Cash America per share net income jumps 36% in 1997 first quarter.Fort Worth, Texas--(BUSINESS WIRE)--April 21, 1997--Cash America 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 fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of rose 36% for the first three months of fiscal 1997. Net income increased to $3,790,000 (15 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 ended March 31, 1997 from $3,210,000 (11 cents per share) for the same period in 1996. Earnings per share increased at a rate in excess of net income growth as fully 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. shares outstanding were 13% lower as a result of the company's self tender share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. successfully completed in December of 1996. Total revenue in the first quarter of 1997 rose 12% to $76,519,000 compared to $68,540,000 in 1996. The growth in earnings is primarily the result of higher pawn service charge revenue driven by a 19% increase in the company's portfolio of loans. Cash America's loan balance finished the first quarter of 1997 at $101.7 million compared to $85.5 million in 1996. Commenting on the results of the first three months of 1997, Chairman and Chief Executive Officer, Jack R. Daugherty said, "Cash America is continuing the earnings momentum achieved during fiscal 1996 as we embark on 1997 by maintaining an efficient balance of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . Our loan balances have continued to expand as we address the opportunities to reach our customers. More importantly, we continue to create additional loan capacity by improving merchandise turnover." Cash America's merchandise available for disposition fell 12% as of March 31, 1997 in relation to the same date in 1996, and merchandise turnover increased to 2.75 times from 2.11 times for the first three months of 1997 and 1996, respectively. Cash America International, Inc. is a diversified diversified (di·verˑ·s 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 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. , Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. and Sweden. Cash America operates 385 locations offering secured non-recourse loans to individuals, commonly referred to as pawn loans. In addition, the company provides check cashing services through its wholly-owned subsidiary, Mr. Payroll Corporation and rental purchase services through an affiliate. -0-
Cash America International, Inc.
Summary of Consolidated Operating Results
(In thousands, except per share data)
1997 1996
Income Statement Data for the
Three Months Ended March 31:
Finance and Service Charge Revenues $ 25,471 $ 21,536
Proceeds from Disposition of Merchandise 50,164 47,004
Royalties and Franchise Fees 884 --
Total Revenues 76,519 68,540
Net Revenues 44,058 39,500
Total Operating Expenses 35,125 31,601
Income from Operations 8,933 7,899
Interest Expense 2,806 2,492
Net Income $ 3,790 $ 3,210
Net Income Per Share $ 0.15 $ 0.11
Weighted Average Shares 25,020 28,740
Data as of: 3/31/97 3/31/96 12/31/96 Balance Sheet Loans Outstanding $101,732 $ 85,475 $107,679 Merchandise Held for Disposition 45,455 51,871 48,777 Number of Locations (not in thousands) 385 374 382 Amounts per Location Consolidated Loans Outstanding $ 264 $ 229 $ 282 Merchandise Held for Disposition 118 139 128 Domestic Loans Outstanding $ 173 $ 147 $ 191 Merchandise Held for Disposition 134 157 145 CONTACT: Cash America International, Fort Worth Thomas A. Bessant, Jr. or Daniel R. Feehan, 817/335-1100 |
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