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Regional Management Corp. Announces Fourth Quarter 2016 Results
- Net income of $6.5 million; diluted earnings per share of $0.55 -
- Finance receivable growth of 14.2% from the prior year -
- Portfolio grows to $717.8 million as of December 31, 2016 -
Greenville, South Carolina February 7, 2017 Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced results for the fourth quarter and full year ended December 31, 2016.
Fourth Quarter 2016 Highlights
|||Net income for the fourth quarter of 2016 was $6.5 million, a decline of 12.2% from the prior-year period, while non-GAAP net income was $6.6 million, an increase of 4.8% from the prior-year period. Non-GAAP net income excludes $0.1 million of after-tax non-operating system implementation costs in the fourth quarters of 2016 and 2015, as well as $1.2 million in after-tax proceeds from the bulk sale of charged-off loans (bulk sale) in the fourth quarter of 2015. Diluted earnings per share for the fourth quarter of 2016 were $0.55, and on a non-GAAP basis, diluted earnings per share were $0.56.|
|||Total finance receivables as of December 31, 2016 were $717.8 million, an increase of 14.2%, or $89.3 million, from the prior year and up 3.1%, or $21.6 million, sequentially:|
|||Seventh consecutive quarter that total finance receivables have increased at least 10% over the prior-year period.|
|||Large loan finance receivables of $235.3 million increased $88.8 million, or 60.6%, from the prior-year period and now represent nearly 33% of the total loan portfolio.|
|||Total revenue for the fourth quarter of 2016 was $64.0 million, a $7.3 million, or 12.9%, increase from the prior-year period, and a $1.5 million, or 2.5%, increase sequentially.|
|||Strong interest and fee income increase of 16.2% driven by 14.2% increase in receivables.|
The following information was filed by Regional Management Corp. (RM) on Tuesday, February 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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