Cash America Reports Third Quarter Earnings up 33% 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 rose 33% in the third quarter ended September September: see month. 30, 2005, compared to the same period last year. Income from continuing operations was $9,563,000 (32 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. ) for the three-month period in 2005 compared to $7,181,000 (24 cents per share) for the same period in 2004. Included in the 2005 period is a gain from the settlement of an insurance claim filed in 2004 of $265,000 after taxes, about 1 cent per share. The third quarter results of income from continuing operations exceeded the Company's published earnings per share guidance of 27 to 30 cents per share as well as analysts' published estimates for the quarter. Prior year net income for the third quarter of 2004 was $23,664,000, which included an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain from the sale of the Company's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. lending business in 2004 of $14,689,000 and income attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to those businesses of $1,794,000 which added 56 cents per share in the third quarter of 2004. Total revenue for the third quarter of 2005 increased 31% to $144.8 million from $110.5 million in the same period last year, as all components of the Company's revenue were higher in the period. Fees and service charges from combined lending activities were up 39% to $76.4 million as higher pawn loan and cash advance balances produced improved revenue levels. 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 sales rose 23% to $66.0 million in the quarter and increased 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. on merchandise sales drove the Company's total net revenue up 35% to $103.9 million in the 2005 quarter compared to $76.9 million in 2004. While the current quarter's increase in net revenue is partly due to the late year 2004 acquisition of a 41 store lending business, same store net revenue increased 14% in the current year third quarter compared to the prior year quarter. 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, "We continued to experience strong demand for our loan products in the third quarter which allowed us to build on the positive momentum initiated during the second quarter. As a result, we were successful posting results above our expectations in the current quarter and we are positioned well for the final three months of fiscal 2005." For the first nine months of fiscal 2005, Cash America reported a 33% increase in income from continuing operations to $28,365,000 (94 cents per share) compared to $21,249,000 (72 cents per share) in the prior year. Total revenue for the year to date period ended September 30, 2005 was up 29% to $423.3 million compared to $328.7 million for the same period last year. Cash America will host a conference call to discuss the third quarter results on Thursday Thursday: see week. , October October: see month. 20 at 3:45 p.m. 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 webcast 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 November November: see month. 2, 2005, and will be paid at the close of business on November 16, 2005. Outlook for the Fourth Quarter and 2006 As management approaches the final three months of fiscal year 2005 it expects the growth in revenue to be largely governed gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. by the growth in lending assets. Demand for the loan products and credit services offered by the Company is influenced by economic factors which impact customer needs to satisfy immediate capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . In the current economic environment the demand for the products and services has been strong and management assumes that these trends will continue through the end of the year. Another factor influencing revenue is regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. that could restrict In the C programming language, the data pointed to by a pointer declared with the restrict qualifier may not be pointed to by any other pointer. This allows for more effective optimization. customers from qualifying for 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. Management began offering alternative services in the third quarter to assist customers who are unable to qualify for loans from certain lenders due to more restrictive regulatory requirements. In addition, the Company transitioned to new 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. oversight
Oversight may refer to:
v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by continued demand in unaffected markets and the development of new units added over the last twelve months. Based on the preceding factors, management expects that the fourth quarter income from continuing operations will be between 51 cents and 56 cents per share in 2005 compared to 46 cents per share last year. Full year 2005 earnings per share from income from continuing operations is expected to range between $1.45 and $1.50 compared to $1.18 per share in fiscal 2004. Expectations for fiscal 2006 are largely a function of anticipated 2005 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. levels of lending assets and the outlook for 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. Tax refund proceeds may be used to pay current and 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 purchase merchandise at the Company's pawn locations. As many of these factors are difficult to estimate at this time, management places its initial estimated range of earnings from continuing operations for the full fiscal year of 2006 at between $1.70 and $1.80. 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 880 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 cash advances in many of its U.S. locations including 279 locations that offer this service under the brand names Cash America Payday Advance and Cashland. In addition, check cashing services are provided through its 137 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. Save Harbor harbor: see port. 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 Nine Months Ended
September 30, September 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Consolidated Operations:
Total revenue $144,773 $110,536 $423,331 $328,697
Net revenue $103,910 $76,948 $295,574 $222,942
Total operating expenses $86,356 $63,897 $243,212 $183,454
Income from operations $17,554 $13,051 $52,362 $39,488
Income from continuing
operations before income
taxes $15,216 $11,328 $45,107 $33,659
Income from Continuing
Operations $9,563 $7,181 $28,365 $21,249
Income from Discontinued
Operations (1) $-- $16,483 $-- $21,144
Net Income $9,563 $23,664 $28,365 $42,393
Earnings per share:
Basic -
Income from continuing
operations $0.33 $0.25 $0.97 $0.75
Net income $0.33 $0.83 $0.97 $1.50
Diluted -
Income from continuing
operations $0.32 $0.24 $0.94 $0.72
Net income $0.32 $0.80 $0.94 $1.44
Weighted average shares:
Basic 29,247 28,347 29,266 28,281
Diluted 30,142 29,522 30,218 29,473
(1) For periods through September 7, 2004 (the date of sale) and
results include a gain on disposition of $14,689, net of
applicable taxes of $4,213, for both periods.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30, December
------------------- 31,
2005 2004 2004
--------- --------- ---------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $19,492 $13,712 $15,103
Pawn loans 122,916 88,243 109,353
Cash advances, net 39,712 34,334 36,490
Merchandise held for disposition, net 73,827 57,554 67,050
Finance and service charges
receivable 21,305 16,399 20,458
Other receivables and prepaid
expenses 11,923 9,990 10,547
Deferred taxes assets 13,364 8,226 9,293
--------- --------- ---------
Total current assets 302,539 228,458 268,294
Property and equipment, net 93,184 75,776 87,612
Goodwill 173,313 115,469 164,073
Intangible assets, net 24,119 4,623 24,361
Other assets 10,816 10,540 10,825
--------- --------- ---------
Total assets $603,971 $434,866 $555,165
========= ========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $32,401 $28,880 $33,854
Customer deposits 6,579 5,215 5,686
Dividends payable -- 8,582 --
Income taxes currently payable 885 5,709 2,505
Current portion of long-term debt 16,786 16,786 16,786
--------- --------- ---------
Total current liabilities 56,651 65,172 58,831
Deferred tax liabilities 10,757 5,602 10,999
Other liabilities 1,445 1,510 1,559
Long-term debt 177,219 57,357 149,840
--------- --------- ---------
Total liabilities 246,072 129,641 221,229
--------- --------- ---------
Stockholders' equity:
Common stock, $.10 par value per
share, 80,000,000 shares authorized,
30,235,164 shares issued 3,024 3,024 3,024
Additional paid-in capital 156,022 144,948 154,294
Retained earnings 214,052 173,969 187,860
Notes receivable secured by common
stock (2,488) (2,488) (2,488)
Treasury shares, at cost (1,045,639
shares, 1,695,392 shares and 938,386
shares at September 30, 2005 and
2004, and December 31, 2004,
respectively) (12,711) (14,228) (8,754)
--------- --------- ---------
Total stockholders' equity 357,899 305,225 333,936
--------- --------- ---------
Total liabilities and
stockholders' equity $603,971 $434,866 $555,165
========= ========= =========
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
2005 2004 2005 2004
---------- -------- --------- --------
(Unaudited)
Revenue
Finance and service charges $35,980 $28,070 $102,476 $80,297
Proceeds from disposition of
merchandise 66,027 53,814 210,101 172,557
Cash advance fees 40,428 26,723 102,114 68,440
Check cashing royalties and
fees 2,338 1,929 8,640 7,403
---------- -------- --------- --------
Total Revenue 144,773 110,536 423,331 328,697
Cost of Revenue
Disposed merchandise 40,863 33,588 127,757 105,755
---------- -------- --------- --------
Net Revenue 103,910 76,948 295,574 222,942
---------- -------- --------- --------
Expenses
Operations 54,596 42,700 162,296 125,160
