Financial Federal Corp. (FIF) filed Annual Report for the period ended 2009-07-31.
Financial Federal Corp is a nationwide independent financial services company. They finance industrial and commercial equipment through installment sales and leasing programs for manufacturers dealers and end users of such equipment. They also make capital loans to equipment users secured by the same types of equipment and other collateral. Financial Federal Corp. has a market cap of $625.19 million; its shares were traded at around $24.93 with a P/E ratio of 14.13 and P/S ratio of 3.97. The dividend yield of Financial Federal Corp. stocks is 2.48%. Financial Federal Corp. had an annual average earning growth of 10% over the past 10 years.
Highlight of Business Operations:
=Price Range Cash
- Dividends
High Low per Share
=
Fiscal 2009
-
First Quarter ended October 31, 2008 $26.35 $19.17 $0.15
Second Quarter ended January 31, 2009 $24.07 $15.01 $0.15
Third Quarter ended April 30, 2009 $24.61 $17.50 $0.15
Fourth Quarter ended July 31, 2009 $25.24 $18.89 $0.15
Fiscal 2008
-
First Quarter ended October 31, 2007 $31.60 $26.26 $0.15
Second Quarter ended January 31, 2008 $25.90 $19.92 $0.15
Third Quarter ended April 30, 2008 $24.37 $19.18 $0.15
Fourth Quarter ended July 31, 2008 $25.78 $20.43 $0.15
=
We established our $50.0 million common stock and convertible debt
repurchase program in June 2007. We increased the amount authorized by $23.2
million in September 2008 and by an additional $35.3 million in January 2009. We
purchased 0.9 million shares of common stock for $24.0 million and $42.3 million
of convertible debentures for $40.6 million since the inception of the program
through July 31, 2009. The program does not have an expiration date and $43.9
million remained authorized for future repurchases at July 31, 2009.
=
Years Ended July 31, 2009 2008 2007 2006 2005
=
Finance receivables - net $1,511,391 $1,916,023 $2,104,361 $1,967,588 $1,641,854
Total assets 1,548,114 1,942,868 2,120,074 1,988,344 1,661,845
Debt 1,052,000 1,467,000 1,660,600 1,527,661 1,259,700
Stockholders' equity 452,046 414,872 387,753 390,379 342,114
Finance income 157,488 188,402 191,254 162,475 126,643
Interest expense 51,407 75,473 84,828 67,402 43,748
Net interest margin 106,081 112,929 106,426 95,073 82,895
Provision for credit losses 7,900 4,000 - - 1,500
Salaries and other expenses 29,537 27,323 24,945 23,676 21,477
Net income 43,148 50,084 50,050 43,619 36,652
Earnings per common share,
diluted 1.72 2.01 1.90 1.65 1.41
Earnings per common share,
basic 1.75 2.05 1.94 1.68 1.44
Cash dividends per common share 0.60 0.60 0.55 0.37 0.20
Available liquidity $ 579,000 $ 357,000 $ 240,300 $ 201,400 $ 88,000
Non-performing assets 87,043 46,724 21,159 14,559 25,330
Delinquent receivables 37,998 22,901 9,868 8,619 10,171
Net charge-offs 7,662 3,223 108 125 1,356
We repaid the entire $175.0 million of 2.0% convertible debentures in
fiscal 2009. We repaid $132.7 million at their principal amount in April 2009
because all holders chose to exercise their first five-year put option as we
expected and we purchased $42.3 million of the debentures in the open market in
the second quarter of fiscal 2009 for $40.6 million. This resulted in a $1.6
million debt retirement gain (net of $0.1 million of unamortized deferred debt
issuance costs).
FIF is in the portfolios of David Dreman of Dreman Value Management.
Rate This Article: |
  |