Cash America Completes 2005 with 20% Increase in Fourth Quarter Earnings 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 :CSH csh - C shell ) announced today that income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the fourth quarter ended December December: see month. 31, 2005 increased 20% to $16,456,000 (55 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 $13,716,000 (46 cents per share) for the same period in 2004. The prior year fourth quarter 2004 results included a gain on foreign currency of $575,000 after tax (2 cents per share). Excluding the impact of the gain in the 2004 results, Cash America's fourth quarter 2005 income from continuing operations exceeded the prior year by 25%. Total revenue for the fourth quarter increased 21% to $171.0 million led by a 27% increase in revenue from combined cash advance fees and service charges on pawn loans which rose from $61.0 million in the 2004 quarter to $77.3 million in the 2005 quarter. In addition, the Company enjoyed strong holiday sales as merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain sold during the quarter was 18% above the prior year reaching $91.4 million. Commenting on the results of the 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 of Cash America said, "The holiday traffic translated into higher sales levels, which benefited further from an increase in year-over-year gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. to 38.7% from 38.1%, providing additional leverage on the increase in revenue contributing to a successful fourth quarter." Same store net revenue, defined as total revenue reduced by cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold , rose 9.7% in the fourth quarter of 2005 versus the same period in 2004. Cash America finished fiscal year 2005 with income from continuing operations up 28% to $44,821,000 ($1.48 per share) for the twelve-month period compared to $34,965,000 ($1.18 per share) in fiscal 2004. Total revenue for 2005 was $594.3 million, up 27% from $469.5 million in 2004. During the calendar year 2005 Cash America added 51 total lending outlets and has increased its total location count by 200 owned locations, excluding 10 closed locations, over the last 24 months. Cash America will host a conference call to discuss the fourth quarter results on Thursday Thursday: see week. , January January: see month. 26th at 3:45 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. . A live web cast of the call will be available on the Investor Relations Investor relations The process by which the corporation communicates with its investors. section 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. A replay will be available on the Company's web site for 90 days following the conference call. 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 $0.025 (2.5 cents) per share cash dividend on common stock outstanding. The dividend will be paid to shareholders of record on February February: see month. 8, 2006 and will be paid at the close of business on February 22, 2006. Outlook for the First Quarter of 2006 and Related Fiscal Year Management believes that continued growth in earnings will be largely a function of sustained increases in demand for its loan products, which lead to higher asset balances and revenue. Other elements that will affect the growth in revenue include the development of new locations opened in the last 24 months and the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. of its loan products. As it enters 2006, management anticipates that demand for products will remain strong. Based on the preceding factors management expects that the first quarter income from continuing operations will be between 43 cents and 45 cents per share in 2006 compared to 39 cents per share in 2005. Expectations for the remainder of fiscal 2006 will be impacted by the magnitude magnitude, in astronomy, measure of the brightness of a star or other celestial object. The stars cataloged by Ptolemy (2d cent. A.D.), all visible with the unaided eye, were ranked on a brightness scale such that the brightest stars were of 1st magnitude and the of personal income tax refunds Tax refund Money back from the government when too much tax has been paid or withheld from a salary. for many of the Company's customers and the subsequent recovery of earning asset Earning asset An asset that generates income, e.g., income from rental property. levels in later periods based on customer demand for credit products. Tax refund proceeds, received by the Company's customers during the first quarter, may be used to pay past due cash advance obligations, redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. pawned merchandise and for the purchase of merchandise at the Company's locations. At this time, management expects that full year 2006 earnings per share from income from continuing operations will range between $1.70 and $1.80 compared to $1.48 per share in fiscal 2005. 