America's Car-Mart, Inc (CRMT) swung to a net profit for the quarter ended Oct. 31, 2016. The company has made a net profit of $5.02 million, or $ 0.62 a share in the quarter, against a net loss of $0.48 million, or $0.06 a share in the last year period.
Revenue during the quarter grew 12.94 percent to $150.21 million from $133 million in the previous year period. Gross margin for the quarter expanded 190 basis points over the previous year period to 48.07 percent. Total expenses were 93.98 percent of quarterly revenues, down from 99.99 percent for the same period last year. This has led to an improvement of 600 basis points in operating margin to 6.02 percent.
Operating income for the quarter was $9.04 million, compared with $0.02 million in the previous year period.
We believe that the communities we serve always deserve our best, and we are prepared to deliver,” said William H. ("Hank") Henderson, chief executive officer of America’s Car-Mart, Inc. (the “Company”). “The competitive environment remains challenging, but we continue to believe that our face-to-face relationships with our customers combined with our efficient operating model will allow us to perform at a very high level as we move forward. We believe that our future is bright, and as always, we will continue to push for excellence in all that we do.”
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