Cash America Reports Third Quarter Earnings and Declares Dividend.FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 21, 1998--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: net earnings for the third quarter ended September September: see month. 30, 1998, were $2,097,000 (8 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 $3,442,000 (14 cents per share) in the same quarter last year. Results of the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Mr. Payroll Corporation, decreased consolidated net income by $1.8 million, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 7 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, in the third quarter. Cash America's lending operations produced net earnings, excluding the impact of Mr. Payroll Corporation, of $3,978,000 in the third quarter of 1998. Consolidated total revenue for the three months ended September 30, 1998, was up 14.5% to $80.5 million from $70.3 million in the third quarter of 1997. For the first nine months of fiscal 1998, Cash America's lending operations experienced a 20% increase in net earnings. Net earnings from the Company's lending businesses were $13.1 million compared to $10.9 million in 1997. Consolidated net income of Cash America International, Inc. for the nine months ended September 30, 1998, was $8,265,000 (32 cents per share) compared to $10,243,000 (41 cents per share) in the prior year. The consolidated results for the nine months of 1998 take into consideration a net loss of $4.6 million associated with Mr. Payroll Corporation. Total revenue reached $243.0 million in the first nine months of 1998 compared to $216.2 million for the same period in 1997, representing an increase of 12.4%. Commenting on the results of the third quarter of 1998, Chairman and Chief Executive Officer, Jack R. Daugherty Daugherty can refer to: People
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about their potential based on initial results." Cash America set a new record as the leader in the secured non-recourse lending industry as its total loan balance finished the quarter at $133.1 million, up over 14% from the same date last year. 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 November November: see month. 3, 1998, and will be paid at the close of business on November 17, 1998. Cash America International, Inc. is a diversified diversified (di·verˑ·s provider of specialty finance services 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. . Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 460 locations in 16 states and two foreign countries. In addition, the Company provides check cashing services through its wholly owned subsidiary, Mr. Payroll Corporation, and rental services through its wholly owned subsidiary, Rent-A-Tire, Inc. 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 Mr. Payroll Corporation ("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. -0-
Cash America International, Inc.
Highlights of Consolidated Results of Operations
(In thousands, expect per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
1998 1997 1998 1997
---- ---- ---- ----
Consolidated Operations:
Total Revenue $ 80,512 $ 70,311 $ 242,958 $ 216,249
Net Revenue 48,797 43,137 144,235 128,876
Total Operating
Expenses 41,726 34,545 120,882 103,769
Income from
Operations 7,071 8,592 23,353 25,107
Interest Expense 3,666 2,998 9,942 8,555
Net Income $ 2,097 $ 3,442 $ 8,265 $ 10,243
------------------ -------- -------- --------- ---------
Net Income Per
Share - Basic $ 0.08 $ 0.14 $ 0.33 $ 0.42
Net Income Per
Share - Diluted $ 0.08 $ 0.14 $ 0.32 $ 0.41
Weighted Average
Shares - Basic 25,030 24,279 24,754 24,238
Weighted Average
Shares - Diluted 26,417 25,224 26,186 25,026
------------------ -------- -------- --------- ---------
Segment Results:
Lending Operations--
Total Revenue 78,361 $ 69,598 $ 236,902 $ 214,175
Net Revenue 47,255 42,601 140,210 126,979
Total Operating
Expenses 37,867 33,511 110,674 100,904
Income from
Operations 9,388 9,090 29,536 26,075
Check Cashing Operations--
Total Revenue 1,261 713 3,778 2,074
Net Revenue 886 536 2,377 1,897
Total Operating
Expenses 3,089 1,034 8,235 2,865
Loss from
Operations (2,203) (498) (5,858) (968)
Rental Operations--
Total Revenue 890 -- 2,278 --
Net Revenue 656 -- 1,648 --
Total Operating
Expenses 770 -- 1,973 --
Loss from
Operations (114) -- (325) --
------------------ -------- -------- --------- ---------
Financial and Operational Data
as of: 9/30/98 9/30/97 12/31/97
------- ------- --------
Lending Operations--
Loans Outstanding $ 133,053 $ 116,391 $ 112,240
Merchandise Held for
Disposition 64,653 54,488 53,468
Number of Locations
(not in thousands) 460 401 401
Amounts Per Location-
Consolidated:
Loans Outstanding $ 289 $ 290 $ 280
Merchandise Held
for Disposition 141 136 133
Domestic:
Loans Outstanding $ 209 $ 207 $ 199
Merchandise Held
for Disposition 155 153 150
Check Cashing Operations--
Number of Units at
End of Period (not in thousands)-
Franchised and Owned
Check Cashing Units 146 149 145
Automated Check Cashing Machines 67 7 21
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