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. with 886 total locations. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 464 locations in 21 states under the brand names Cash America Pawn and SuperPawn. The Company also offers 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 in many of its U.S. locations including 286 locations that offer this service under the brand names Cash America Payday Advance and Cashland. In addition, check cashing services are provided through its 136 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. 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. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 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, nor can the Company predict, in many cases, 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 Year Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Consolidated Operations:
Total revenue $171,015 $140,781 $594,346 $469,478
Net revenue $114,973 $92,670 $410,547 $315,612
Total operating expenses $86,623 $70,745 $329,835 $254,199
Income from operations $28,350 $21,925 $80,712 $61,413
Income from continuing
operations before income
taxes $25,775 $21,364 $70,882 $55,023
Income from Continuing
Operations $16,456 $13,716 $44,821 $34,965
Income from Discontinued
Operations(1) $197 $726 $197 $21,870
Net Income $16,653 $14,442 $45,018 $56,835
Earnings per share:
Basic -
Income from continuing
operations $0.56 $0.48 $1.53 $1.23
Net income $0.57 $0.50 $1.54 $2.00
Diluted -
Income from continuing
operations $0.55 $0.46 $1.48 $1.18
Net income $0.55 $0.48 $1.49 $1.92
Weighted average shares:
Basic 29,252 28,765 29,262 28,402
Diluted 30,169 29,884 30,206 29,584
(1) Includes foreign pawn lending operations in the United Kingdom and
Sweden that were sold in September 2004. The 2005 amount
represents the tax benefits resulting from final tax adjustments
to the 2004 foreign operations tax returns. For 2004, the amounts
include gain on disposition of $726 and $15,415 for the quarter
and year ended December 31, 2004, respectively. The 2004 year-end
results also include income from those operations for the period
from January 1, 2004 through September 7, 2004 (the date of sale),
of $6,455.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
December 31,
--------------------
2005 2004
---------- ---------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $18,852 $15,103
Pawn loans 115,280 109,353
Cash advances, net 40,704 36,490
Merchandise held for disposition, net 72,683 67,050
Finance and service charges receivable 22,048 20,458
Other receivables and prepaid expenses 13,406 10,547
Deferred taxes assets 11,274 9,293
---------- ---------
Total current assets 294,247 268,294
Property and equipment, net 94,856 87,612
Goodwill 174,987 164,073
Intangible assets, net 23,391 24,361
Other assets 11,167 10,825
---------- ---------
Total assets $598,648 $555,165
========== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $37,217 $33,854
Customer deposits 6,239 5,686
Income taxes currently payable 1,449 2,505
Current portion of long-term debt 16,786 16,786
---------- ---------
Total current liabilities 61,691 58,831
Deferred tax liabilities 11,344 10,999
Other liabilities 1,689 1,559
Long-term debt 149,208 149,840
---------- ---------
Total liabilities 223,932 221,229
---------- ---------
Stockholders' equity:
Common stock, $.10 par value per share,
80,000,000 shares authorized, 30,235,164
shares issued 3,024 3,024
Additional paid-in capital 156,557 154,294
Retained earnings 229,975 187,860
Accumulated other comprehensive income (5) --
Notes receivable secured by common stock (2,488) (2,488)
Treasury shares, at cost (999,347 shares and
938,386 shares at December 31, 2005 and 2004,
respectively) (12,347) (8,754)
---------- ---------
Total stockholders' equity 374,716 333,936
---------- ---------
Total liabilities and stockholders' equity $598,648 $555,165
========== =========
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
---------- -------- --------- ---------
(Unaudited)
Revenue
Finance and service charges $37,296 $30,198 $139,772 $110,495
Proceeds from disposition of
merchandise 91,401 77,734 301,502 250,291
Cash advance fees 39,954 30,762 142,068 99,202
Check cashing royalties and
fees 2,364 2,087 11,004 9,490
---------- -------- --------- ---------
Total Revenue 171,015 140,781 594,346 469,478
Cost of Revenue
Disposed merchandise 56,042 48,111 183,799 153,866
---------- -------- --------- ---------
Net Revenue 114,973 92,670 410,547 315,612
---------- -------- --------- ---------
Expenses
Operations 58,061 48,117 220,357 173,277
Cash advance loss provision 10,929 8,089 42,834 23,529
Administration 11,303 9,644 43,227 40,183
Depreciation and amortization 6,330 4,895 23,417 17,210
---------- -------- --------- ---------
Total Expenses 86,623 70,745 329,835 254,199
---------- -------- --------- ---------
Income from Operations 28,350 21,925 80,712 61,413
Interest expense 2,996 1,884 10,610 8,148
