corporate office personnel monitor proprietary credit scores and work with dealerships when the distribution of scores falls outside of prescribed thresholds . additionally , the company has increased its investment in the corporate infrastructure within the collections area , including the hiring of a director of collection practices and review , which is also having a positive effect on results by providing more timely oversight and providing for more accountability on a consistent basis . in addition , the company now has several collection specialists who assist the director of collection practices and review with monitoring and training efforts . also , turnover at the dealership level for collections positions is down compared to historical levels , which is having a positive effect on results . the company believes that the proper execution of its business practices is the single most important determinant of credit loss experience . historically , credit losses , on a percentage basis , tend to be higher at new and developing dealerships than at mature dealerships . generally , this is the case because the management at new and developing dealerships tends to be less experienced in making credit decisions and collecting customer accounts and the customer base is less seasoned . normally the older , more mature dealerships have more repeat customers and on average , repeat customers are a better credit risk than non-repeat customers . the company does believe that higher energy and 20 fuel costs , general inflation and potentially lower personal income levels affecting customers can have a negative impact on collections . the company 's gross margins as a percentage of sales have been fairly consistent from year to year . over the last five fiscal years , the company 's gross margins as a percentage of sales have ranged between approximately 42 % and 44 % . gross margin as a percentage of sales for fiscal 2011 was 42.7 % . the company 's gross margins are based upon the cost of the vehicle purchased , with lower-priced vehicles typically having higher gross margin percentages . gross margins in recent years have been negatively affected by the increase in the average retail sales price ( a function of a higher purchase price ) and higher operating costs , mostly related to increased vehicle repair costs and higher fuel costs . additionally , the percentage of wholesale sales to retail sales , which relate for the most part to repossessed vehicles sold at or near cost , can have a significant effect on overall gross margins . the negative effect from wholesale sales was higher in fiscal 2007 and during the first part of fiscal 2008 due to the increased level of repossession activity coupled with relatively flat retail sales levels . higher retail sales levels and lower repossessions activity during the latter part of fiscal 2008 and for fiscal 2009 helped to bring gross margin percentages back up . gross margin percentages in fiscal 2010 benefitted from higher retail sales levels and from a strong wholesale market for repossessed vehicles due to overall used vehicle supply shortages . the gross margin percentage in fiscal 2011 was negatively affected by higher wholesale sales , increased average retail selling price , higher inventory repair costs and a lower margin on the payment protection plan product primarily related to increased claims associated with severe weather in some of our service areas . the company expects that its gross margin percentage will not change significantly in the near term from its current level ( 43 % range ) . hiring , training and retaining qualified associates are critical to the company 's success . the rate at which the company adds new dealerships and is able to implement operating initiatives is limited by the number of trained managers and support personnel the company has at its disposal . excessive turnover , particularly at the dealership manager level , could impact the company 's ability to add new dealerships and to meet operational initiatives . the company has added resources to recruit , train , and develop personnel , especially personnel targeted to fill dealership manager positions . the company expects to continue to invest in the development of its workforce in fiscal 2012 and beyond . 21 consolidated operations ( operating statement dollars in thousands ) replace_table_token_5_th 2011 compared to 2010 total revenues increased $ 40.3 million , or 11.9 % , in fiscal 2011 , as compared to revenue growth of 13.4 % in fiscal 2010 , principally as a result of ( i ) revenue growth from dealerships that operated a full 12 months in both periods ( $ 24.2 million ) , ( ii ) dealerships opened during fiscal 2010 or dealerships that opened or closed a satellite location during fiscal 2010 ( $ 6.6 million ) , and ( iii ) revenues from dealerships opened during fiscal 2011 ( $ 9.5 million ) . the increase in revenue for fiscal 2011 is attributable to ( i ) a 6.9 % increase in retail unit volumes together with a 2.5 % increase in the average unit sales price , ( ii ) a 23.9 % increase in interest and other income and , ( iii ) a $ 5.0 million increase in wholesale sales . cost of sales , as a percentage of sales , increased to 57.3 % in fiscal 2011 from 56.1 % in fiscal 2010. the company 's cost of sales as a percentage of sales was negatively affected by a higher percentage of wholesale sales , increased average selling price , higher inventory repair costs and a lower margin for the payment protection plan product primarily related to increased claims due to severe weather in a few of our service areas . wholesale sales , for the most part , relate to repossessed vehicles sold at or near cost . story_separator_special_tag these types of transactions , based upon facts and circumstances , have been permissible under the provisions of the internal revenue code ( “ irc ” ) as described in the treasury regulations . for financial accounting purposes , these transactions are eliminated in consolidation and a deferred tax liability has been recorded for this timing difference . the sale of finance receivables from car-mart of arkansas to colonial provides certain legal protection for the company 's finance receivables and , principally because of certain state apportionment characteristics of colonial , also has the effect of reducing the company 's overall effective state income tax rate by approximately 240 basis points . the actual interpretation of the regulations is in part a facts and circumstances matter . the company believes it satisfies the