth quarter of 2005, as compared to 20.2 percent for the fourth quarter of 2004. The adjusted charge-off rate was 11.2 percent in the fourth quarter of 2005, as compared to 8.4 percent for the fourth quarter of 2004, resulting primarily from the impact of increased bankruptcies as consumers rushed to file for bankruptcy prior to the October effective date of the new bankruptcy legislation. As of December 31, 2005, the 60-plus day delinquency rate was 9.3 percent, down from 10.4 percent as of December 31, 2004.

Various references within this press release and the accompanying financial information are to the Company's managed receivables. The Company generates earnings from its managed receivables, which include both on-balance sheet receivables and securitized (off-balance sheet) receivables. Additionally, in allocating the Company's resources and managing the Company's business, management relies heavily upon financial, operating, and statistical data prepared on a managed basis. For this reason, the Company believes managed financial measures to be useful to analysts, investors and others. It is also important to analysts, investors and others that the Company provides selected metrics and data on a managed basis because this allows a comparison of CompuCredit to others within the specialty finance industry. Moreover, the Company's management, analysts, investors and others believe it is critical that they understand the credit performance of the entire portfolio of the Company's managed receivables because it reveals information concerning the quality of loan originations and the related credit risks inherent within the securitized portfolios and the Company's retained interests in its securitization facilities.

Managed receivables data assume that none of the credit card receivables underlying the Company's off balance sheet securitization facilities was ever transferred to securitization facilities and present the adjusted net credit losses and delinquent balances on the receivables as if the Company still owned the receivables. Reconciliation of the managed receivables data to the Company's GAAP financial statements requires: (1) recognition that a significant majority of the Company's loan and fee receivables (i.e., all but $326.7 million of GAAP credit card loan and fee receivables at gross face value) had been sold in securitization transactions as of December 31, 2005; (2) a look through to the economic share of (or equity interest in) the receivables that the Company manages for its three equity-method investees; (3) removal of the Company's minority interest holders' interests in the managed receivables underlying the Company's GAAP consolidated results; and (4) recognition that the previously de-securitized Fingerhut managed receivables were recorded at a $0.0 basis in the Company's GAAP financial statements prior to its re-securitization of these receivables in September 2005.

The Company has included tables with this press release that provide a numerical reconciliation of managed financial measures to comparable measures calculated and reported under generally accepted accounting principles in the United States (or "GAAP"); see the tables within the page entitled "Managed Earnings And Reconciliation Of Reported GAAP Net Income To Managed Earnings." Fundamentally, there are two major reconciling items to consider in reconciling net income as reported under GAAP to managed earnings: (1) an adjustment to remove the effects of gain on sale securitization accounting from the GAAP financial statements; and (2) an adjustment to convert the provision for loan losses under GAAP to adjusted net charge offs which are used to compute managed earnings. For each applicable reporting period for which managed earnings are computed within this press release, the tables within this press release show these two reconciling items. Moreover, in tables within this press release that show specific line-item adjustments and reclassifications necessary to a summary consolidated GAAP statement of operations to derive a summary consolidated managed basis statement of operations, these two reconciling items comprise such necessary adjustments and reclassifications. The adjustments are unaudited.

Our expectation with regard to the growth and profitability of our business in 2006 is a forward-looking statement. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. Actual results may differ materially from those suggested by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the factors set forth in "Item 1. Business -- Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and in the "Forward-Looking Information and Risk Factors" section within the Investor Relations portion of our website at www.CompuCredit.com, changes in the general economy that might make originated and acquired receivables more difficult to collect (and future receivables less profitable), the success of the Company's marketing efforts, and the Company's ability to execute on its strategic and operating plans. CompuCredit expressly disclaims any obligation to update any forward-looking statements except as may be required by law.

Further details regarding CompuCredit's fourth quarter 2005 financial performance will be discussed during management's conference call on Thursday, February 16, 2006 at 8:00 a.m., Eastern Time. The media and public are invited to listen to the live webcast of the call, accessible on the Internet at www.CompuCredit.com. A replay of the conference call also will be available on the web site.