Interest income (387) (439) (1,614) (642)
Foreign currency transaction
losses (gains) (34) (884) 834 (1,116)
---------- -------- --------- ---------
Income from Continuing
Operations before Income
Taxes 25,775 21,364 70,882 55,023
Provision for income taxes 9,319 7,648 26,061 20,058
---------- -------- --------- ---------
Income from Continuing
Operations 16,456 13,716 44,821 34,965
---------- -------- --------- ---------
Income from discontinued
operations before income
taxes (including gain on
disposal of $19,023 for
2004) -- 121 -- 28,284
Provision for income taxes
(benefits) (including $3,608
on gain on disposal for
2004) (197) (605) (197) 6,414
---------- -------- --------- ---------
Income from discontinued
operations 197 726 197 21,870
---------- -------- --------- ---------
Net Income $16,653 $14,442 $45,018 $56,835
========== ======== ========= =========
Earnings Per Share:
Basic -
Income from continuing
operations $0.56 $0.48 $1.53 $1.23
Income from discontinued
operations $0.01 $0.03 $0.01 $0.77
Net income $0.57 $0.50 $1.54 $2.00
Diluted -
Income from continuing
operations $0.55 $0.46 $1.48 $1.18
Income from discontinued
operations $0.01 $0.02 $0.01 $0.74
Net income $0.55 $0.48 $1.49 $1.92
Weighted average common shares
outstanding:
Basic 29,252 28,765 29,262 28,402
Diluted 30,169 29,884 30,206 29,584
Dividends declared per common
share $0.025 $0.0175 $0.1000 $0.3700
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA -- CONTINUING OPERATIONS
($ in thousands unless noted otherwise)
Three Months Ended Year Ended
December 31, December 31,
------------------- ------------------------
2005 2004 2005 2004
--------- --------- --------- -----------
PAWN LENDING
OPERATIONS:
Pawn loans
Annualized yield
on pawn loans 123.7% 131.0% 124.8% 131.1%
Total amount of
pawn loans
written and
renewed $108,424 $85,255 $438,955 $336,021
Average pawn loan
balance
outstanding $119,655 $91,690 $112,031 $84,283
Average pawn loan
balance per
average location
in operation $263 $225 $251 $211
Ending pawn loan
balance per
location in
operation $253 $248 $253 $248
Average pawn loan
amount at end of
period (not in
thousands) $95 $89 $95 $89
Profit margin on
disposition of
merchandise as a
percentage of
proceeds from
disposition of
merchandise 38.7% 38.1% 39.0% 38.5%
Average annualized
merchandise
turnover 2.9x 3.1x 2.7x 3.0x
Average balance of
merchandise held
for disposition
per average
location in
operation $166 $150 $151 $130
Ending balance of
merchandise held
for disposition
per location in
operation $159 $152 $159 $152
Pawnshop locations
in operation -
Beginning of
period, owned 453 398 441 398
Acquired 3 42 9 42
Start-ups -- 1 7 3
Combined or
closed -- -- (1) (2)
--------- -------- ---------- ----------
End of period,
owned 456 441 456 441
Franchise
locations at
end of period 8 11 8 11
--------- -------- ---------- ----------
Total pawnshop
locations at
end of period 464 452 464 452
========= ======== ========== ==========
Average number of
owned pawnshop
locations in
operation 455 408 447 399
========= ======== ========== ==========
Cash advances
Total amount of
cash advances
written(a) $73,901 $65,709 $275,375 $220,303
Number of cash
advances written
(not in
thousands)(a) 199,567 198,716 798,081 675,008
Average amount per
cash advances
(not in
thousands)(a) $370 $331 $345 $326
Combined cash
advances
outstanding(a) $19,354 $18,318 $19,354 $18,318
Cash advances
outstanding per
location at end
of period(a) $44 $43 $44 $43
Cash advances
outstanding
before allowance
for losses(b) $9,402 $11,301 $9,402 $11,301
Locations offering
cash advances at
end of period 441 425 441 425
========= ======== ========== ==========
Average number of
locations offering
cash advances 436 399 430 391
========= ======== ========== ==========
CASH ADVANCE
OPERATIONS (c):
Total amount of
cash advances
written(a) $187,598 $141,415 $654,960 $427,443
Number of cash
advances written
(not in
thousands)(a) 500,128 407,481 1,790,588 1,252,177
Average amount per
cash advance (not
in thousands)(a) $375 $347 $366 $341
Combined cash
advances
outstanding(a) $44,921 $33,352 $44,921 $33,352
Cash advances
outstanding per
location at end of
period(a) $157 $132 $157 $132
Cash advances
outstanding before
allowance for
losses(b) $37,611 $29,547 $37,611 $29,547
Cash advance
locations in
operation -
Beginning of
period 279 230 253 154
Acquired -- -- 1 32
Start-ups 7 23 34 72
Combined or closed -- -- (2) (5)
--------- -------- ---------- ----------
End of period 286 253 286 253
========= ======== ========== ==========
Average number of
cash advance
locations in
operation 283 243 271 192
========= ======== ========== ==========
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA -- CONTINUING OPERATIONS (Continued)
($ in thousands unless noted otherwise)
Three Months Ended Year Ended
December 31, December 31,
--------------------- ------------------------
2005 2004 2005 2004
---------- ---------- ----------- ------------
CHECK CASHING
OPERATIONS (Mr.
