Cash America Reports That Earnings Surged Higher and Declares Dividend.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--April 25, 2002 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. ) announced today that consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: 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 increased 61% in the first quarter of fiscal 2002 to $5,203,000 (21 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 $3,233,000 (13 cents per share) for the first quarter of fiscal 2001. These results exceed analyst-published estimates of earnings per share for the first quarter of 2002 of 20 cents. Total revenue for the three months ended March 31, 2002 was up 8% to $100.7 million on the strength of a 7% increase in 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 and a 9% increase in combined service charges and cash advance fees in the quarter compared to the prior year. Total revenue in the first quarter of 2001 was $93.6 million. Net income for the three month period ended March 31, 2002 almost doubled the prior year level at $5,203,000 (21 cents per share) compared to $2,675,000 (11 cents per share). Commenting on the first quarter results, Chief Executive Officer 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 said, "Cash America enjoyed a brisk Brisk as a proper name may refer to:
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 advance product in the first quarter. We entered the quarter with higher earning asset Earning asset An asset that generates income, e.g., income from rental property. levels, and the annual tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. season 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. helped to generate strong sales increases at stable profit margins year over year. In addition, our customers continued to demonstrate an increasing demand for our short-term cash advance product as volumes promptly prompt adj. prompt·er, prompt·est 1. Being on time; punctual. 2. Carried out or performed without delay: a prompt reply. tr.v. rebounded after tax refunds reduced these obligations 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 the quarter. We begin the second quarter encouraged by the success of this complementary product, which should provide further earnings momentum throughout 2002." Cash America will conduct a conference call to discuss its first quarter earnings on Thursday Thursday: see week. , April 25, 2002, 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 $0.0125 (1.25 cents) per share cash dividend on common stock outstanding. The dividend will be paid to shareholders of record on May 8, 2002, and will be paid at the close of business on May 22, 2002. 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 Management believes that the resurgence re·sur·gence n. 1. A continuing after interruption; a renewal. 2. A restoration to use, acceptance, activity, or vigor; a revival. in customer demand for its products experienced in fiscal 2001 and early 2002 will be sustained in coming periods. Continued customer use of small consumer cash advances and the Company's core pawn loan product lead management to confirm its previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). estimated range for earnings per share from continuing operations for fiscal 2002 of between 68 cents and 74 cents per share. These earnings are concentrated in the seasonally strong first and fourth fiscal quarters. In the near term, management expects a range for earnings from continuing operations of between 9 and 10 cents per share in the second quarter of fiscal 2002. This compares to earnings from continuing operations in the second quarter of fiscal 2001 of 6 cents per share. 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 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. . Cash America is the largest provider of secured non-recourse loans to individuals commonly referred to as pawn loans, through 472 locations in 18 states and two foreign countries. As an alternative to a pawn loan, the Company offers small consumer cash advances in selected lending locations and on behalf of a third-party financial institution in other locations. In addition, the Company provides check cashing services 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. " manned 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, 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.
Highlights Of Consolidated Results Of Operations
(In thousands, except per share data)
Three Months Ended March 31,
----------------------------
2002 2001
--------- ---------
Consolidated Operations:
Total revenue $100,720 $93,556
Net revenue 56,839 52,128
Total operating expenses 46,429 43,489
-------- --------
Income from operations 10,410 8,639
-------- --------
Interest expense, net 2,243 2,838
Loss from derivative valuation fluctuations 36 472
-------- --------
Income from continuing operations before
income taxes 8,131 5,329
-------- --------
Income from continuing operations after taxes 5,203 3,233
-------- --------
Loss from discontinued operations -- (558)
-------- --------
Net income $5,203 $2,675
-------- --------
-------- --------
Net income per share:
Basic--
Income from continuing operations $0.21 $0.13
Loss from discontinued operations -- (0.02)
Net income $0.21 $0.11
Diluted--
Income from continuing operations $0.21 $0.13
Loss from discontinued operations -- (0.02)
Net income $0.21 $0.11
Weighted average shares - Basic 24,521 24,653
Weighted average shares - Diluted 24,862 24,719
Cash America International, Inc.
Highlights Of Consolidated Results Of Operations
(In thousands, except per share data)
Lending Operations Financial And Operational Data:
Pawn operations as of-- 3/31/2002 3/31/2001
--------- ---------
Domestic pawn loans outstanding $65,127 $67,800
Foreign pawn loans outstanding $40,476 $39,693
-------- ---------
Total loans outstanding $105,603 $107,493
Total merchandise held for disposition, net $55,101 $52,308
Amounts per owned lending location--
Domestic only:
Loans outstanding $162 $167
Merchandise held for disposition $128 $123
Consolidated:
Loans outstanding $230 $234
Merchandise held for disposition $120 $114
Number of lending locations (not in
thousands)--
Lending operations--
Company owned 459 460
Franchised 13 16
-------- ---------
Total locations 472 476
-------- ---------
-------- ---------
Small Consumer Cash Advances ("Advances")--
2002 2001
-------- ---------
Activity during the three months ended
March 31,-- (A)
Total amount of advances written $21,687 $5,853
Number of advances written (not in thousands) 76,472 27,039
Average advance amount written (not in
thousands) $284 $216
Average number of locations offering advances
(not in thousands) 390 340
Balances As of March 31, --
Combined advances outstanding (A) $5,219 $1,521
======== =========
Company-owned advances: (B)
Advances and fees outstanding $1,753 $666
Less: Allowance for losses $(495) $(249)
-------- ---------
Net advances and fees outstanding $1,258 $417
======== =========
(A) Includes advances made by the Company and advances made by a
third-party financial institution.
(B) Amounts recorded in the company's consolidated financial
statements.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) (UNAUDITED)
------------------------------------ -----------------
Three Months Ended
March 31,
2002 2001
--------------------
REVENUE
Finance and service charges $28,820 $28,965
Proceeds from disposition of merchandise 67,034 62,784
Cash advance fees 3,562 625
Check cashing royalties and fees 1,304 1,182
-------- --------
TOTAL REVENUE 100,720 93,556
-------- --------
COSTS OF REVENUE
Disposed merchandise 43,881 41,428
-------- --------
NET REVENUE 56,839 52,128
-------- --------
OPERATING EXPENSES
Lending operations 34,006 32,135
Cash advance loss provision 901 219
Check cashing operations 439 314
Administration 7,497 6,581
Depreciation and amortization 3,586 4,240
-------- --------
Total operating expenses 46,429 43,489
-------- --------
INCOME FROM OPERATIONS 10,410 8,639
Interest expense, net 2,243 2,838
Loss from derivative valuation fluctuations 36 472
-------- --------
Income from continuing operations before
income taxes 8,131 5,329
Provision for income taxes 2,928 2,096
-------- --------
INCOME FROM CONTINUING OPERATIONS 5,203 3,233
Loss from discontinued operations -- (558)
-------- --------
NET INCOME $5,203 $2,675
-------- --------
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