CompuCredit is a specialty finance company and marketer of branded credit cards and related financial services. CompuCredit provides these services to consumers who are underserved by traditional financial institutions. Through corporate and affinity contributions focused on the underserved and un-banked communities, CompuCredit also uses its financial resources and volunteer efforts to address the numerous challenges affecting its customers. For more information about CompuCredit, visit www.CompuCredit.com.

                         CompuCredit Corporation (CCRT)
                  Financial and Statistical Summary (Unaudited)
                      (In thousands, except per share data)

                                   At or For the Three Months Ended
                            December 31,    September 30,   December 31,
                               2005             2005           2004
                            --------------------------------------------

Common Share Statistics
Net Income Per Common Share - Basic   $     0.06   $    1.09   $     0.55
Net Income Per Common Share - Diluted $     0.06   $    1.05   $     0.54
Book Value Per Common Share
 Outstanding (period end)             $    15.67   $   15.58   $    13.24
Stock Price Per Share (period end)    $    38.46   $   44.42   $    27.34
Total Market Capitalization
 (period end)                         $1,882,620  $2,170,249  $1,401,164
Shares Outstanding (period end)(1)        48,950      48,857      51,245
Weighted Average Shares O/S - Basic       48,603      48,524      50,993
Weighted Average Shares O/S - Diluted     50,387      50,278      51,961

Average Managed Loans Statistics (2)
Average Managed Loans                 $2,430,026  $2,383,398  $2,066,834
Average Shareholders' Equity          $  764,993  $  725,192  $  665,565
Net Interest Margin                         22.4%       23.2%       20.2%
Return on Average Managed Loans              0.5%        8.8%        5.4%
Return on Average Equity (ROE)               1.6%       29.0%       16.9%
Net Charge-Off Rate                         13.4%       10.4%       12.0%
Adjusted Charge-Off Rate                    11.2%        7.8%        8.4%
Adjusted Charge-Offs                  $   67,777  $    46,251  $  43,621
Risk Adjusted Margin                        28.4%       31.3%       25.1%
Operating Ratio                             18.6%       14.9%       16.5%
Other Income Ratio                          17.4%       15.8%       13.4%

Period-End Managed Loans
 Statistics (2)
Total Managed Loans                   $2,493,244   $2,402,771   $2,194,837
Delinquency Rate (60+ days)                  9.3%         9.6%        10.4%
Number of Accounts                         3,588        3,318        2,963
Shareholders' Equity                  $  767,211   $  761,398   $  683,890
Equity to Managed Loans Ratio               30.8%        31.7%        31.2%

(1) The December 31, 2005 shares outstanding balance excludes 5,677,950
    shares that are outstanding, but returnable to CompuCredit under the
    terms of a share lending arrangement.
(2) Excludes receivables at or near charge-off at the time of purchase.


                     CompuCredit Corporation and Subsidiaries
                           Consolidated Balance Sheets
                             (Dollars in thousands)

                                                (Unaudited)
                                                December 31,   December 31,
                                                    2005          2004
                                                 ----------    ----------

Assets
Cash and cash equivalents (including restricted
 cash of $12,427 at December 31, 2005 and $11,615
 at December 31, 2004, respectively)             $  240,655    $   68,240
Securitized earning assets                          786,983       536,718
Non-securitized earning assets, net                 468,311       158,430
Deferred costs, net                                  31,012        34,920
Software, furniture, fixtures and equipment, net     48,383        31,552
Investments in equity-method investees               69,343        42,059
Intangibles, net                                     13,749        10,643
Goodwill                                            130,800       100,552
Prepaid expenses and other assets                    31,954        20,412
                                                 ----------    ----------

Total assets                                     $1,821,190    $1,003,526
                                                 ==========    ==========



Liabilities
Accounts payable and accrued expenses            $   96,483    $   36,088
Notes payable                                       165,186        83,624
Convertible senior notes                            550,000             -
Deferred revenue                                     67,585        29,830
Current and deferred income tax liabilities         129,283       115,786
                                                 ----------    ----------
Total liabilities                                 1,008,537       265,328