Payroll Corp.) (d)
Face amount of
checks cashed $310,890 $272,829 $1,220,381 $1,132,627
Gross fees collected $4,244 $3,686 $16,964 $15,660
Fees as a percentage
of checks cashed 1.4 % 1.4 % 1.4 % 1.4 %
Average check cashed
(not in thousands) 382 $353 $386 $372
Centers in operation
at end of period 136 134 136 134
Average centers in
operation for
period 137 131 136 135
(a) Includes cash advances made by the Company and cash advances made
by third-party lenders offered at the Company's locations.
(b) Amounts recorded in the Company's consolidated financial
statements.
(c) Includes only cash advance locations.
(d) Includes franchised and company-owned locations.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED CASH ADVANCES OUTSTANDING
(in thousands)
December 31,
--------------------
2005 2004
----------- --------
Originated by the Company
Active cash advances and fees receivable $32,207 $23,967
Cash advances and fees in collection 7,510 5,376
----------- --------
Total originated by the Company 39,717 29,343
----------- --------
Originated by third-party lenders
Active cash advances and fees receivable 19,548 17,532
Cash advances and fees in collection 5,010 4,795
----------- --------
Total originated by third-party lenders 24,558 22,327
----------- --------
Combined gross portfolio 64,275 51,670
Less: Elimination of cash advances owned by
third-party lenders 16,912 10,150
Less: Discount on cash advances assigned by
third-party lenders 350 672
----------- --------
Company cash advances and fees receivable, gross 47,013 40,848
Less: Allowance for losses 6,309 4,358
----------- --------
Cash advances and fees receivable, net $40,704 $36,490
=========== ========
ALLOWANCE FOR LOSSES ON CASH ADVANCES
($ in thousands)
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Company-owned cash advances
Balance at beginning of
period $10,002 $4,592 $4,358 $3,393
Cash advance loss provision 10,882 8,031 42,302 23,242
Charge-offs (17,454) (10,136) (50,145) (29,833)
Recoveries 2,879 1,871 9,794 7,556
--------- --------- --------- ---------
Balance at end of period $6,309 $4,358 $6,309 $4,358
========= ========= ========= =========
Accrual for third-party
lender-owned cash advances
Balance at beginning of
period $827 $284 $342 $55
Increase in loss provision 47 58 532 287
--------- --------- --------- ---------
Balance at end of period $874 $342 $874 $342
========= ========= ========= =========
Combined statistics
Combined cash advance loss
provision $10,929 $8,089 $42,834 $23,529
========= ========= ========= =========
Charge-offs, net of
recoveries $14,575 $8,265 $40,351 $22,277
========= ========= ========= =========
Combined cash advances
written $261,499 $207,124 $930,335 $647,746
========= ========= ========= =========
Combined cash advance loss
provision as a % of combined
cash advances written 4.2 % 3.9 % 4.6 % 3.6 %
========= ========= ========= =========
Charge-offs (net of
recoveries) as a % of
combined cash advances
written 5.6 % 4.0 % 4.3 % 3.4 %
========= ========= ========= =========
Combined allowance for losses
and accrued third-party
losses as a % of combined
gross portfolio 11.2 % 9.1 % 11.2 % 9.1 %
========= ========= ========= =========
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM CONTINUING OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004
(in thousands)
Pawn Cash Check
Lending Advance Cashing Consolidated
--------- --------- ---------- ------------
Three Months Ended
December 31, 2005:
--------------------------
Revenue
Finance and service
charges $37,296 $-- $-- $37,296
Proceeds from disposition
of merchandise 91,401 -- -- 91,401
Cash advance fees 11,034 28,920 -- 39,954
Check cashing royalties
and fees -- 1,464 900 2,364
--------- --------- ---------- ------------
Total revenue 139,731 30,384 900 171,015
Cost of revenue - disposed
merchandise 56,042 -- -- 56,042
--------- --------- ---------- ------------
Net revenue 83,689 30,384 900 114,973
