Cash America Announces Second Quarter Net Income and Declares Dividend.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 America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. 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. ) reported today that net income increased 63% in the second quarter ended June June: see month. 30, 2004, compared to net income excluding a gain on the sale of asset in the same period in 2003. Net income for the three-month period in 2004 was $7,339,000 (25 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) compared to $4,507,000 (18 cents per share) in 2003 excluding the after tax effect of a $1,144,000 gain (5 cents per share) on the sale of a non-operating asset Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business. Notes: Sometimes referred to as "redundant assets." See also: Non-operating Cash Flows, Operating Expenses, Operating Income in 2003. The resulting earnings per share in the second quarter of 2004 were at the top end of management's previously published expectations of between 22 and 25 cents per share for the quarter. Total revenue increased 23% to $115.8 million in the second quarter 2004 as aggregate finance and service charges on loans plus fees from short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. cash advances amounted to $56.1 million, an increase of 52% from the same period in 2003 when total revenue was $94.4 million. The significant increase in the combination of these two lending related revenue items was due to the continued increase in the balances of both pawn loans and cash advances. Commenting on the results for the second quarter, Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. R. Feehan, President and Chief Executive Officer said, "We are seeing growing levels of revenue from higher demand for both our lending products and from customers seeking value-oriented retail opportunities within our store base. We have been expanding our number of locations to meet customer demand. We are well on our way to meeting our objective of adding between 60 and 70 new lending locations in 2004." Through the end of June, Cash America has established 30 lending locations and over the last twelve months has added 66 locations and completed a 121-store acquisition. Mr. Feehan added, "While we are pleased with initial growth and early progress from new locations, we also enjoyed a same store net revenue increase of 9.5%, which was a significant part of the strong overall performance in the quarter." For the first six months of fiscal 2004, net income increased 66% to $18,729,000 (64 cents per share) compared to $11,276,000 (45 cents per share) in 2003 excluding the gain on sale of asset of $1,144,000 (5 cents per share). Total revenue for the first half of 2004 was 24% higher than prior year ending at $247.7 million compared to $199.9 million in 2003. Cash America will conduct a conference call to discuss its second quarter earnings Thursday Thursday: see week. , July July: see month. 22, at 3:45 PM CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT . A live web cast of the call will be available on the home page of the Company's corporate web site (www.cashamerica.com). To listen to the live call, please go to the web site at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a $0.0175 (1.75 cents) per share cash dividend on common stock outstanding. The dividend will be paid to shareholders of record on August 4, 2004, and will be paid at the close of business on August 18, 2004. Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information Continued earnings growth is due to higher levels of lending assets and the addition of new lending locations. Both pawn loans and cash advances ended the second quarter of 2004 at higher balances than the same point last year and management believes that the current economic environment is favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. for continued growth in both pawn loans and short-term cash advances. In addition, management anticipates it will generate higher asset balances from new unit openings during 2003 and 2004. Also, during the first seven months of 2004, the Company will include the results of Cashland, an acquisition of 121 locations completed in the third quarter of 2003 for the first time. Based on these assumptions, management has revised and increased its forecasted earnings per share for fiscal 2004 to be between $1.40 and $1.46 per share. This compares to $1.08 per share in earnings for fiscal 2003, excluding the impact of the sale of a non-operating asset in the second quarter of 2003 of 5 cents per share. Results for the calendar year 2004 will be concentrated in the seasonally high first and fourth quarters of the year as a result of anticipated normal business cycles. In the near term, management expects that earnings per share for the third quarter of fiscal 2004 to be between 28 and 31 cents per share compared to 22 cents per share in the third quarter of 2003. Cash America International, Inc. is a provider of specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. 