Minority interests                                   45,442        54,308

Shareholders' equity
Common stock, no par value, 150,000,000
 shares authorized:  59,080,610 shares issued
 and 54,628,020 shares outstanding at December
 31, 2005 (including 5,677,950 loaned shares
 that are returnable); and 53,159,253
 shares issued and 51,244,607 shares outstanding
 at December 31, 2004                                     -             -
Additional paid-in capital                          318,178       303,356
Treasury stock, at cost, 4,452,590 and
 1,914,646 shares December 31, 2005 and
 December 31, 2004, respectively                   (125,068)      (26,721)
Deferred compensation                                (5,426)         (922)
Warrants                                             25,610        25,610
Retained earnings                                   553,917       382,567
                                                 ----------    ----------

Total shareholders' equity                          767,211       683,890
                                                 ----------    ----------
Total liabilities and shareholders' equity       $1,821,190    $1,003,526
                                                 ==========    ==========

                    CompuCredit Corporation and Subsidiaries
                     Consolidated Statements of Operations
                 (Dollars in thousands, except per share data)

                                                         For the Twelve
                             For Three Months Ended       Months Ended
                           Dec. 31, Sept. 30, Dec. 31,  Dec. 31,  Dec. 31,
                            2005      2005      2004      2005      2004
                          --------  --------  --------  --------  --------
                       (Unaudited)(Unaudited)(Unaudited)(Unaudited)
Interest income:
  Consumer loans, including
   past due fees          $ 41,739  $ 32,258  $ 11,070  $113,308  $ 32,671
  Other (1)                  4,195     2,468     2,171    12,307     8,012
                          --------  --------  --------  --------  --------
Total interest income       45,934    34,726    13,241   125,615    40,683
  Interest expense (2)      (8,831)   (6,345)   (2,007)  (33,971)   (4,729)
                          --------  --------  --------  --------  --------
Net interest income
 before fees and other
 income on non-securitized
 earning assets and
 provision for loan
 losses                     37,103    28,381    11,234    91,644    35,954
  Fees and other income on
   non-securitized earning
   assets                  100,150   107,886    93,843   477,482   241,984
  Provision for loan
   losses                  (53,812)  (38,330)  (21,362) (140,660)  (61,944)
                          --------  --------  --------  --------  --------
Net interest income, fees
 and other income on
 non-securitized earning
 assets                     83,441    97,937    83,715   428,466   215,994
                          --------  --------  --------  --------  --------
Other operating income:
  Fees and other income
   on securitized
   earning assets           11,295    56,503    28,012   127,779   158,192
  Servicing income          35,309    33,667    21,708   143,128    92,297
  Ancillary and
   interchange revenues      9,627     7,325     7,990    28,954    24,271
  Equity in income (loss)
   of equity-method
   investees (3)             9,738     9,708     2,593    45,627     1,987
                          --------  --------  --------  --------  --------
Total other operating
 income                     65,969   107,203    60,303   345,488   276,747
                          --------  --------  --------  --------  --------

Other operating expense:
  Salaries and benefits      9,652     9,174     5,171    33,815    22,287
  Card and loan servicing   60,976    55,115    46,721   238,599   163,118
  Marketing and
   solicitation             30,326    26,748    15,090    95,280    42,070
  Depreciation               5,188     4,846     3,927    18,593    15,973
  Other (4)                 39,942    23,617    27,760   104,475    69,879
                          --------  --------  --------  --------  --------
Total other operating
 expense                   146,084   119,500    98,669   490,762   313,327
                          --------  --------  --------  --------  --------
Income before minority
 interests and
 income taxes                3,326    85,640    45,349   283,192   179,414
Minority interests           1,360    (2,706)   (2,167)  (13,349)  (22,345)
                          --------  --------  --------  --------  --------
Income before income taxes   4,686    82,934    43,182   269,843   157,069
Income taxes                (1,711)  (30,271)  (15,114)  (98,493)  (56,350)
                          --------  --------  --------  --------  --------
Net income                $  2,975  $ 52,663  $ 28,068  $171,350  $100,719
                          ========  ========  ========  ========  ========
Net income attributable
 to common shareholders   $  2,975  $ 52,663  $ 26,955  $171,350  $ 96,315
                          ========  ========  ========  ========  ========
 Net income per common
  share — basic           $   0.06  $   1.09  $   0.55  $   3.46  $   1.97
                          ========  ========  ========  ========  ========
 Net income per common
  share — diluted         $   0.06  $   1.05  $   0.54  $   3.34  $   1.93
                          ========  ========  ========  ========  ========

