AutoChina International Ltd. (AUTCF.OB) reported that its fourth-quarter net income was $6.9 million or $0.29 per share, compared to a net loss of $4.2 million, or $0.22 per share in the year ago quarter. The year-over-year increase of net income from a net loss position primarily resulted from the decrease of loss on change in fair value of the Earn-out obligation.
Adjusted net income was $6.9 million, compared to $10.9 million for the fourth quarter of 2010.
Revenues for the fourth quarter was $107.4 million, compared to the $155.9 million reported in the fourth quarter of 2010. The decrease in revenues primarily resulted from lower demand for heavy trucks from the extraordinarily robust levels in 2010, which was partially offset by higher finance and insurance income during the period. The Company reported $83.4 million in commercial vehicle revenues, and $24.0 million, or 22.3% of revenues, related to finance and insurance.
by RTT Staff Writer
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