First Cash reports record revenues and a 26% gain in first quarter pretax profits.ARLINGTON Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. , Texas--(BUSINESS WIRE)--Dec. 15, 1994--First Cash, Inc. (Nasdaq National Market: "PAWN") today reported operating results for the first quarter of its 1995 fiscal year. For the quarter ended Oct. 31, 1994, the Company's total revenues increased to a record $6.8 million, compared with $4.4 million in the corresponding period of the previous fiscal year. Pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. increased 26 percent to $395,000, vs. $313,000 in the prior year period. On an after tax basis, First Cash earned $240,000 during the initial three months of FY 1995, with income taxes being accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. at a 39 percent rate. This compared with $333,000 in the year-earlier quarter, when the Company benefited from a $135,000 non-recurring income tax benefit related to the amortization of intangibles 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 federal tax legislation enacted in August 1993. Thus, during the first quarter of last year, First Cash incurred no income tax expense, and in fact realized a positive income tax benefit of $20,000. On a per-share basis, the Company earned $0.07, which was down from $0.08 in the prior-year period as a result of the non-recurring tax benefit in the August-October 1993 quarter. The average number of shares outstanding decreased approximately 5 percent to 3,684,000 during the most recent quarter, vs. 3,893,000 in the prior-year period, reflecting shares repurchased by the Company during the past 12 months. The 54 percent increase in first quarter revenues consisted of $1,987,000 generated by 17 stores opened or acquired subsequent to Aug. 1, 1993 (net of one store sold and one store consolidated) and a 9 percent gain in same-store revenues ($405,000) at the company's 24 stores in operation during both of the quarters ended Oct. 31, 1993 and 1994. Pawn loans outstanding increased 56 percent, from $5.5 million at Oct. 31, 1993 to $8.6 million at Oct. 31, 1994. On a same-store basis, loan portfolios declined 2 percent to $5.2 million (vs. $5.3 million), while the 17 new stores added since Oct. 31, 1993 provided an additional $3.2 million in pawn in the state of being pledged. See also: Pawn loans (net of one store sold and one store consolidated). Rick Powell Powell See Osceola. , Chairman and Chief Executive Officer of First Cash, Inc., commented that "management is pleased with the Company's success in acquiring profitable pawnshop operations in our new Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic market and in traditional markets in the Southwest. We are now operating 42 stores, which reflects an increase of 62 percent when compared with 26 pawnshops at the end of last year's first quarter. Following our acquisition of five stores in October 1994, First Cash is now the largest pawnshop operator in the Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). and Washington D.C. area. We are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the future, and we expect fiscal 1995 to be a very profitable year." "If the $135,000 non-recurring income tax benefit were excluded from last year's first quarter results, First Cash would have reported a 75 percent increase in per-share earnings (to $0.07 vs. $0.04) during the three-month period ended Oct. 31, 1994," noted Rick Wessel, the Company's Chief Financial Officer. "First quarter 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 retail sales improved to 38 percent, compared to 33 percent in the corresponding quarter of last year, due to lower inventory costs in the Maryland-area stores and controls implemented to reduce inventory shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. . These are among several indicators that First Cash is poised to continue to achieve increases in revenues, net income and earnings per share." First Cash, Inc. is engaged in the acquisition, establishment and operation of pawn stores, which lend money on the collateral of pledged personal property and retail previously-owned merchandise acquired through loan forfeitures. The Company currently operates 42 stores in Texas, Oklahoma, Maryland, and Washington, D.C. Its common stock is traded on the Nasdaq National Market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "PAWN." -0-
SELECTED OPERATING INFORMATION
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(in thousands, except per share)
Quarter Ended October 31,
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1994 1993
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Revenues:
Merchandise sales $ 4,063 $ 2,529
Pawn service charges 2,725 1,872
Other 42 37
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6,830 4,438
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Cost of goods sold 2,506 1,696
Operating expenses 3,929 2,429
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6,435 4,125
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Income before income taxes 395 313
Provision for income taxes 155 (20)
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Net income 240 333
Less dividends paid on preferred stock -- 40
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Net income to common stock $ 240 $ 293
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Earnings per share $ 0.07 $ 0.08
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Weighted average common shares outstanding 3,684 3,893
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CONTACT: First Cash, Inc., Arlington Rick Powell, Rick Wessel or Mary Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. Jost, 817/633-7296 KEYWORDS: TEXAS OKLAHOMA MARYLAND DISTRICT OF COLUMBIA District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). INDUSTRY KEYWORD: RETAIL REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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