Cash America posts increases in fourth quarter and full year 1995 earnings and discontinues acquisition talks.FORT WORTH, Texas--(BUSINESS WIRE)--Jan. 30, 1996--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. ) reported that net income for the fourth quarter of fiscal 1995 reached $5,472,000 compared to $4,984,000 in the previous year. The increase in net income provided a 12 percent growth in earnings per share for the three month period ending Dec. 31, 1995 from 17 cents to 19 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. . Net revenue for the quarter was up 6 percent over the same period last year, from $41,254,000 to $43,653,000. All year to year comparisons are based on pro-forma 1994 financial results which are adjusted for the effect of the change in accounting principle which the company adopted during fiscal 1995. Commenting on the results, Jack R. Daugherty Daugherty can refer to: People
Daugherty added that, "Although Cash America was affected by the soft retail sales environment experienced by many retail businesses, we are pleased with the reduction in inventory balances during the holiday season." Net earnings, before the cumulative effect of the accounting change, for the 12 months ending Dec. 31, 1995 were $12,849,000 compared to pro-forma $11,599,000 in 1994 creating a 12.5 percent increase in net income per share, from 40 cents to 45 cents per share. The $19.8 million charge for the cumulative effect of the accounting change caused a net loss of $6,923,000 (24 cents per share) for fiscal 1995. Cash America enjoyed a 14 percent rise in total revenue for fiscal 1995 to $253.6 million from $221.9 million in 1994. Revenue net of 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 increased 17 percent for the 12 month period reaching $151.9 million vs. $129.7 million in the prior year. Earnings from operations surged 25 percent higher in fiscal 1995 compared to 1994 reaching $31.5 million. During the year Cash America increased its presence 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. and abroad adding 33 net new locations, 27 in the United States and six in the United Kingdom. Cash America International, Inc. is the market leader in the non-traditional finance segment of secured non-recourse lending to individuals, commonly known as pawn loans. The company operated 373 total pawnshops world-wide at the end of 1995, comprised of 327 locations in the United States, 36 in the United Kingdom and 10 in 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. . The company also announced today that the Board of Directors has discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: all discussions with the investment firm that was evaluating the company as an acquisition candidate. -0-
Cash America International, Inc.
Summary of Consolidated Operating Results
(Dollars in thousands, except per share)
Pro As
Forma Reported
1995 1994 1994
-------- -------- --------
(Note)
Income Statement Data For The
Three Months Ended December 31:
Pawn Service Charges $ 20,699 $ 19,176 $ 30,771
Sales 54,877 55,556 55,556
Gross Profit From Sales 22,954 22,078 10,984
Net Revenues 43,653 41,254 41,755
Total Operating Expenses 32,113 30,848 30,848
Income From Operations 11,540 10,406 10,907
Interest Expense 2,737 2,345 2,345
Net Income $ 5,472 $ 4,984 $ 5,300
Net Income per Share $ 0.19 $ 0.17 $ 0.18
Weighted Average Shares (in thousands) 28,733 29,304 29,304 Income Statement Data For The Years Ended December 31:
Pawn Service Charges $ 78,857 $ 65,703 $105,858
Sales 174,722 156,247 156,247
Gross Profit From Sales 73,015 63,959 29,993
Net Revenues 151,872 129,662 135,851
Total Operating Expenses 120,379 104,481 104,481
Income From Operations 31,493 25,181 31,370
Interest Expense 10,437 6,265 6,265
Net Income Before Cumulative
Effect of Accounting Change 12,849 11,599 15,498
Cumulative Effect of
Accounting Change Per Share (19,772) -- --
Net Income (Loss) $ (6,923) $ 11,599 $ 15,498
Net Income Per Share Before
Cumulative Effect of
Accounting Change $ 0.45 $ 0.40 $ 0.53
Cumulative Effect of
Accounting Change (0.69) -- --
Net Income (Loss) per Share $ (0.24) $ 0.40 $ 0.53
Weighted Average Shares (in thousands) 28,863 29,269 29,269 ---------------------------------------------------------------------
Pro As
Forma Reported
12/31/95 12/31/94 12/31/94
-------- -------- --------
Data As Of: (Note)
Balance Sheet-
Loans Outstanding $87,782 $78,095 $78,095
Inventory 56,647 58,079 80,894
Number of Stores- 373 340 340 Amounts Per Store-
Consolidated-
Loans Outstanding $ 235 $ 230 $ 230
Inventory 152 171 238
Domestic-
Loans Outstanding $ 161 $ 159 $ 159
Inventory 172 193 269
-0-
NOTE: Pro forma amounts represent the financial results assuming the
accounting principle adopted Jan. 1, 1995, is applied retroactively.
CONTACT: Cash America International Inc., Fort Worth Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs A. Bessant Jr. or 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, 817/335-1100 |
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