ACE Cach Express, Inc. announces increased fourth quarter earnings and same store sales growth.DALLAS--(BUSINESS WIRE)--Sept. 1, 1995--ACE Cash Express, Inc. (NASDAQ/AACE), the nation's largest check cashing store chain with over 450 stores, announced its fiscal 1995 fourth quarter and annual operating results for the periods ended June June: see month. 30, 1995. o Revenues for the fourth quarter of fiscal 1995 rose 35 percent to $13.8 million from the $10.2 million reported in the fourth quarter of fiscal 1994. o Net income for the fourth quarter increased 142 percent to $883,000 (21 cents a share) from the $365,000 (9 cents a share) recorded in fiscal 1994. o Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of increased 13.8 percent as compared to the fourth quarter of fiscal 1994. Exclusive of tax-related revenues, same store sales increased 2.8 percent for this quarter. o Revenues for fiscal 1995 rose 20 percent to $47.8 million from the $39.9 million reported last year. o Income before accounting change was $1,989,000 (48 cents a share) for fiscal 1995 compared to the $2,161,000 (52 cents a share) recorded in fiscal 1994. o Same store sales for fiscal 1995 increased 1.6 percent for the 266 stores open two full years. o Operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. increased 10.2 percent to $6.5 million as compared to the $5.9 million reported in fiscal 1994. The company recorded another strong unit growth year in fiscal 1995. During the fiscal year, ACE opened 40 new units, mostly in existing markets and acquired 77 stores. These acquisitions came from 11 separate transactions, the largest of which was the Quick Cash transaction where 31 stores were acquired in June 1995. The company's major revenue components were generally strong. Same store sales in fiscal 1995 increased for all revenue categories except electronic tax filing and overall were up 1.6 percent for the year. The company cashed $1.6 billion in face amount of checks up 21 percent from fiscal 1994 and sold $1.2 billion in money orders, compared to $1.0 billion during fiscal 1994. Revenues for the fiscal year increased 20 percent to $47.8 million. Products other than check cashing continue to provide an increasing percentage of total revenues. Money transfer services increased to $558,000 in the fourth quarter, compared to $363,000 in the comparable 1994 quarter. Loan fees and interest increased to $284,000 for the fourth quarter, compared to $56,000 in the comparable quarter in 1994 as a result of the company's emphasis on developing that new product. The fourth quarter benefitted from the shifting of tax check cashing revenues from the third fiscal quarter as a result of delays by the Internal Revenue Service in processing returns. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. H. Neustadt Neustadt (German for new city) may refer to: Places Germany
ACE CASH EXPRESS, INC.
UNAUDITED STATEMENTS OF EARNINGS
(In thousands, except per share data)
Three Months Ended Year Ended
June 30, June 30,
------------------ ------------------
1995 1994 1995 1994
-------- -------- -------- --------
Revenues $ 13,759 $ 10,179 $ 47,790 $ 39,902
Stores expenses:
Salaries and benefit 4,369 3,286 15,352 12,642
Occupancy 2,363 1,914 8,677 7,005
Depreciation 577 503 2,074 1,663
Other 2,532 1,893 9,368 7,447
-------- -------- -------- --------
Total store expenses 9,841 7,596 35,471 28,757
Region expense 1,085 984 4,139 3,531
Headquarter expense 1,080 843 3,764 3,392
Other depreciation and
amortization 339 281 1,219 1,032
Interest expense (income), net 113 (63) 103 (173)
Other expense 6 75 29 125
-------- -------- -------- --------
Income before income taxes
and cumulative effect of
change in accounting
principle 1,295 463 3,065 3,238
Income taxes 412 98 1,076 1,077
-------- -------- -------- --------
Income before cumulative
effect of change in
accounting principle 883 365 1,989 2,161
Cumulative effect of change in
accounting for income taxes -- -- -- 88
-------- -------- -------- --------
Net income $ 883 $ 365 $ 1,989 $ 2,249
======== ======== ======== ========
Earnings per share:
Earnings before cumulative
effect of change in
accounting principle $ .21 $ .09 $ .48 $ .52
Cumulative effect of change
in accounting for income
taxes -- -- -- .02
-------- -------- -------- --------
Earnings $ .21 $ .09 $ .48 $ .54
======== ======== ======== ========
Weighted average number of
common and common equivalent
shares outstanding 4,163 4,155 4,157 4,162
======== ======== ======== ========
ACE CASH EXPRESS, INC.