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. , United Kingdom and Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. with 791 total locations. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 472 locations in 17 states and two foreign countries under the brand names Cash America Pawn in the U.S., Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. & Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. in the U.K. and Svensk Pantbelaning in Sweden. 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 payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. " 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 operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date of this release.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
2004 2003 2004 2003
--------- -------- --------- ---------
Consolidated Operations:
Total revenue $115,773 $94,417 $247,683 $199,922
Net revenue 80,726 59,030 167,567 122,981
Total operating expenses 67,219 49,953 134,125 100,939
Income from operations $13,507 $9,077 $33,442 $22,042
Income before income taxes 11,333 7,964 29,019 18,753
Net income 7,339 5,651 18,729 12,420
Net income per share:
Basic $0.26 $0.23 $0.66 $0.51
Diluted $0.25 $0.22 $0.64 $0.50
Weighted average shares:
Basic 28,254 24,189 28,247 24,215
Diluted 29,443 25,128 29,448 24,940
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30, December
------------------- 31,
2004 2003 2003
--------- --------- ---------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $11,482 $7,697 $14,547
Pawn loans 148,702 136,897 141,871
Cash advances, net 27,663 8,463 28,346
Merchandise held for disposition, net 54,995 50,947 56,120
Finance and service charges receivable 23,821 21,316 23,568
Other receivables and prepaid expenses 12,121 9,030 10,628
Income taxes recoverable -- -- 3,208
Deferred tax assets 7,820 6,169 6,868
--------- --------- ---------
Total current assets 286,604 240,519 285,156
Property and equipment, net 82,898 67,896 78,977
Goodwill 123,229 81,432 117,963
Other assets 6,142 2,814 7,436
--------- --------- ---------
Total assets $498,873 $392,661 $489,532
========= ========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $33,270 $25,401 $39,167
Customer deposits 4,899 4,381 4,102
Income taxes currently payable 2,521 1,683 1,386
Current portion of long-term debt 8,286 8,286 8,286
--------- --------- ---------
Total current liabilities 48,976 39,751 52,941
Deferred tax liabilities 8,536 5,390 7,704
Long-term debt 146,705 140,591 152,394
Stockholders' equity:
Common stock, $.10 par value per
share, 80,000,000 shares authorized,
30,235,164 shares issued 3,024 3,024 3,024
Additional paid-in capital 143,252 127,977 141,867
Retained earnings 159,382 124,971 141,642
Accumulated other comprehensive income 8,085 660 7,995
Notes receivable secured by common
stock (2,488) (5,774) (2,488)
Treasury shares, at cost (1,987,207
shares, 5,994,700 shares and
2,040,180 shares at June 30, 2004 and
2003, and December 31, 2003,
respectively (16,599) (43,929) (15,547)
--------- --------- ---------
Total stockholders' equity 294,656 206,929 276,493
--------- --------- ---------
Total liabilities and stockholders'
equity $498,873 $392,661 $489,532
========= ========= =========
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2004 2003 2004 2003
----------- -------- ----------- --------
(Unaudited)
Revenue
Finance and service
charges $34,055 $30,601 $69,555 $62,056
Proceeds from disposition
of merchandise 56,982 56,176 129,697 122,295
Cash advance fees 22,061 6,394 41,717 12,860
Check cashing royalties
and fees 2,675 1,246 6,714 2,711
----------- -------- ----------- --------
Total Revenue 115,773 94,417 247,683 199,922
Cost of Revenue
Disposed merchandise 35,047 35,387 80,116 76,941
----------- -------- ----------- --------
