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The Board of Directors
KBK Capital Corporation:
We have audited the accompanying consolidated balance sheets of KBK Capital Corporation and subsidiary (the Company) as of December 31, 1995 and 1994, and the related consolidated statements of income, changes in stockholders' equity and cash flows for years then ended. The financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements, based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of KBK Capital Corporation and subsidiary at December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
As discussed in notes 1 and 3, the Company changed its method of accounting for impairment of loans receivable to adopt the provisions of the Statement of Financial Accounting Standards Board's No. 114 "Accounting by Creditors for Impairment of a Loan," as amended by Statement of Financial Accounting Standards No. 118, "Accounting by Creditors for Impairment of a Loan - Income Recognition and Disclosures" on January 1, 1995.
Fort Worth, Texas January 19, 1996 |
KPMG Peat Marwick LLP |
KBK CAPITAL CORPORATION AND SUBSIDIARY
QUARTERLY SUMMARY RESULTS (Unaudited)
(dollars in thousands except per share amounts)
YTD | 1995 | YTD | 1994 | |||||||
---|---|---|---|---|---|---|---|---|---|---|
1995 | 4TH QTR | 3RD QTR | 2ND QTR | 1ST QTR | 1994 | 4TH QTR | 3RD QTR | 2ND QTR | 1ST QTR | |
VOLUME | $ 377,920 | $ 104,480 | $ 98,465 | $ 87,800 | $ 87,174 | $ 267,150 | $ 86,161 | $ 58,731 | $ 63,782 | $ 58,476 |
Revenue | $ 10,945 | $ 3,143 | $ 2,890 | $ 2,541 | $ 2,371 | $ 6,896 | $ 1,966 | $ 1,571 | $ 1,680 | $ 1,679 |
Interest Expense | 1,653 | 396 | 378 | 402 | 477 | 806 | 252 | 114 | 233 | 208 |
Operating Expenses | 5,667 | 1,614 | 1,409 | 1,296 | 1,348 | 3,531 | 996 | 916 | 866 | 753 |
Operating profit | 3,625 | 1,133 | 1,103 | 843 | 546 | 2,559 | 718 | 541 | 581 | 718 |
Provision for credit losses | 600 | 105 | 370 | 100 | 25 | 65 | 50 | - | 10 | 5 |
Pretax Income | 3,025 | 1,028 | 733 | 743 | 521 | 2,494 | 668 | 541 | 571 | 713 |
Taxes | 1,177 | 389 | 288 | 300 | 200 | 864 | 222 | 187 | 202 | 251 |
Net Consolidated Income | $ 1,848 | $ 639 | $ 445 | $ 443 | $ 321 | $ 1,630 | $ 446 | $ 354 | $ 369 | $ 462 |
PRIMARY EPS | $ 0.51 | $ 0.18 | $ 0.12 | $ 0.12 | $ 0.09 | $ 0.56 | $ 0.14 | $ 0.11 | $ 0.14 | $ 0.19 |
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