material provisions of the regulations . failure to satisfy those provisions could result in the loss of a tax deduction at the time the receivables are sold and have the effect of increasing the company 's overall effective income tax rate as well as the timing of required tax payments . the internal revenue service ( “ irs ” ) recently concluded the previously reported examinations of the company 's income tax returns for fiscal years 2008 and 2009. as a result of the examinations , the irs has questioned whether deferred payment protection plan ( “ ppp ” ) revenue associated with the sale of certain receivables are subject to the acceleration of advance payments provision of the irc and whether the company may deduct losses on the sale of the ppp receivables in excess of the income recognized on the underlying contracts . the issue is timing in nature and does not affect the overall tax provision , but affects the timing of required tax payments . by letter dated april 2 , 2010 , the irs delivered to the company a revenue agent 's report , which proposes an adjustment for the items discussed above as well as interest . the company intends to vigorously defend its position , and on april 23 , 2010 , the company filed an administrative protest with the appeals office of the irs . the protest disputes the income tax changes proposed by the irs and requests a conference with a representative of the appeals office . the company has not yet been notified by the appeals office of a date for the conference . if the matter is not resolved in the appeals office , and if the irs intends to pursue its position , the company fully intends to ask an appropriate court to consider the issue . the company 's policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses . the company had no accrued penalties and or interest as of april 30 , 2011. critical accounting estimates the preparation of financial statements in conformity with generally accepted accounting principles in the united states of america requires the company to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . actual results could differ from the company 's estimates . the company believes the most significant estimate made in the preparation of the consolidated financial statements in item 8 relates to the determination of its allowance for credit losses , which is discussed below . the company 's accounting policies are discussed in note b to the consolidated financial statements in item 8. the company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses in the collection of its finance receivables . at april 30 , 2011 , the weighted average total contract term was 27.3 months with 19.4 months remaining . the reserve amount in the allowance for credit losses at april 30 , 2011 , $ 60.2 million , was 22 % of the principal balance in finance receivables of 30 $ 282.5 million , less unearned payment protection plan revenue of $ 9.0 million . the estimated reserve amount is the company 's anticipated future net charge-offs for losses incurred through the balance sheet date . the allowance takes into account historical credit loss experience ( both timing and severity of losses ) , with consideration given to recent credit loss trends and changes in contract characteristics ( i.e . , average amount financed , months outstanding at loss date , term and age of portfolio ) , delinquency levels , collateral values , economic conditions and underwriting and collection practices . the allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations . the calculation of the allowance for credit losses uses the following primary factors : · the number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time . · the average net repossession and charge-off loss per unit during the last eighteen months , segregated by the number of months since the contract origination date , and adjusted for the expected future average net charge-off loss per unit . about 50 % of the charge-offs that will ultimately occur in the portfolio are expected to occur within 10-11 months following the balance sheet date . the average age of an account at charge-off date is 11.4 months . · the timing of repossession and charge-off losses relative to the date of sale ( i.e . , how long it takes for a repossession or charge-off to occur ) for repossessions and charge-offs occurring during the last eighteen months . a point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a

liquidity and capital resources the following table sets forth certain historical information with respect to the company 's statements of cash flows ( in thousands ) : replace_table_token_8_th the primary drivers of operating profits and cash flows include ( i ) top line sales ( ii ) interest rates on finance receivables , ( iii ) gross margin percentages on vehicle sales , and ( iv ) credit losses . the company generates cash flow from income from operations . historically , most or all of this cash is used to fund finance receivables growth , capital expenditures and common stock repurchases . to the extent finance receivables growth , capital expenditures and common stock repurchases exceed income from operations ; generally the company increases its borrowings under its revolving credit facilities . the majority of the company 's growth has been self-funded . cash flows from operations in fiscal 2011 compared to fiscal 2010 were positively impacted by ( i ) higher sales volumes and increased interest income , ( ii ) a positive impact from current and deferred income taxes , ( iii ) inventory acquired in both repossessions and payment protections plan claims , offset by the net effect of other components of the change in finance receivables including originations and collections , as well as a decrease in the change of accounts payable and accrued liabilities . finance receivables , net , increased by $ 16.9 million during fiscal 2011 . 27 cash flows from operations in fiscal 2010 were positively impacted by ( i ) higher sales volumes and higher gross margin percentages on those sales , ( ii ) lower credit losses as a percentage of sales , ( iii ) increased accounts payable and accrued liabilities , offset by a significant decrease in the positive impact from current and deferred income taxes as well as the net effect of other components of the change in finance receivables including originations , collections , inventory acquired in both repossessions and payment protections plan claims as well as the actual payment protection plan claims .