Net Revenue 80,726 59,030 167,567 122,981
----------- -------- ----------- --------
Expenses
Operations 45,879 36,241 92,443 73,211
Cash advance loss
provision 5,375 1,692 8,419 3,024
Administration 11,205 8,413 23,851 17,408
Depreciation and
amortization 4,760 3,607 9,412 7,296
----------- -------- ----------- --------
Total Expenses 67,219 49,953 134,125 100,939
----------- -------- ----------- --------
Income from Operations 13,507 9,077 33,442 22,042
Interest expense, net 2,174 2,126 4,423 4,302
Gain from disposal of
asset -- (1,013) -- (1,013)
----------- -------- ----------- --------
Income before Income Taxes 11,333 7,964 29,019 18,753
Provision for income taxes 3,994 2,313 10,290 6,333
----------- -------- ----------- --------
Net Income $7,339 $5,651 $18,729 $12,420
=========== ======== =========== ========
Net income per share:
Basic $0.26 $0.23 $0.66 $0.51
Diluted $0.25 $0.22 $0.64 $0.50
Weighted average common
shares outstanding:
Basic 28,254 24,189 28,247 24,215
Diluted 29,443 25,128 29,448 24,940
Dividends declared per
common share $0.0175 $0.0175 $0.035 $0.030
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA
($ in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2004 2003 2004 2003
---------- --------- ---------- ---------
PAWN LENDING OPERATIONS:
Pawn loans
Annualized yield on pawn
loans 96.6% 94.4% 99.7% 98.1%
Total amount of pawn
loans written $122,303 $113,548 $235,973 $216,819
Average pawn loan
balance outstanding $141,728 $129,991 $140,290 $127,579
Average pawn loan
balance per average
location in operation $305 $288 $302 $282
Average pawn loan amount
at end of period (not
in thousands) $112 $107 $112 $107
Profit margin on
disposition of
merchandise as a
percentage of proceeds
from disposition of
merchandise 38.5% 37.0% 38.2% 37.1%
Average annualized
merchandise turnover 2.7x 2.9x 3.0x 3.1x
Average balance of
merchandise held for
disposition per average
location in operation $112 $110 $114 $112
Pawnshop locations in
operation --
Beginning of period,
owned 465 453 467 455
Acquired -- -- -- 3
Start-ups 1 1 1 2
Combined or closed -- (1) (2) (7)
End of period, owned 466 453 466 453
Franchise locations at
end of period 6 9 6 9
Total pawnshop
locations at end of
period 472 462 472 462
Average number of
owned pawnshop
locations in
operation 465 452 465 453
Cash advances
Total amount of cash
advances written (a) $50,469 $42,307 $95,108 $80,105
Number of cash advances
written (not in
thousands) (a) 156,786 144,675 295,740 273,187
Average amount per cash
advance (not in
thousands) (a) $322 $292 $322 $293
Combined cash advances
outstanding (a) $14,663 $11,320 $14,663 $11,320
Cash advances
outstanding per
location at end of
period (a) $38 $30 $38 $30
Cash advances
outstanding before
allowance for losses
(b) $9,859 $10,069 $9,859 $10,069
Locations offering cash
advances at end of
period 388 383 388 383
Average number of
locations offering cash
advances 388 383 388 385
CASH ADVANCE OPERATIONS (c):
Total amount of cash
advances written $93,801 $1,245 $171,551 $1,657
Number of cash advances
written (not in
thousands) 277,017 3,832 505,941 5,057
Average amount per cash
advance (not in
thousands) $339 $325 $339 $328
Combined cash advances
outstanding (a) $23,783 $384 $23,783 $384
Cash advances outstanding
per location at end of
period (a) $131 $35 $131 $35
Cash advances outstanding
before allowance for
losses (b) $22,769 $331 $22,769 $331
Cash advance locations in
operations --
Beginning of period 164 5 154 2
Start-ups 19 6 29 9
Combined or closed (2) -- (2) --
End of period 181 11 181 11
Average number of
locations in operation
for period 171 8 165 6
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA (Continued)
($ in thousands)
Three Months Six Months
Ended Ended
June 30, June 30,
------------------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
CHECK CASHING OPERATIONS (Mr.
Payroll):
Face amount of checks cashed $261,680 $257,066 $583,867 $565,594
Gross fees collected $3,561 $3,527 $8,360 $8,138
Fees as a percentage of checks
cashed 1.4% 1.4% 1.4% 1.4%
Average check cashed (not in
thousands) $347 $340 $385 $374
Centers in operation at end
of period 138 139 138 139
Average centers in operation
for period 138 140 137 137
(a) Includes cash advances made by the Company and cash advances made
by third-party banks offered at the Company's locations.
(b) Amounts recorded in the Company's consolidated financial
statements.
(c) Includes Cashland and Cash America Payday Advance locations.
