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CASH AMERICA REPORTS $0.10 EARNINGS PER SHARE FOR MARCH QUARTER ON 27 PERCENT REVENUE GAIN, ANTICIPATES STRONGER SECOND HALF

 FORT WORTH, April 27 /PRNewswire/ -- Cash America International, Inc. (NYSE: PWN) today reported that its revenues for the three months ended March 31, 1993 improved 27 percent to $52,101,000 from $41,006,000 in the same period a year ago, while the company's net income for the first quarter amounted to $2,803,000, or $0.10 per share. Earnings for last year's comparable quarter were $2,778,000, which also equates to $0.10 per share.
 According to chairman and chief executive officer Jack R. Daugherty, "The results fell slightly below our expectations. Even so, we're pleased with the success of the expansion program Cash America put in place a year ago and extremely encouraged about the near and long-term implications of that expansion."
 Reflecting general industry trends, Daugherty said the company's retail sales were sluggish in the quarter, caused at least in part by a slower than normal pace of tax filings and lower subsequent refunds. However, he said Cash America has been experiencing strong loan demand which he also attributed to a reduction in the volume of tax refunds. This stronger loan demand caused loans outstanding at March 31, 1993 to climb 26 percent to $47.9 million from a year ago.
 In order to position itself for longer-term leadership in its marketplace, the chief executive pointed out that during the past 12 months, Cash America has opened 21 new stores, acquired 19 others, and entered into a definitive agreement to acquire 18 more.
 "This aggressive growth is a direct response," said Daugherty, "to marketplace opportunities we feel Cash America is uniquely equipped to identify and satisfy. Clearly, however, it has required significant investments on our part."
 In addition to being pleased with the revenue and loan growth of its newly opened shops in the U.S., Daugherty said, "We're delighted with the performance of the 26 Harvey & Thompson shops acquired in Great Britain in February 1992." He explained that the strong performance of the U.K. operations, coupled with better-than-expected revenues at a majority of Cash America's newly opened stores, causes the company to feel enthusiastic about its prospects in the second half.
 He also said the company anticipates closing its previously- announced acquisition of San Antonio-based Express Cash next month, noting, "We're looking for a positive earnings contribution from Express for the year."
 Because of its significant expansion over the last year and the pending acquisition of Express Cash, Daugherty explained that Cash America has determined it will now open fewer new stores than the 45 to 50 planned originally for 1993. "We're looking forward to improving the company's earnings growth rate later in the year as we also benefit from lower initial operating losses associated with fewer new stores," the chairman said.
 "Given the company's success in assimilating growth in a variety of forms, together with its increasingly strong position in our major markets," Daugherty added, "We are eager to move into the second half of the year."
 Cash America International, Inc. is the nation's leading owner and operator of pawnshops, providing a convenient source of consumer loans and attractively priced merchandise to millions of customers. Founded in 1983, the company operates 250 stores in eight predominantly Southern states and the United Kingdom.
 CASH AMERICA INTERNATIONAL, INC.
 Summary of Operating Results
 Consolidated
 First Quarter 1993 1992
 Balance Sheet Data:
 Loans $ 47,940 $ 38,188
 Inventory 58,989 38,211
 Income Statement Data:
 Sales 32,025 25,711
 Total revenues 52,101 41,006
 Net revenues 25,582 20,393
 Net income 2,803 2,778
 Net income per share .10 .10
 Weighted average shares (in thousands) 28,896 27,036
 -0- 4/27/93
 /CONTACT: Daniel R. Feehan or Michele L. Rosenblum of Cash America International, Inc., 817-335-1100/
 (PWN)


CO: Cash America International Inc. ST: Texas IN: FIN SU: ERN

SM -- NY068 -- 1287 04/27/93 11:10 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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