Cash advance loss provision 15,502 7,021 31,905 15,440
Administration 10,411 9,849 31,924 30,539
Depreciation and amortization 5,847 4,327 17,087 12,315
---------- -------- --------- --------
Total Expenses 86,356 63,897 243,212 183,454
---------- -------- --------- --------
Income from Operations 17,554 13,051 52,362 39,488
Interest expense 2,787 2,082 7,614 6,264
Interest income (402) (127) (1,227) (203)
Foreign currency transaction
(gains) losses (47) (232) 868 (232)
---------- -------- --------- --------
Income from Continuing
Operations before Income Taxes 15,216 11,328 45,107 33,659
Provision for income taxes 5,653 4,147 16,742 12,410
---------- -------- --------- --------
Income from Continuing
Operations 9,563 7,181 28,365 21,249
---------- -------- --------- --------
Income from discontinued
operations before income taxes -- 21,475 -- 28,163
Provision for income taxes -- 4,992 -- 7,019
---------- -------- --------- --------
Income from discontinued
operations -- 16,483 -- 21,144
---------- -------- --------- --------
Net Income $9,563 $23,664 $28,365 $42,393
========== ======== ========= ========
Earnings Per Share:
Basic -
Income from continuing
operations $0.33 $0.25 $0.97 $0.75
Income from discontinued
operations $-- $0.58 $-- $0.75
Net income $0.33 $0.83 $0.97 $1.50
Diluted -
Income from continuing
operations $0.32 $0.24 $0.94 $0.72
Income from discontinued
operations $-- $0.56 $-- $0.72
Net income $0.32 $0.80 $0.94 $1.44
Weighted average common shares
outstanding:
Basic 29,247 28,347 29,266 28,281
Diluted 30,142 29,522 30,218 29,473
Dividends declared per common
share $0.025 $0.3175 $0.075 $0.3525
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA - CONTINUING OPERATIONS
($ in thousands, unless noted otherwise)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- --------------------
2005 2004 2005 2004
--------- --------- ---------- ---------
PAWN LENDING OPERATIONS:
Pawn loans
Annualized yield on pawn
loans 118.7% 125.9% 124.5% 131.3%
Total amount of pawn loans
written and renewed $118,353 $86,853 $330,531 $250,766
Average pawn loan balance
outstanding $120,230 $88,693 $110,070 $81,716
Average pawn loan balance
per average location in
operation $268 $223 $248 $206
Ending pawn loan balance
per location in operation $271 $222 $271 $222
Average pawn loan amount at
end of period (not in
thousands) $92 $85 $92 $85
Profit margin on
disposition of merchandise
as a percentage of
proceeds from disposition
of merchandise 38.1% 37.6% 39.2% 38.7%
Average annualized
merchandise turnover 2.4x 2.5x 2.6x 2.9x
Average balance of
merchandise held for
disposition per average
location in operation $153 $133 $146 $123
Ending balance of
merchandise held for
disposition per location
in operation $163 $145 $163 $145
Pawnshop locations in
operation -
Beginning of period,
owned 445 396 441 398
Acquired 4 -- 6 --
Start-ups 4 2 7 2
Combined or closed -- -- (1) (2)
--------- --------- ---------- ---------
End of period, owned 453 398 453 398
Franchise locations at
end of period 11 6 11 6
--------- --------- ---------- ---------
Total pawnshop locations
at end of period 464 404 464 404
========= ========= ========== =========
Average number of owned
pawnshop locations 448 397 444 396
========= ========= ========== =========
Cash advances
Total amount of cash
advances written (a) $76,543 $59,486 $201,474 $154,594
Number of cash advances
written (not in thousands)
(a) 218,594 180,552 598,514 476,292
Average amount per cash
advance (not in thousands)
(a) $350 $329 $337 $325
Combined cash advances
outstanding (a) $20,217 $16,062 $20,217 $16,062
Cash advances outstanding
per location at end of
period (a) $47 $41 $47 $41
Cash advances outstanding
before allowance for
losses (b) $11,024 $10,820 $11,024 $10,820
Locations offering cash
advances at end of period 434 390 434 390
========= ========= ========== =========
Average number of locations
offering cash advances 431 389 429 388
========= ========= ========== =========
CASH ADVANCE OPERATIONS (c):
Total amount of cash
advances written (a) $189,127 $114,477 $467,362 $286,028
Number of cash advances
written (not in thousands)
(a) 504,999 338,755 1,290,460 844,696
Average amount per cash
advance (not in thousands)
(a) $375 $338 $362 $339
Combined cash advances
outstanding (a) $44,148 $29,551 $44,148 $29,551
Cash advances outstanding
per location at end of
period (a) $158 $128 $158 $128
Cash advances outstanding
before allowance for losses
(b) $38,690 $28,106 $38,690 $28,106
Cash advance locations in
operation -
Beginning of period 271 181 253 154
Acquired -- 32 1 32
Start-ups 8 20 27 49
Combined or closed -- (3) (2) (5)
--------- --------- ---------- ---------
End of period 279 230 279 230
========= ========= ========== =========
Average number of cash
advance locations 275 198 267 177
========= ========= ========== =========
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA - CONTINUING OPERATIONS (Continued)
($ in thousands, unless noted otherwise)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
CHECK CASHING OPERATIONS (Mr.
Payroll Corp.) (d)
Face amount of checks cashed $294,868 $275,930 $909,491 $859,797
Gross fees collected $3,950 $3,615 $12,720 $11,975
Fees as a percentage of checks
cashed 1.3% 1.3% 1.4% 1.4%
Average check cashed (not in
thousands) $375 $364 $387 $378
Centers in operation at end of
period 137 130 137 130
========= ========= ========= =========
Average check cashing centers 136 135 135 136
========= ========= ========= =========
(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)
September 30,
-----------------
2005 2004
-------- --------
Originated by the Company
Active cash advances and fees receivable $31,372 $23,553
Cash advances and fees in collection 10,680 5,651
-------- --------
Total originated by the Company 42,052 29,204
-------- --------
Originated by third-party lenders
Active cash advances and fees receivable 16,116 12,522
Cash advances and fees in collection 6,197 3,887
-------- --------
Total originated by third-party lenders 22,313 16,409
-------- --------
Combined gross portfolio 64,365 45,613
Less: Elimination of cash advances owned by third-
party lenders 14,177 6,134
Less: Discount on cash advances assigned by third-
party banks 474 553
-------- --------
Company-owned cash advances and fees receivable,
gross 49,714 38,926
Less: Allowance for losses 10,002 4,592
-------- --------
Cash advances and fees receivable, net $39,712 $34,334
======== ========
ALLOWANCE FOR LOSSES ON CASH ADVANCES
($ in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
2005 2004 2005 2004
---------- ------- -------- --------
Company-owned cash advances
Balance at beginning of period $7,720 $4,656 $4,358 $3,393
Cash advance loss provision 15,282 7,046 31,420 15,211
Charge-offs (14,990) (8,937) (32,691) (19,696)
Recoveries 1,990 1,827 6,915 5,684
---------- ------- -------- --------
Balance at end of period $10,002 $4,592 $10,002 $4,592
========== ======= ======== ========
Accrual for third-party lender-
owned cash advances
Balance at beginning of period $607 $309 $342 $55
Increase (decrease) in loss
provision 220 (25) 485 229
---------- ------- -------- --------
Balance at end of period $827 $284 $827 $284
========== ======= ======== ========
Combined statistics
Combined cash advance loss
provision $15,502 $7,021 $31,905 $15,440
========== ======= ======== ========
Combined cash advance loss
provision as a % of combined
cash advances written 5.8% 4.0% 4.8% 3.5%
========== ======= ======== ========
Charge-offs (net of recoveries)
as a % of combined cash
advances written 4.9% 4.1% 3.9% 3.2%
========== ======= ======== ========
Combined allowance for losses
and accrued third-party lenders
losses as a % of combined gross
portfolio 16.8% 10.7% 16.8% 10.7%
========== ======= ======== ========
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM CONTINUING OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(in thousands)
Pawn Cash Check
Lending Advance Cashing Consolidated
--------- --------- ------- ------------
Three Months Ended September
30, 2005:
-----------------------------
Revenue
Finance and service charges $35,980 $-- $-- $35,980
Proceeds from disposition of
merchandise 66,027 -- -- 66,027
Cash advance fees 11,341 29,087 -- 40,428
Check cashing royalties and
fees -- 1,393 945 2,338
-------- --------- ------- ------------
Total revenue 113,348 30,480 945 144,773
Cost of revenue - disposed
merchandise 40,863 -- -- 40,863
-------- --------- ------- ------------
Net revenue 72,485 30,480 945 103,910
-------- --------- ------- ------------
Expenses
Operations 41,130 13,123 343 54,596
Cash advance loss provision 5,201 10,301 -- 15,502
Administration 7,836 2,346 229 10,411
Depreciation and amortization 3,957 1,811 79 5,847
