Fincera Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
For the six months, total revenues of $147.726 million compared to $411.6 million for the same period a year ago, as a result of the decrease in commercial vehicle leases initiated during the period. Income from operations was $8.198 million against $4.521 million a year ago. Income before income taxes was $8.240 million against $4.593 million a year ago. Net income was $5.678 million or $0.23 per diluted share compared to $1.800 million or $0.08 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $24.472 million against $70.542 million a year ago. Purchase of property, equipment and leasehold improvements were $1.715 million against $4.897 million a year ago. Adjusted EBITDA was $21.085 million compared to $22.153 million for the same period a year ago. The increase in net income was primarily due to a one-time $4.35 million litigation expense incurred to settle the SEC lawsuit in the 2014 first quarter.