(1) Other interest income, which is not a component of net interest margin
    on the Financial and Statistical Summary, includes $314, $312, $292,
    $1,248, and $1,080 (in thousands) for the respective periods related to
    our minority interest partner's share of interest income.
(2) Includes Auto Finance segment interest expense of $2,640, $2,565, $0,
    $7,562, and $0 (in thousands) for the respective periods; Auto Finance
    segment interest expense is the only component of interest expense that
    is included as an offset in determining net interest margin on the
    Financial and Statistical Summary.
(3) Includes other interest income, which is not a component of net
    interest margin on the Financial and Statistical Summary, of $505, $0,
    $0, $505, and $0 (in thousands) for the respective periods related to
    our portion of equity-method investees' other interest income.
(4) Other operating expense includes ancillary product expenses of $654,
    $414, $159, $1,808 and $923 (in thousands) for the respective periods.

                     CompuCredit Corporation and Subsidiaries
                               Business Segment Data
                               (Dollars in thousands)

                        Investments in
   (Unaudited)            Previously
   Three Months            Charged-  Retail
      Ended        Credit    Off     Micro-    Auto
December 31, 2005  Cards Receivables Loans    Finance    Other      Total
-----------------  ----- ----------- -----    -------    -----      -----
Net interest income,
 fees and other
 income on non-
 securitized
 earning assets $ 52,316  $  7,978  $ 17,528  $  7,224  $ (1,605)  $ 83,441
                ========  ========  ========  ========  ========   ========
Total other
 operating
 income         $ 64,299  $ (4,295) $  5,385  $    580  $      -   $ 65,969
                ========  ========  ========  ========  ========   ========
Income before
 income taxes   $ 15,592  $ (2,009) $  3,209  $  1,139  $(13,244)  $  4,686
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 gross          $326,696  $      -  $ 57,806  $144,489  $  1,582   $530,573
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 net            $204,777  $      -  $ 52,001  $118,189  $    952   $375,919
                ========  ========  ========  ========  ========   ========
Total assets  $1,402,914  $ 39,338  $200,579  $159,222  $ 19,137 $1,821,190
              ==========  ========  ========  ========  ======== ==========


                        Investments in
   (Unaudited)            Previously
   Three Months            Charged-  Retail
      Ended        Credit    Off     Micro-    Auto
December 31, 2004  Cards Receivables Loans    Finance    Other      Total
-----------------  ----- ----------- -----    -------    -----      -----
Net interest income,
 fees and other
 income on non-
 securitized
 earning assets $ 54,169  $ 15,865  $ 13,574  $      -  $    107   $ 83,715
                ========  ========  ========  ========  ========   ========
Total other
 operating
 income         $ 53,628  $      -  $  6,675  $      -  $      -   $ 60,303
                ========  ========  ========  ========  ========   ========
Income before
 income taxes   $ 43,031  $  5,939  $  2,464  $      -  $ (8,252)  $ 43,182
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 gross          $106,873  $      -  $ 31,529  $      -  $  1,232   $139,634
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 net            $ 66,472  $      -  $ 26,783  $      -  $    800   $ 94,055
                ========  ========  ========  ========  ========   ========
Total assets    $821,967  $ 16,070  $158,075  $      -  $  7,414 $1,003,526
                ========  ========  ========  ========  ======== ==========


                        Investments in
                          Previously
                           Charged-  Retail
    (Unaudited)    Credit    Off     Micro-    Auto
  Year ended 2005  Cards Receivables Loans    Finance    Other      Total
-----------------  ----- ----------- -----    -------    -----      -----
Net interest income,
 fees and other
 income on non-
 securitized
 earning assets $221,349  $119,157  $ 63,147  $ 25,452  $   (639)  $428,466
                ========  ========  ========  ========  ========   ========
Total other
 operating
 income         $321,679  $      -  $ 23,229  $    580  $      -   $345,488
                ========  ========  ========  ========  ========   ========
Income before
 income taxes   $204,188  $ 87,696  $  9,768  $  6,117  $(37,926)  $269,843
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 gross          $326,696  $      -  $ 57,806  $144,489  $  1,582   $530,573
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 net            $204,777  $      -  $ 52,001  $118,189  $    952   $375,919
                ========  ========  ========  ========  ========   ========
Total assets  $1,402,914  $ 39,338  $200,579  $159,222  $ 19,137 $1,821,190
              ==========  ========  ========  ========  ======== ==========