CONSOLIDATED CASH ADVANCES OUTSTANDING
($ in thousands)
June 30,
----------------
2004 2003
-------- -------
Originated by the Company
Active cash advances and fees receivable $19,422 $1,329
Cash advances and fees in collection 4,860 367
-------- -------
Total originated by the Company 24,282 1,696
-------- -------
Originated by banks
Active cash advances and fees receivable 10,934 7,532
Cash advances and fees in collection 3,230 2,476
-------- -------
Total originated by banks 14,164 10,008
-------- -------
Combined gross portfolio 38,446 11,704
Less: Elimination of cash advances owned by banks 5,373 908
Less: Discount on cash advances assigned by banks 445 396
-------- -------
Company cash advances and fees receivable, gross 32,628 10,400
Less: Allowance for losses 4,965 1,937
-------- -------
Cash advances and fees receivable, net $27,663 $8,463
======== =======
Allowance for losses as a % of combined gross
portfolio 12.9% 16.5%
======== =======
CONSOLIDATED ALLOWANCE FOR LOSSES ON CASH ADVANCES
($ in thousands)
Three Months Six Months
Ended Ended
June 30, June 30,
--------------- ----------------
2004 2003 2004 2003
------- ------- -------- -------
Balance at beginning of period $2,689 $1,363 $3,448 $1,748
Cash advance loss provision 5,375 1,692 8,419 3,024
Charge-offs (4,880) (1,941) (10,759) (4,404)
Recoveries 1,781 823 3,857 1,569
------- ------- -------- -------
Balance at end of period $4,965 $1,937 $4,965 $1,937
======= ======= ======== =======
Cash advance loss provision as a % of
combined advances written 3.7% 3.9% 3.2% 3.7%
======= ======= ======== =======
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED JUNE 30, 2004 AND 2003
(in thousands)
(Unaudited)
-----------------------------------------------------
Pawn Lending
-------------------
United Cash Check
States Foreign Advance(a) Cashing(b) Consolidated
--------- --------- ---------- ---------- -----------
Three Months
Ended June 30,
2004:
----------------
Revenue
Finance and
service
charges $25,355 $8,700 $-- $-- $34,055
Proceeds from
disposition of
merchandise 51,695 5,287 -- -- 56,982
Cash advance
fees 7,509 -- 14,552 -- 22,061
Check cashing
royalties and
fees -- 643 1,172 860 2,675
--------- --------- ---------- ---------- -----------
Total revenue 84,559 14,630 15,724 860 115,773
Cost of revenue
-- disposed
merchandise 31,338 3,709 -- -- 35,047
--------- --------- ---------- ---------- -----------
Net revenue 53,221 10,921 15,724 860 80,726
--------- --------- ---------- ---------- -----------
Expenses
Operations 32,376 4,987 8,175 341 45,879
Cash advance
loss provision 2,064 -- 3,311 -- 5,375
Administration 7,270 1,622 2,026 287 11,205
Depreciation
and
amortization 2,882 696 1,058 124 4,760
--------- --------- ---------- ---------- -----------
Total expenses 44,592 7,305 14,570 752 67,219
--------- --------- ---------- ---------- -----------
Income from
operations $8,629 $3,616 $1,154 $108 $13,507
========= ========= ========== ========== ===========
As of June 30,
2004:
----------------
Total assets $300,338 $114,833 $76,201 $7,501 $498,873
========= ========= ========== ========== ===========
Three Months
Ended June 30,
2003:
----------------
Revenue
Finance and
service
charges $23,439 $7,162 $-- $-- $30,601
Proceeds from
disposition of
merchandise 51,644 4,532 -- -- 56,176
Cash advance
fees 6,227 -- 167 -- 6,394
Check cashing
royalties and
fees -- 418 -- 828 1,246
--------- --------- ---------- ---------- -----------
Total revenue 81,310 12,112 167 828 94,417
Cost of revenue
-- disposed
merchandise 31,984 3,403 -- -- 35,387
--------- --------- ---------- ---------- -----------
Net revenue 49,326 8,709 167 828 59,030
--------- --------- ---------- ---------- -----------
Expenses
Operations 31,642 3,948 274 377 36,241
Cash advance
loss provision 1,618 -- 74 -- 1,692
Administration 6,995 1,148 87 183 8,413
Depreciation
and
amortization 2,817 648 20 122 3,607
--------- --------- ---------- ---------- -----------
--
Total expenses 43,072 5,744 455 682 49,953
--------- --------- ---------- ---------- -----------
Income (loss)
from operations $6,254 $2,965 $(288) $146 $9,077
========= ========= ========== ========== ===========
As of June 30,
2003:
----------------
Total assets $282,131 $101,175 $1,302 $8,053 $392,661
========= ========= ========== ========== ===========
(a) Includes Cashland for periods after August 1, 2003 and Cash
America Payday Advance locations.