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the following table sets forth certain historical information with respect to the company 's statements of cash flows ( in thousands ) : replace_table_token_8_th the primary drivers of operating profits and cash flows include ( i ) top line sales ( ii ) interest rates on finance receivables , ( iii ) gross margin percentages on vehicle sales , and ( iv ) credit losses . the company generates cash flow from income from operations . historically , most or all of this cash is used to fund finance receivables growth , capital expenditures and common stock repurchases . to the extent finance receivables growth , capital expenditures and common stock repurchases exceed income from operations ; generally the company increases its borrowings under its revolving credit facilities . the majority of the company 's growth has been self-funded . cash flows from operations in fiscal 2011 compared to fiscal 2010 were positively impacted by ( i ) higher sales volumes and increased interest income , ( ii ) a positive impact from current and deferred income taxes , ( iii ) inventory acquired in both repossessions and payment protections plan claims , offset by the net effect of other components of the change in finance receivables including originations and collections , as well as a decrease in the change of accounts payable and accrued liabilities . finance receivables , net , increased by $ 16.9 million during fiscal 2011 . 27 cash flows from operations in fiscal 2010 were positively impacted by ( i ) higher sales volumes and higher gross margin percentages on those sales , ( ii ) lower credit losses as a percentage of sales , ( iii ) increased accounts payable and accrued liabilities , offset by a significant decrease in the positive impact from current and deferred income taxes as well as the net effect of other components of the change in finance receivables including originations , collections , inventory acquired in both repossessions and payment protections plan claims as well as the actual payment protection plan claims .
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 Suspicious Activity Report : corporate office personnel monitor proprietary credit scores and work with dealerships when the distribution of scores falls outside of prescribed thresholds . additionally , the company has increased its investment in the corporate infrastructure within the collections area , including the hiring of a director of collection practices and review , which is also having a positive effect on results by providing more timely oversight and providing for more accountability on a consistent basis . in addition , the company now has several collection specialists who assist the director of collection practices and review with monitoring and training efforts . also , turnover at the dealership level for collections positions is down compared to historical levels , which is having a positive effect on results . the company believes that the proper execution of its business practices is the single most important determinant of credit loss experience . historically , credit losses , on a percentage basis , tend to be higher at new and developing dealerships than at mature dealerships . generally , this is the case because the management at new and developing dealerships tends to be less experienced in making credit decisions and collecting customer accounts and the customer base is less seasoned . normally the older , more mature dealerships have more repeat customers and on average , repeat customers are a better credit risk than non-repeat customers . the company does believe that higher energy and 20 fuel costs , general inflation and potentially lower personal income levels affecting customers can have a negative impact on collections . the company 's gross margins as a percentage of sales have been fairly consistent from year to year . over the last five fiscal years , the company 's gross margins as a percentage of sales have ranged between approximately 42 % and 44 % . gross margin as a percentage of sales for fiscal 2011 was 42.7 % . the company 's gross margins are based upon the cost of the vehicle purchased , with lower-priced vehicles typically having higher gross margin percentages . gross margins in recent years have been negatively affected by the increase in the average retail sales price ( a function of a higher purchase price ) and higher operating costs , mostly related to increased vehicle repair costs and higher fuel costs . additionally , the percentage of wholesale sales to retail sales , which relate for the most part to repossessed vehicles sold at or near cost , can have a significant effect on overall gross margins . the negative effect from wholesale sales was higher in fiscal 2007 and during the first part of fiscal 2008 due to the increased level of repossession activity coupled with relatively flat retail sales levels . higher retail sales levels and lower repossessions activity during the latter part of fiscal 2008 and for fiscal 2009 helped to bring gross margin percentages back up . gross margin percentages in fiscal 2010 benefitted from higher retail sales levels and from a strong wholesale market for repossessed vehicles due to overall used vehicle supply shortages . the gross margin percentage in fiscal 2011 was negatively affected by higher wholesale sales , increased average retail selling price , higher inventory repair costs and a lower margin on the payment protection plan product primarily related to increased claims associated with severe weather in some of our service areas . the company expects that its gross margin percentage will not change significantly in the near term from its current level ( 43 % range ) . hiring , training and retaining qualified associates are critical to the company 's success . the rate at which the company adds new dealerships and is able to implement operating initiatives is limited by the number of trained managers and support personnel the company has at its disposal . excessive turnover , particularly at the dealership manager level , could impact the company 's ability to add new dealerships and to meet operational initiatives . the company has added resources to recruit , train , and develop personnel , especially personnel targeted to fill dealership manager positions . the company expects to continue to invest in the development of its workforce in fiscal 2012 and beyond . 