                        Investments in
                          Previously
                           Charged-  Retail
                   Credit    Off     Micro-    Auto
  Year ended 2004  Cards Receivables Loans    Finance    Other      Total
-----------------  ----- ----------- -----    -------    -----      -----
Net interest income,
 fees and other
 income on non-
 securitized
 earning assets $132,112  $ 56,723  $ 26,843  $      -  $    316   $215,994
                ========  ========  ========  ========  ========   ========
Total other
 operating
 income         $259,868  $      -  $ 16,879  $      -  $      -   $276,747
                ========  ========  ========  ========  ========   ========
Income before
 income taxes   $156,404  $ 17,366  $  5,976  $      -  $(22,677)  $157,069
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 gross          $106,873  $      -  $ 31,529  $      -  $  1,232   $139,634
                ========  ========  ========  ========  ========   ========
Loans and fees
 receivable,
 net            $ 66,472  $      -  $ 26,783  $      -  $    800   $ 94,055
                ========  ========  ========  ========  ========   ========
Total assets    $821,967  $ 16,070  $158,075  $      -  $  7,414 $1,003,526
                ========  ========  ========  ========  ======== ==========


                   CompuCredit Corporation and Subsidiaries
             MANAGED EARNINGS AND RECONCILIATION OF REPORTED GAAP
                   NET INCOME TO MANAGED EARNINGS (Unaudited)
                 (Dollars in thousands, except per share data)

                For Three Months Ended       For the Year Ended
             Dec. 31,   Sept. 30,  Dec. 31,  Dec. 31,   Dec. 31,
               2005       2005       2004      2005       2004
               ----       ----       ----      ----       ----
 GAAP net
  income as
  reported  $  2,975 $   52,663 $   28,068 $ 171,350 $  100,719
Securiti-
 zation
 adjustment,
 net of tax      582    (22,381)   (12,734)  (33,478)     4,156
Provision
 to charge
 off adjust-
 ment, net
 of tax       14,545     13,242      3,535    42,852     14,568
            -------- ---------- ----------  -------- ----------
Managed net
 income     $ 18,102 $   43,524 $   18,869  $180,724 $  119,443
            ======== ========== ==========  ======== ==========
Managed net
 income per
 common
 share      $   0.36 $     0.87 $     0.36  $   3.53 $     2.29
            ======== ========== ==========  ======== ==========


         For the Year Ended Dec. 31, 2005 For the Year Ended Dec. 31, 2004
             GAAP   Adjustments  MANAGED     GAAP  Adjustments   MANAGED
            ------ ------------ ---------   ------ ------------ ---------
 Net interest
  margin on
  loans re-
  ceivable  $113,308 $  417,034 $  530,342  $ 32,671 $  386,506 $  419,177
 Net interest
  (expense)
  income     (21,664)     6,820    (14,844)    3,283     (1,020)     2,263
 Provision /
  charge
  offs      (140,660)   (61,273)  (201,933)  (61,944)  (111,756)  (173,700)
 Other
  operating
  income     822,970   (378,049)   444,921   518,731   (267,257)   251,474
 Marketing
  expense    (95,280)         -    (95,280)  (42,070)         -    (42,070)
 Ancillary
  product
  expense     (1,808)         -     (1,808)     (923)         -       (923)
 Operating
  expenses  (393,674)    16,880   (376,794) (270,334)       295   (270,039)
 Minority
  interests  (13,349)    13,349          -   (22,345)    22,345          -
            -------- ---------- ----------  -------- ---------- ----------
 Pre-tax net
  income     269,843     14,761    284,604   157,069     29,113    186,182
 Income
  taxes      (98,493)    (5,387)  (103,880)  (56,350)   (10,389)   (66,739)
            -------- ---------- ----------  -------- ---------- ----------
 Net income $171,350 $    9,374 $  180,724 $ 100,719 $   18,724 $  119,443
            ======== ========== ==========  ======== ========== ==========
 Weighted
  average
  shares
  outstanding 51,228     51,228     51,228    52,099     52,099     52,099
            -------- ---------- ----------  -------- ---------- ----------
 Net income
  per common
  share     $   3.34 $     0.19 $     3.53  $   1.93 $     0.36 $     2.29
            ======== ========== ==========  ======== ========== ==========
Gross loans
 receivable $530,573 $1,962,671 $2,493,244  $139,634 $2,055,203 $2,194,837
            ======== ========== ==========  ======== ========== ==========