(b) Mr. Payroll only.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
SIX MONTHS ENDED JUNE 30, 2004 AND 2003
(in thousands)
(Unaudited)
------------------------------------------------
Pawn Lending
------------------
Cash Check
United Advance Cashing
States Foreign (a) (b) Consolidated
--------- -------- ------- -------- ------------
Six Months Ended June
30, 2004:
---------------------
Revenue
Finance and service
charges $52,227 $17,328 $-- $-- $69,555
Proceeds from
disposition of
merchandise 118,743 10,954 -- -- 129,697
Cash advance fees 14,628 -- 27,089 -- 41,717
Check cashing
royalties and fees -- 1,240 3,492 1,982 6,714
--------- -------- ------- -------- ------------
Total revenue 185,598 29,522 30,581 1,982 247,683
Cost of revenue --
disposed
merchandise 72,167 7,949 -- -- 80,116
--------- -------- ------- -------- ------------
Net revenue 113,431 21,573 30,581 1,982 167,567
--------- -------- ------- -------- ------------
Expenses
Operations 66,312 9,983 15,427 721 92,443
Cash advance loss
provision 3,420 -- 4,999 -- 8,419
Administration 16,351 3,161 3,844 495 23,851
Depreciation and
amortization 5,749 1,424 2,001 238 9,412
--------- -------- ------- -------- ------------
Total expenses 91,832 14,568 26,271 1,454 134,125
--------- -------- ------- -------- ------------
Income from
operations $21,599 $7,005 $4,310 $528 $33,442
========= ======== ======= ======== ============
Six Months Ended June
30, 2003:
---------------------
Revenue
Finance and service
charges $48,148 $13,908 $-- $-- $62,056
Proceeds from
disposition of
merchandise 114,706 7,589 -- -- 122,295
Cash advance fees 12,638 -- 222 -- 12,860
Check cashing
royalties and fees -- 800 -- 1,911 2,711
--------- -------- ------- -------- ------------
Total revenue 175,492 22,297 222 1,911 199,922
Cost of revenue --
disposed
merchandise 71,487 5,454 -- -- 76,941
--------- -------- ------- -------- ------------
Net revenue 104,005 16,843 222 1,911 122,981
--------- -------- ------- -------- ------------
Expenses
Operations 64,426 7,583 395 807 73,211
Cash advance loss
provision 2,937 -- 87 -- 3,024
Administration 14,696 2,232 122 358 17,408
Depreciation and
amortization 5,690 1,333 29 244 7,296
--------- -------- ------- -------- ------------
Total expenses 87,749 11,148 633 1,409 100,939
--------- -------- ------- -------- ------------
Income (loss) from
operations $16,256 $5,695 $(411) $502 $22,042
========= ======== ======= ======== ============
(a) Includes Cashland for periods after August 1, 2003 and Cash
America Payday Advance locations.
