ACE Cash Express Net Income Rises 43 Percent for the Year.DALLAS--(BUSINESS WIRE)--Aug. 20, 1997--ACE Cash Express Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AACE AACE Association for the Advancement of Computing in Education AACE American Association of Clinical Endocrinologists AACE American Association of Cost Engineers AACE Association for the Advancement of Cost Engineering ) today announced that net income rose 43 percent in the year ended June June: see month. 30, 1997, on 27 percent higher revenue. Net income rose to $4,766,000 from $3,326,000 in the year ended June 30, 1996. On a per share basis, net income increased to 73 cents from 52 cents. There were 6,563,000 weighted average number of shares and equivalents outstanding this past year and 6,380,000 in the prior year. Revenues for the year rose to $87,392,000 from $68,959,000 primarily because of additional stores acquired and opened coupled with increased revenues from existing stores due to the company's programs of introducing new products into their mix. 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 6.3 percent for the 421 stores open two full years. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Fourth Quarter Earnings Up Substantially Net income for the fourth quarter increased 30 percent to $1,334,000 from $1,027,000 in the same quarter the prior year. This equaled 20 cents a share compared with 16 cents in the fourth quarter a year ago. There were 6,634,000 weighted average shares outstanding in this year's quarter versus 6,459,000 a year ago. Revenues for the quarter rose 12 percent to $22,055,000 from $19,757,000 in the fourth quarter of fiscal 1996. EBITDA for the quarter increased 26 percent to $4,530,000 from $3,598,000 in the fourth quarter of fiscal 1996. The company noted that the fourth quarter of both years included results from the acquisition of Check Express Inc., which occurred in February February: see month. 1996, midway Midway, island group (2 sq mi/5.2 sq km), central Pacific, c.1,150 mi (1,850 km) NW of Honolulu, comprising Sand and Eastern islands with the surrounding atoll. Discovered by Americans in 1859, Midway was annexed in 1867. A cable station was opened in 1903. through its third quarter last year. Check Express was not included in the results during the first seven month of last fiscal year. ACE posted increases in revenue, net income, EBITDA and same store sales while continuing to grow its network of stores, and at the same time leverage the fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). in its existing locations. The company recorded another strong year of unit growth during 1997. ACE opened 45 new units, mostly in existing markets, acquired 46 stores and closed 18 locations, for total unit growth of 73 stores or 13 percent. 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
Please [ improve this article] or discuss the issue on the talk page. and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . Early into fiscal 1998, we are even more encouraged about the future prospects of developing new and expanded financial services for our network of company owned and franchised stores." ACE Cash Express Inc., headquartered in Irving, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to , is one of the nation's largest operators and franchisers of retail financial services stores. These centers offer convenient financial services, including check cashing, money order sales, MoneyGram MoneyGram International, Inc. (NYSE: MGI) is a United States-based financial services company, headquartered in Minneapolis, Minnesota. It has additional facilities in Brooklyn Center, Minnesota, Lakewood, Colorado, and international offices in over 170 countries. wire transfer services, small consumer loans, electronic tax filing, and refund anticipation loan A (Tax) Refund Anticipation Loan (RAL) is a high interest rate short-term loan secured by a taxpayer’s expected tax refund. United States In the United States, the taxpayer commonly applies for the loan through a paid tax preparation firm. services, and bill payment services. ACE has a total network of more than 690 stores in 29 states and Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C., including over 600 company owned stores. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the This release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the company's expected performance for future periods, and actual results for such periods may materially differ. Such forward-looking statements involve risks and uncertainties, including risks of changing market conditions in the overall economy and the industry, consumer demand, the opening of new stores, the success of the company's acquisition strategy and other factors detailed from time to time in the company's annual and other reports filed with the Securities and Exchange Commission. TELECONFERENCE August 20, 1997 An investor relations Investor relations The process by which the corporation communicates with its investors. teleconference call will be held on Wednesday Wednesday: see week. , Aug. 20, 1997 at 3:00 p.m. (Central) regarding the release of our fiscal 1997 year end and fourth quarter earnings. We invite you to participate in the conference call by dialing 800/374-1747. Don Neustadt, president/CEO, Ed McCarty McCarty is the name of:
For your convenience, the teleconference call will be replayed in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. beginning at 6:00 p.m. on Aug. 20, 1997 and a week thereafter. If you wish to listen to a replay of this conference call, dial 800/642-1687, give your last name and use confirmation number 566078. If you have any questions regarding this teleconference call, please contact Krista Krista may refer to: People
In places:
Jay B. Shipowitz Senior Vice President and CFO See Chief Financial Officer. -0-
ACE Cash Express Inc. and Subsidiaries
Consolidated Statements of Earnings
Three Months Ended June 30, Year Ended June 30,
1997 1996 1997 1996
(in thousands, except per share data)
Revenues $22,055 $19,757 $87,392 $68,959
Store expenses:
Salaries and
benefits 5,878 5,764 24,844 20,786
Occupancy 3,436 3,116 13,728 11,284
Depreciation 905 763 3,346 2,752
Other 4,319 4,141 17,458 13,730
Total store
expenses 14,538 13,784 59,376 48,552
Region expenses 1,998 1,570 7,477 5,647
Headquarters expenses 1,490 1,133 6,106 4,744
Franchise expenses 279 277 1,046 458
Other depreciation
and amortization 862 610 3,024 2,152
Interest expense, net 535 475 2,271 1,714
Other expenses 125 158 213 236
Income before
income taxes 2,228 1,750 7,879 5,456
Income taxes 894 723 3,113 2,130
Net income $ 1,334 $ 1,027 $ 4,766 $ 3,326
EBITDA $ 4,530 $ 3,598 $16,520 $12,074
Earnings
per share $.20 $.16 $.73 $.52
Weighted average
number of common
and common
equivalent shares
outstanding 6,634 6,459 6,563 6,380
ACE Cash Express Inc. and Subsidiaries
Consolidated Balance Sheets
ASSETS
June 30,
1997 1996
(in thousands)
Cash and cash equivalents $ 55,494 $ 56,603
Accounts and notes receivable, net 7,459 4,891
Prepaid expenses 573 328
Inventories 2,052 2,084
Property and equipment, net 23,920 19,469
Covenants not to compete, net 2,775 2,372
Excess of purchase price over fair value of
assets acquired, net 27,505 23,124
Other assets 4,572 2,616
Net assets held for sale -- 3,197
--------- ---------
$ 124,350 $ 114,684
LIABILITIES AND SHAREHOLDERS' EQUITY
Money order principal payable $ 41,281 $ 35,488
Revolving advances from money order supplier 7,166 21,157
Accounts payable and accrued liabilities 11,031 10,411
Notes payable 637 2,320
Senior secured notes payable 20,231 --
Term advances from money order supplier 8,209 16,969
Other liabilities 4,739 3,103
Shareholders' equity:
Preferred stock, $1 par value, 1,000,000
shares authorized, none issued and
outstanding -- --
Common stock, $.01 per value, 10,000,000
shares authorized, 6,445,741 and 6,324,306
shares issued and outstanding 64 63
Additional paid-in capital 19,162 18,109
Retained earnings 11,830 7,064
Total shareholders' equity 31,056 25,236
--------- ---------
$ 124,350 $ 114,684
ACE Cash Express, Inc. and Subsidiaries
Supplemental Statistical Data
3 Months Ended Year Ended
June 30, June 30,
1997 1996 1997 1996 1995
Company Operating and
Statistical Data:
Stores in Operation:
Beginning of
period 601 530 544 452 343
Acquired 3 9 46 69 77
Opened 16 7 45 33 40
Closed (3) (2) (18) (10) (8)
End of period 617 544 617 544 452
Percentage increase in
comparable store
revenue from prior
year:
Exclusive of
tax-related
revenues(a) 3.1% 5.0% 5.5% 4.1% 2.9%
Total revenues(b) 1.3% (2.4%) 6.3% 4.7% 1.6%
Capital expenditures
(in thousands) $1,380 $ 964 $4,868 $3,435 $ 4,187
Cost of
acquired
stores (in
thousands) $ 801 $1,257 $10,766 $14,432 $14,000
Operating Data:
FACE amount of checks
cashed (in millions) $674 $575 $2,621 $2,144 $1,567
FACE amount of money
orders sold
(in millions) $456 $419 $1,812 $1,531 $1,213
FACE amount of money
orders sold as a
percentage of the fACE
amount of checks
cashed 67.7% 72.9% 69.1% 71.4% 77.4%
FACE amount of
avg check $286 $278 $291 $285 $284
Average fee per
check $6.68 $6.80 $6.78 $6.81 $6.79
No. of checks cashed
(in thousands) 2,360 2,064 9,020 7,535 5,516
No. of money orders
sold (in thousands) 3,447 3,185 13,608 11,835 9,334
Collections Data:
FACE amt of returned
checks (in
thousands) $2,700 $2,343 $10,399 $8,661 $6,206
Collections
(in thousands) 1,829 1,259 6,554 5,004 3,786
Net write-offs
(in thousands) $ 871 $1,084 $3,845 $3,657 $2,420
Collections
as a percentage
of returned
checks 67.7% 53.7% 63.0% 57.8% 61.0%
Net write-offs as a
percentage of
revenues 3.9% 5.5% 4.4% 5.3% 5.1%
Net write-offs
as a percentage
of the fACE amt
of checks cashed .13% .19% .15% .17% .15%
-0-
(a) Change in revenues computed excluding electronic tax filing
and tax refund check cashing revenues in the periods compared.
(b) Calculated based on the change in revenues of all stores open
for the full periods compared.
Components of Revenues:
Three Months Ended Year Ended
June 30, June 30,
($ in thousands) ($ in thousands)
1997 1996 1997 1996 1995
Check fees $13,908 $12,154 $54,529 $44,664 $33,008
Tax check fees 1,739 1,875 8,306 6,663 4,480
Money transfer services 1,455 1,672 5,749 4,740 1,775
Loan fees and interest 1,661 910 5,703 2,462 597
Money order sales 693 654 2,757 2,413 2,089
New customer fees 515 381 2,051 1,338 806
Bill payment services 625 381 2,197 1,320 819
Food stamp distribution 157 131 752 789 1,684
Franchise revenues 497 388 1,398 633 --
Electronic tax filings 96 89 395 402 533
Other fees 709 1,122 3,555 3,535 1,999
Total revenue $22,055 $19,757 $87,392 $68,959 $47,790
Three Months Ended Year Ended
June 30, June 30,
(Percentage of Revenues) (Percentage of Revenues)
1997 1996 1997 1996 1995
Check fees 63.1% 61.5 62.4% 64.8% 69.1%
Tax check fees 7.9 9.5 9.5 9.7 9.4
Money transfer
services 6.6 8.5 6.6 6.9 3.7
Loan fees
and interest 7.5 4.6 6.5 3.6 1.2
Money order sales 3.1 3.3 3.2 3.5 4.4
New customer fees 2.3 1.9 2.3 1.9 1.7
Bill payment
services 2.8 1.9 2.5 1.9 1.7
Food stamp
distribution 0.7 0.7 0.9 1.1 3.5
Franchise revenues 2.3 2.0 1.6 0.9 --
Electronic tax
filing 0.5 0.4 0.4 0.6 1.1
Other fees 3.2 5.7 4.1 5.1 4.2
Total revenue 100.0% 100.0 100.0% 100.0% 100.0%
CONTACT: ACE Cash Express Inc. Jay B. Shipowitz, 972/550-5030 (Senior VP/CFO) Krista P. Baird, 972/550-5148 (Manager, Investor Relations) |
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