-------- --------- ------- ------------
Total expenses 58,124 27,581 651 86,356
-------- --------- ------- ------------
Income from continuing
operations $14,361 $2,899 $294 $17,554
======== ========= ======= ============
As of September 30, 2005:
-----------------------------
Total assets $482,134 $114,835 $7,002 $603,971
========= ========= ======= ============
Three Months Ended September
30, 2004:
-----------------------------
Revenue
Finance and service charges $28,070 $-- $-- $28,070
Proceeds from disposition of
merchandise 53,814 -- -- 53,814
Cash advance fees 8,822 17,901 -- 26,723
Check cashing royalties and
fees -- 1,143 786 1,929
-------- --------- ------- ------------
Total revenue 90,706 19,044 786 110,536
Cost of revenue - disposed
merchandise 33,588 -- -- 33,588
-------- --------- ------- ------------
Net revenue 57,118 19,044 786 76,948
-------- --------- ------- ------------
Expenses
Operations 32,971 9,397 332 42,700
Cash advance loss provision 2,601 4,420 -- 7,021
Administration 7,194 2,426 229 9,849
Depreciation and amortization 2,978 1,226 123 4,327
-------- --------- ------- ------------
Total expenses 45,744 17,469 684 63,897
--------- --------- ------- ------------
Income from continuing
operations $11,374 $1,575 $102 $13,051
======== ========= ======= ============
As of September 30, 2004:
-----------------------------
Total assets $329,279 $98,216 $7,371 $434,866
========= ========= ======= ============
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM CONTINUING OPERATIONS BY OPERATING SEGMENT
NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(in thousands)
Pawn Cash Check
Lending Advance Cashing Consolidated
--------- -------- ------- ------------
Nine Months Ended September
30, 2005:
-----------------------------
Revenue
Finance and service charges $102,476 $-- $-- $102,476
Proceeds from disposition of
merchandise 210,101 -- -- 210,101
Cash advance fees 30,371 71,743 -- 102,114
Check cashing royalties and
fees -- 5,721 2,919 8,640
--------- -------- ------- ------------
Total revenue 342,948 77,464 2,919 423,331
Cost of revenue - disposed
merchandise 127,757 -- -- 127,757
--------- -------- ------- ------------
Net revenue 215,191 77,464 2,919 295,574
--------- -------- ------- ------------
Expenses
Operations 123,046 38,199 1,051 162,296
Cash advance loss provision 11,469 20,436 -- 31,905
Administration 24,214 7,007 703 31,924
Depreciation and
amortization 11,566 5,279 242 17,087
--------- -------- ------- ------------
Total expenses 170,295 70,921 1,996 243,212
--------- -------- ------- ------------
Income from continuing
operations $44,896 $6,543 $923 $52,362
========= ======== ======= ============
Nine Months Ended September
30, 2004:
-----------------------------
Revenue
Finance and service charges $80,297 $-- $-- $80,297
Proceeds from disposition of
merchandise 172,557 -- -- 172,557
Cash advance fees 23,450 44,990 -- 68,440
Check cashing royalties and
fees -- 4,635 2,768 7,403
--------- -------- ------- ------------
Total revenue 276,304 49,625 2,768 328,697
Cost of revenue - disposed
merchandise 105,755 -- -- 105,755
--------- -------- ------- ------------
Net revenue 170,549 49,625 2,768 222,942
--------- -------- ------- ------------
Expenses
Operations 99,283 24,824 1,053 125,160
Cash advance loss provision 6,021 9,419 -- 15,440
Administration 23,545 6,270 724 30,539
Depreciation and
amortization 8,727 3,227 361 12,315
--------- -------- ------- ------------
Total expenses 137,576 43,740 2,138 183,454
--------- -------- ------- ------------
Income from continuing
operations $32,973 $5,885 $630 $39,488
========= ======== ======= ============
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