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First Merchants Acceptance Corp. said Tuesday that net income in its fiscal fourth quarter more than doubled, rising to $1.3 million, or 30 cents per share, from $586,000, or 20 cents per share, in the year-earlier period, when fewer shares were outstanding and before an extraordinary item.
The Deerfield-based company, which finances the purchase of used automobiles for consumers with credit problems, said revenues in the quarter, ended May 31, also more than doubled, to $7.8 million from $3.4 million.
For the fiscal year, net earnings rose to $3.9 million, or $1.01 per share, from $1.5 million, or 52 cents per share, before an extraordinary item in the second quarter. Revenues rose to $22.6 million from $10 million.