BALANCE SHEETS
ASSETS
(in thousands, except share and per share data)
June 30
---------------------------
1995 1994
----------- -----------
(unaudited)
Cash and cash equivalents $ 49,249 $36,535
Accounts receivable, net 1,633 1,485
Prepaid expenses 425 396
Inventories 1,633 1,508
Property and equipment, net 15,431 11,863
Covenants not to compete, net 2,619 472
Excess purchase price over fair value
of net assets acquired, net 15,692 6,218
Other assets 862 901
----------- -----------
Total assets $ 87,544 $ 59,378
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Money order principal payable $ 26,479 $ 17,481
Advances from money order supplier 22,204 16,909
Accounts payable and accrued liabilities 6,436 4,394
Other liabilities 835 974
Notes payable 565 329
Term advances from money order supplier 9,732 --
Shareholders' equity:
Preferred stock, $1 par value, 1,000,000
shares authorized, none issued and
outstanding -- --
Common stock, $.01 par value, 10,000,000
shares authorized, and 4,136,916 and
4,127,966 issued and outstanding 41 41
Additional paid-in capital 17,514 17,501
Retained earnings 3,738 1,749
---------- ----------
Total shareholders' equity 21,293 19,291
---------- ----------
Total liabilities and
shareholders' equity $ 87,544 $ 59,378
========== ==========
SUPPLEMENTAL STATISTICAL DATA
(in thousands, except store and average check data)
Three months ended
June 30, Year Ended June 30,
----------------- ---------------------------
1995 1994 1995 1994 1993
------- ------- ------- ------- -------
Company Operating and
Statistical Data:
Stores in operation:
Beginning of period 403 339 343 276 220
Acquired 38 4 77 32 16
Opened 13 8 40 47 47
Closed (2) (8) (8) (12) (7)
------- ------- ------- ------- -------
End of period 452 343 452 343 276
======= ======= ======= ======= =======
Percentage increase in
comparable store revenue
from prior year:
Exclusive of tax
related
revenues (1) 2.8% (1.8)% 2.9% 1.3% 8.4%
Total revenues (2) 13.8% (2.2)% 1.6% 1.0% 7.8%
Capital expenditures
(in thousands) $ 945 $ 1,012 $ 3,490 $ 4,367 $ 3,465
Cost of
acquired stores
(in thousands) $10,175 $ 350 $14,606 $ 4,846 $ 941
------------------------------------------------------------------
Operating Data:
Face amount of checks
cashed (in
millions) $ 451 $ 331 $ 1,579 $ 1,309 $ 1,131
Face amount of money
orders sold (in
millions) $ 323 $ 268 $ 1,213 $ 1,042 $ 872
Face amount of money
orders sold as a
percentage of face
amount of checks
cashed 71.6% 80.9% 76.8% 79.6% 77.0%
Face amount of
average check $ 300 $ 272 $ 284 $ 286 $ 282
Average fee per
check $ 7.32 $ 6.62 $ 6.78 $ 6.92 $ 6.72
Number of checks
cashed (in
thousands) 1,488 1,214 5,528 4,602 4,007
Number of money
orders sold
(in thousands) 2,481 2,125 9,334 8,266 7,233
-----------------------------------------------------------------------
Collections Data:
Face amount of
returned checks
(in thousands) $ 1,680 $ 1,221 $ 6,419 $ 5,196 $ 3,721
Collections
(in thousands) 1,042 850 3,940 3,304 2,542
------- ------- ------- ------- -------
Net write-offs
(in thousands) $ 638 $ 371 $ 2,479 $ 1,892 $ 1,179
======= ======= ======= ======= =======
Collections as a
percentage of
returned checks 62.0% 69.6% 61.4% 63.6% 68.3%
Net write-offs as
a percentage of
revenues 4.6% 3.6% 5.2% 4.7% 3.6%
Net write-offs as
a percentage of
the face amount
of checks cashed .14% .11% .16% .14% .10%
(1) Change in revenues computed excluding electronic tax filing and
tax refund check cashing revenues in the periods compared.
(2) Calculated based on the change in revenues of all stores open for
the full periods compared.
Components of Revenues:
Three months ended
June 30, Year ended June 30,
--------------------------------------------
($ in thousands) ($ in thousands)
1995 1994 1995 1994 1993
------- ------- ------- ------- -------
Check fees $ 8,596 $ 7,272 $33,008 $28,071 $23,914
Tax check fees 2,304 765 4,480 3,757 3,013
Money transfer services 558 363 1,775 1,155 545
Money order sales 541 495 2,089 1,800 1,437
Food stamp distribution 435 365 1,684 1,155 728
Loan fees and interest 284 56 597 164 49
Bill payment services 277 112 819 425 455
New customer fees 266 139 806 504 416
Electronic tax filings -- 94 533 1,065 824
Other fees 498 518 1,999 1,806 1,285
------- ------- ------- ------- -------
Total revenue $13,759 $10,179 $47,790 $39,902 $32,666
======= ======= ======= ======= =======
Three months ended
June 30, Year ended June 30,
--------------------------------------------
(% of Revenues) (% of Revenues)
1995 1994 1995 1994 1993
------- ------- ------- ------- -------
Check fees 62.5% 71.4% 69.1% 70.3% 73.2%
Tax check fees 16.7 7.5 9.4 9.4 9.2
Money transfer services 4.1 3.6 3.7 2.9 1.7
Money order sales 3.9 4.9 4.4 4.5 4.4
Food stamp distribution 3.2 3.6 3.5 2.9 2.2
Loan fees and interest 2.1 0.6 1.2 0.4 0.2
Bill payment services 2.0 1.1 1.7 1.1 1.4
New customer fees 1.9 1.4 1.7 1.3 1.3
Electronic tax filings -- 0.9 1.1 2.7 2.5
Other fees 3.6 5.0 4.2 4.5 3.9
------- ------- ------- ------- -------
Total revenue 100.0% 100.0% 100.0% 100.0% 100.0%
======= ======= ======= ======= =======-0-
NOTE: The following is a statement from Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Larson Larson may refer to: People with the surname Larson:
The process by which the corporation communicates with its investors. teleconference call will be held on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , Sept. 1, 1995 at 3:00 p.m. (Central) regarding the release of our fourth quarter earnings. We invite you to participate in the conference call by dialing 800/967-7134, using confirmation number 179795. Ray Hemmig, chairman of the board, Don Neustadt, president/CEO, and I will be presenting the information to you. If you have any questions regarding this teleconference call, please contact Krista Krista may refer to: People
In places:
CONTACT: ACE Cash Express, Inc., Thomas E. Larson, 214/550-5030 |
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