         Three Months Ended Dec. 31, 2005 Three Months Ended Dec. 31, 2004
             GAAP   Adjustments  MANAGED     GAAP  Adjustments   MANAGED
            ------ ------------ ---------   ------ ------------ ---------
 Net interest
  margin on
  loans re-
  ceivable  $ 41,739 $   94,506 $  136,245  $ 11,070 $   93,049 $  104,119
 Net interest
  (expense)
  income      (4,636)     2,831     (1,805)      164       (371)      (207)
 Provision /
  charge
  offs       (53,812)   (13,965)   (67,777)  (21,362)   (22,258)   (43,620)
 Other
  operating
  income     166,119    (60,154)   105,965   154,146    (84,946)    69,200
 Marketing
  expense    (30,326)         -    (30,326)  (15,090)         -    (15,090)
 Ancillary
  product
  expense       (654)         -       (654)     (159)         -       (159)
 Operating
  expenses  (115,104)     1,963   (113,141)  (83,420)    (1,794)   (85,214)
 Minority
  interests    1,360     (1,360)         -    (2,167)     2,167          -
            -------- ---------- ---------- --------- ---------- ----------
 Pre-tax net
  income       4,686     23,821     28,507    43,182    (14,153)    29,029
 Income
  taxes       (1,711)    (8,694)   (10,405)  (15,114)     4,954    (10,160)
            -------- ---------- ---------- --------- ---------- ----------
 Net income $  2,975 $   15,127 $   18,102 $  28,068 $   (9,199) $  18,869
            ======== ========== ========== ========= ========== ==========
 Weighted
  average
  shares
  outstanding 50,387     50,387     50,387    51,961     51,961     51,961
 Net income
  per common
  share     $   0.06 $     0.30 $     0.36 $    0.54 $    (0.18) $    0.36
            ======== ========== ========== ========= ========== ==========
Gross loans
 receivable $530,573 $1,962,671 $2,493,244 $ 139,634 $2,055,203 $2,194,837
            ======== ========== ========== ========= ========== ==========


           Three Months Ended Sept. 30, 2005
             GAAP   Adjustments  MANAGED
            ------ ------------ ---------
 Net interest
  margin on
  loans re-
  ceivable  $ 32,258 $  106,140 $  138,398
 Net interest
  (expense)
  income      (3,877)     2,254     (1,623)
 Provision /
  charge
  offs       (38,330)    (7,921)   (46,251)
 Other
  operating
  income     215,089   (120,891)    94,198
 Marketing
  expense    (26,748)         -    (26,748)
 Ancillary
  product
  expense       (414)         -       (414)
 Operating
  expenses   (92,338)     3,318    (89,020)
 Minority
  interests   (2,706)     2,706          -
            -------- ---------- ----------
 Pre-tax net
  income      82,934    (14,394)    68,540
 Income
  taxes      (30,271)     5,254    (25,017)
            -------- ---------- ----------
 Net income $ 52,663 $   (9,140) $  43,523
            ======== ========== ==========
 Weighted
  average
  shares
  outstanding 50,278     50,278     50,278
 Net income
  per common
  share     $   1.05 $    (0.18) $    0.87
            ======== ========== ==========
Gross loans
 receivable $424,073 $1,978,698 $2,402,771
            ======== ========== ==========

Contact Information

  • Contact:
    Jay Putnam
    Investor Relations
    +1-770-206-6200
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