UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): JANUARY 28, 2004
CREDIT ACCEPTANCE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Commission File Number 000-20202
MICHIGAN 38-1999511
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
25505 W. TWELVE MILE ROAD, SUITE 3000 48034-8339
SOUTHFIELD, MICHIGAN (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (248) 353-2700
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated January 28, 2004
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 28, 2004, Credit Acceptance Corporation (the "Company")
issued a press release announcing its financial results for the three months and
year ended December 31, 2003. The press release, dated January 28, 2004, is
attached as Exhibit 99.1 to this Form 8-K.
The financial information included in the press release includes a
presentation of net income excluding certain adjustments, in addition to the
presentation of the Company's reported net income. The Company believes this
information is helpful to investors in measuring the performance of the
business, in that excluding the impact of items that are deemed unlikely to
recur and foreign exchange losses on forward contracts more accurately reflects
the financial performance of the business.
The financial information included in the press release also includes a
return on capital analysis, which provides an additional perspective on the
financial performance of the Company. The Company believes this information
provides a useful measurement of how effectively the Company is utilizing its
capital.
Finally, the financial information included in the press release
includes a presentation of economic profit. Management uses economic profit to
assess the Company's performance and the amount of value created for
shareholders as well as to make capital allocation decisions. The Company
believes this information is important to shareholders because it allows
shareholders to compare the returns earned by the Company investing capital in
its business with the return they could expect if the Company returned capital
to shareholders and they invested in other securities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CREDIT ACCEPTANCE CORPORATION
(Registrant)
By: /s/ Douglas W. Busk
-----------------------
Douglas W. Busk
Chief Financial Officer and Treasurer
January 30, 2004
INDEX OF EXHIBITS
EXHIBIT NO. DESCRIPTION
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99.1 Press Release dated January 28, 2004.