Regional Managment Corp (RM) Tops Q1 EPS by 5c, Revenues Beat

Regional Managment Corp (NYSE: RM) reported Q1 EPS of $0.67, $0.05 better than the analyst estimate of $0.62. Revenue for the quarter came in at $96.07 million versus the consensus estimate of $93.19 million.

“As we navigate through this unprecedented time, we are committed to supporting the overall health and well-being of our customers, employees, and communities,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “Our omni-channel capabilities are serving our customers well and providing them with multiple safe avenues to make payments. We’ve also proactively implemented several borrower assistance programs to help our customers with any challenges, including offering payment deferrals and waiving late fees on deferred payments. Building on our stable 30+ day delinquency position as of March 31st, these programs and the impact from the government stimulus have positioned us well as we closed out the month of April. As of April 30th, our 30+ day contractual delinquencies stood at 5.4%, a reduction of 120 basis points from the end of March.”

“Over the past several years, we have significantly strengthened our balance sheet, our underwriting using custom scorecards, and our credit infrastructure in anticipation of a reversion in the credit cycle,” added Mr. Beck. “As a result, as of May 4, 2020, we have $110 million of available liquidity, and we believe we have more than ample liquidity to operate through 2021 without needing to access the securitization market. As we focus in the near term on our liquidity, our credit, and serving our customers, we believe we are fundamentally well-positioned and comfortably capitalized to manage through the current economic environment and to expand volumes and operating leverage as the economy rebounds.”

For earnings history and earnings-related data on Regional Managment Corp (RM) click here.

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