(b) Mr. Payroll only.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
OTHER FINANCIAL AND OPERATING DATA
($ in thousands)
Three Months Ended
June 30,
-------------------
2004 2003
--------- ---------
U.S. PAWN LENDING OPERATIONS:
Annualized yield on pawn loans 127.2% 123.9%
Total amount of pawn loans written $87,349 $82,014
Average pawn loan balance outstanding $80,203 $75,904
Average pawn loan balance per average location
in operation $203 $195
Ending pawn loan balance per location in
operation $221 $209
Average pawn loan amount at end of period (not
in thousands) $84 $81
Profit margin on disposition of merchandise as a
percentage of proceeds from disposition of
merchandise 39.4% 38.1%
Average annualized merchandise turnover 2.8x 2.9x
Average balance of merchandise held for
disposition per average location in operation $113 $112
Ending balance of merchandise held for
disposition per location in operation $119 $116
Pawnshop locations in operation --
Beginning of period, owned 396 391
Combined or closed -- (1)
End of period, owned 396 390
Franchised locations at end of period 6 9
Total pawnshop locations at end of period 402 399
Average number of owned pawnshop locations in
operation 396 390
FOREIGN PAWN LENDING OPERATIONS:
Annualized yield on pawn loans:
In U.S. dollars 56.9% 53.1%
In local currency --
United Kingdom 59.4% 57.7%
Sweden 53.1% 45.8%
Total amount of pawn loans written $34,954 $31,534
Average pawn loan balance outstanding $61,525 $54,087
Average pawn loan balance per average location
in operation $892 $872
Ending pawn loan balance per location in
operation $875 $881
Average pawn loan amount at end of period (not
in thousands) $222 $201
Profit margin on disposition of merchandise as a
percentage of proceeds from disposition of
merchandise 29.8% 24.9%
Average annualized merchandise turnover 2.0x 2.4x
Average balance of merchandise held for
disposition per average location in operation $106 $93
Ending balance of merchandise held for
disposition per location in operation $110 $93
Pawnshop locations in operation --
Beginning of period, owned 69 62
Acquired -- --
Start-ups 1 1
End of period, owned 70 63
Average number of owned pawnshop locations
in operation 69 62
Currency translation rates:
Harvey & Thompson, Ltd. (U.S. dollar per
British pound) --
Balance sheet data -- end of period 1.8194 1.6559
Statements of operations data -- average
rate for the period 1.8096 1.6210
Svensk Pantbelaning (U.S. dollar per Swedish
kronor) --
Balance sheet data -- end of period 0.133101 0.125301
Statements of operations data -- average
rate for the period 0.131973 0.124353
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
OTHER FINANCIAL AND OPERATING DATA (Continued)
($ in thousands)
Six Months Ended
June 30,
-------------------
2004 2003
--------- ---------
U.S. PAWN LENDING OPERATIONS:
Annualized yield on pawn loans 133.7% 129.4%
Total amount of pawn loans written $163,913 $154,087
Average pawn loan balance outstanding $78,546 $75,032
Average pawn loan balance per average location
in operation $198 $191
Profit margin on disposition of merchandise as a
percentage of proceeds from disposition of
merchandise 39.2% 37.7%
Average annualized merchandise turnover 3.2x 3.2x
Average balance of merchandise held for
disposition per average location in operation $116 $116
Pawnshop locations in operation --
Beginning of period, owned 398 396
Combined or closed (2) (6)
End of period, owned 396 390
Franchised locations at end of period 6 9
Total pawnshop locations at end of period 402 399
Average number of owned pawnshop locations in
operation 396 392
FOREIGN PAWN LENDING OPERATIONS:
Annualized yield on pawn loans:
In U.S. dollars 56.4% 53.4%
In local currency --
United Kingdom 60.8% 57.7%
Sweden 48.7% 46.8%
Total amount of pawn loans written $72,060 $62,732
Average pawn loan balance outstanding $61,744 $52,547
Average pawn loan balance per average location
in operation $895 $861
Profit margin on disposition of merchandise as a
percentage of proceeds from disposition of
merchandise 27.4% 28.1%
Average annualized merchandise turnover 2.3x 2.0x
Average balance of merchandise held for
disposition per average location in operation $103 $90
Pawnshop locations in operation --
Beginning of period, owned 69 59
Acquired -- 3
Start-ups 1 2
Combined or closed -- (1)
End of period, owned 70 63
Average number of owned pawnshop locations in
operation 69 61
Currency translation rates:
Harvey & Thompson, Ltd. (U.S. dollar per
British pound) --
Statements of operations data -- average
rate for the period 1.8219 1.6116
Svensk Pantbelaning (U.S. dollar per
Swedish kronor) --
Statements of operations data -- average
rate for the period 0.133574 0.120430
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