Cash America Announces Acquisitions of 32 Locations in California.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- Cash America International, Inc. (NYSE NYSE See: New York Stock Exchange :PWN In gaming, to trounce an opponent. To be "pwned" is to be defeated unmercifully. Pronounced "pone," "pwen," "pawn" or "pun," the derivation of the term is obscure. Some believe it came from a common typo of "own" because the o and p keys are next to each other. ) announced today that it has acquired the operations of 32 cash advance locations in southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The cash advance locations were owned and operated by two separate companies and purchased through two distinct transactions. This is Cash America's first entry into the California market and expands the Company's geographic reach into an important new region. Including the newly acquired 32 locations, Cash America offers the cash advance product in 601 lending locations in 18 states. "We have been interested in penetrating the California market because we see a great opportunity to expand our service offering to a large number of potential customers for our product. These two transactions provide a platform for establishing a larger presence in that market through start up locations in surrounding areas," commented, Daniel R. Feehan, President and Chief Executive Officer. The recently acquired locations are predominately in the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. area but spread as far north as Santa Maria Santa Maria, city, Brazil Santa Maria (sän`tə mərē`ə), city (1991 pop. 217,592), Rio Grande do Sul state, S Brazil. It is a major railroad terminus and the site of an important military base. , south to Buena Park Buena Park (bwā`nə), city (1990 pop. 68,784), Orange co., S Calif.; inc. 1953. Food processing, the manufacture of aircraft, and tourism are important to the city's economy. , located in Orange County, and east to Redlands. Both businesses have operated in their respective markets for over seven years. Currently, the businesses operate under the trade names of Urgent Money and GoldX Financial, but will be integrated and branded using the Cash America name over the next six to twelve months. The transactions were completed as asset purchases for a total of $14.2 million in cash. The approximate balance of cash advances acquired is $2.3 million which produced unaudited store-level 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.
Cash America International, Inc. is a provider of specialty financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to individuals in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with 753 total locations. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 402 locations in 17 states under the brand name Cash America Pawn. The Company also offers short-term cash advances in many of its U.S. locations including 28 locations that offer only this service under the brand name Cash America Payday Advance. In addition, the Company provides short-term cash advances and check cashing through its 153 "Cashland" consumer finance centers, and check cashing services through its 138 franchised and Company-owned "Mr. Payroll" check cashing centers. This release contains 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. about the business, financial condition and prospects of Cash America International, Inc. and its subsidiaries ("the Company"). The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation, changes in demand for the Company's services, the actions of third parties who offer products and services at the Company's locations, changes in competition, the ability of the Company to open new operating units in accordance with its plans, economic conditions, real estate market fluctuations, interest rate fluctuations, changes in the capital markets, changes in tax and other laws and governmental rules and regulations applicable to the Company's business, and other risks indicated in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the Company to control, and, in many cases, the Company cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, terms such as "believes", "estimates", "plans", "expects", "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this release. |
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