21 consolidated operations ( operating statement dollars in thousands ) replace_table_token_5_th 2011 compared to 2010 total revenues increased $ 40.3 million , or 11.9 % , in fiscal 2011 , as compared to revenue growth of 13.4 % in fiscal 2010 , principally as a result of ( i ) revenue growth from dealerships that operated a full 12 months in both periods ( $ 24.2 million ) , ( ii ) dealerships opened during fiscal 2010 or dealerships that opened or closed a satellite location during fiscal 2010 ( $ 6.6 million ) , and ( iii ) revenues from dealerships opened during fiscal 2011 ( $ 9.5 million ) . the increase in revenue for fiscal 2011 is attributable to ( i ) a 6.9 % increase in retail unit volumes together with a 2.5 % increase in the average unit sales price , ( ii ) a 23.9 % increase in interest and other income and , ( iii ) a $ 5.0 million increase in wholesale sales . cost of sales , as a percentage of sales , increased to 57.3 % in fiscal 2011 from 56.1 % in fiscal 2010. the company 's cost of sales as a percentage of sales was negatively affected by a higher percentage of wholesale sales , increased average selling price , higher inventory repair costs and a lower margin for the payment protection plan product primarily related to increased claims due to severe weather in a few of our service areas . wholesale sales , for the most part , relate to repossessed vehicles sold at or near cost . story_separator_special_tag these types of transactions , based upon facts and circumstances , have been permissible under the provisions of the internal revenue code ( “ irc ” ) as described in the treasury regulations . for financial accounting purposes , these transactions are eliminated in consolidation and a deferred tax liability has been recorded for this timing difference . the sale of finance receivables from car-mart of arkansas to colonial provides certain legal protection for the company 's finance receivables and , principally because of certain state apportionment characteristics of colonial , also has the effect of reducing the company 's overall effective state income tax rate by approximately 240 basis points . the actual interpretation of the regulations is in part a facts and circumstances matter . the company believes it satisfies the material provisions of the regulations . failure to satisfy those provisions could result in the loss of a tax deduction at the time the receivables are sold and have the effect of increasing the company 's overall effective income tax rate as well as the timing of required tax payments . the internal revenue service ( “ irs ” ) recently concluded the previously reported examinations of the company 's income tax returns for fiscal years 2008 and 2009. as a result of the examinations , the irs has questioned whether deferred payment protection plan ( “ ppp ” ) revenue associated with the sale of certain receivables are subject to the acceleration of advance payments provision of the irc and whether the company may deduct losses on the sale of the ppp receivables in excess of the income recognized on the underlying contracts . the issue is timing in nature and does not affect the overall tax provision , but affects the timing of required tax payments . by letter dated april 2 , 2010 , the irs delivered to the company a revenue agent 's report , which proposes an adjustment for the items discussed above as well as interest . the company intends to vigorously defend its position , and on april 23 , 2010 , the company filed an administrative protest with the appeals office of the irs . the protest disputes the income tax changes proposed by the irs and requests a conference with a representative of the appeals office . the company has not yet been notified by the appeals office of a date for the conference . if the matter is not resolved in the appeals office , and if the irs intends to pursue its position , the company fully intends to ask an appropriate court to consider the issue . the company 's policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses . the company had no accrued penalties and or interest as of april 30 , 2011. critical accounting estimates the preparation of financial statements in conformity with generally accepted accounting principles in the united states of america requires the company to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . actual results could differ from the company 's estimates . the company believes the most significant estimate made in the preparation of the consolidated financial statements in item 8 relates to the determination of its allowance for credit losses , which is discussed below . the company 's accounting policies are discussed in note b to the consolidated financial statements in item 8. the company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses in the collection of its finance receivables . at april 30 , 2011 , the weighted average total contract term was 27.3 months with 19.4 months remaining . the reserve amount in the allowance for credit losses at april 30 , 2011 , $ 60.2 million , was 22 % of the principal balance in finance receivables of 30 $ 282.5 million , less unearned payment protection plan revenue of $ 9.0 million . the estimated reserve amount is the company 's anticipated future net charge-offs for losses incurred through the balance sheet date . the allowance takes into account historical credit loss experience ( both timing and severity of losses ) , with consideration given to recent credit loss trends and changes in contract characteristics ( i.e . , average amount financed , months outstanding at loss date , term and age of portfolio ) , delinquency levels , collateral values , economic conditions and underwriting and collection practices . the allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations . the calculation of the allowance for credit losses uses the following primary factors : · the number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time . · the average net repossession and charge-off loss per unit during the last eighteen months , segregated by the number of months since the contract origination date , and adjusted for the expected future average net charge-off loss per unit . about 50 % of the charge-offs that will ultimately occur in the portfolio are expected to occur within 10-11 months following the balance sheet date . the average age of an account at charge-off date is 11.4 months . · the timing of repossession and charge-off losses relative to the date of sale ( i.e . , how long it takes for a repossession or charge-off to occur ) for repossessions and charge-offs occurring during the last eighteen months . a point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a