--------- --------- ---------- ------------
Expenses
Operations 44,226 13,507 328 58,061
Cash advance loss
provision 4,194 6,735 -- 10,929
Administration 8,555 2,496 252 11,303
Depreciation and
amortization 4,220 2,020 90 6,330
--------- --------- ---------- ------------
Total expenses 61,195 24,758 670 86,623
--------- --------- ---------- ------------
Income from operations $22,494 $5,626 $230 $28,350
========= ========= ========== ============
As of December 31, 2005:
--------------------------
Total assets $475,527 $115,778 $7,343 $598,648
========= ========= ========== ============
Three Months Ended
December 31, 2004:
--------------------------
Revenue
Finance and service
charges $30,198 $-- $-- $30,198
Proceeds from disposition
of merchandise 77,734 -- -- 77,734
Cash advance fees 9,502 21,260 -- 30,762
Check cashing royalties
and fees -- 1,269 818 2,087
--------- --------- ---------- ------------
Total revenue 117,434 22,529 818 140,781
Cost of revenue - disposed
merchandise 48,111 -- -- 48,111
--------- --------- ---------- ------------
Net revenue 69,323 22,529 818 92,670
--------- --------- ---------- ------------
Expenses
Operations 35,595 12,158 364 48,117
Cash advance loss
provision 2,729 5,360 -- 8,089
Administration 6,489 2,908 247 9,644
Depreciation and
amortization 3,257 1,527 111 4,895
--------- --------- ---------- ------------
Total expenses 48,070 21,953 722 70,745
--------- --------- ---------- ------------
Income from operations $21,253 $576 $96 $21,925
========= ========= ========== ============
As of December 31, 2004:
--------------------------
Total assets $442,420 $105,650 $7,095 $555,165
========= ========= ========== ============
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM CONTINUING OPERATIONS BY OPERATING SEGMENT
YEAR ENDED DECEMBER 31, 2005
(in thousands)
Pawn Cash Check
Lending Advance Cashing Consolidated
-------- -------- ---------- ------------
Year Ended December 31, 2005:
-----------------------------
Revenue
Finance and service
charges $139,772 $-- $-- $139,772
Proceeds from disposition
of merchandise 301,502 -- -- 301,502
Cash advance fees 41,405 100,663 -- 142,068
Check cashing royalties
and fees -- 7,185 3,819 11,004
--------- --------- ---------- ------------
Total revenue 482,679 107,848 3,819 594,346
Cost of revenue - disposed
merchandise 183,799 -- -- 183,799
--------- --------- ---------- ------------
Net revenue 298,880 107,848 3,819 410,547
--------- --------- ---------- ------------
Expenses
Operations 167,272 51,706 1,379 220,357
Cash advance loss
provision 15,663 27,171 -- 42,834
Administration 32,769 9,503 955 43,227
Depreciation and
amortization 15,786 7,299 332 23,417
--------- --------- ---------- ------------
Total expenses 231,490 95,679 2,666 329,835
--------- --------- ---------- ------------
Income from operations $67,390 $12,169 $1,153 $80,712
========= ========= ========== ============
Year Ended December 31, 2004:
-----------------------------
Revenue
Finance and service
charges $110,495 $-- $-- $110,495
Proceeds from disposition
of merchandise 250,291 -- -- 250,291
Cash advance fees 32,952 66,250 -- 99,202
Check cashing royalties
and fees -- 5,904 3,586 9,490
--------- --------- ---------- ------------
Total revenue 393,738 72,154 3,586 469,478
Cost of revenue - disposed
merchandise 153,866 -- -- 153,866
--------- --------- ---------- ------------
Net revenue 239,872 72,154 3,586 315,612
--------- --------- ---------- ------------
Expenses
Operations 134,878 36,982 1,417 173,277
Cash advance loss
provision 8,750 14,779 -- 23,529
Administration 30,034 9,178 971 40,183
Depreciation and
amortization 11,984 4,754 472 17,210
--------- --------- ---------- ------------
Total expenses 185,646 65,693 2,860 254,199
--------- --------- ---------- ------------
Income from operations $54,226 $6,461 $726 $61,413
========= ========= ========== ============
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion