Printer Friendly

CASH AMERICA INTERNATIONAL ANNOUNCES SECOND QUARTER EARNINGS

 CASH AMERICA INTERNATIONAL ANNOUNCES SECOND QUARTER EARNINGS
 FORT WORTH, July 21 /PRNewswire/ -- Cash America International, Inc. (NYSE: PWN), the nation's largest operator of pawnshops, reports earnings and store growth for the second quarter ended June 30, 1992.
 President Daniel R. Feehan announced today second quarter net income of $2.8 million, or $.10 per share, on a 37 percent increase in revenues to $42 million. Earnings for the current quarter are up 32 percent over last year's comparable amount of $2.2 million ($2.9 million net income less $.7 million of non-operating income items). Earnings per share increased 11 percent from the $.09 per share in 1991 (excluding non- operating items). Earnings for the current quarter also include $.6 million reported from the company's U.K. operations, acquired in February 1992.
 Net income for the first half of the year reached a record $5.6 million, or $.20 per share, on a 34 percent increase in revenues to $83 million. After excluding the above mentioned non-operating items from last year's results, earnings for the first half of 1992 reflect an increase of 34 percent over last year's operating income of $4.2 million. Earnings per share increased 18 percent from $.17 (excluding non-operating items) in the first half of 1991. The company's U.K. operations contributed $1.0 million to the first half net income.
 Loans outstanding of $42.9 million at June 30, 1992, were up 80 percent over the same date in 1991. This increase reflects the $11.6 million balance at June 30, 1992, in the United Kingdom, as well as strong growth domestically. Loans outstanding in the U.S. are up 32 percent as a result of a 15 percent growth in same store loans outstanding compared to June 30, 1991, as well as the addition of 40 stores during that 12-month period. Inventory on hand at June 30, 1992, of $42.8 million was up 37 percent over the same date in 1991, and inventory turns increased between the two periods.
 At June 30, 1992, Cash America was operating 226 pawnbroking outlets in the world -- 200 in eight states in the U.S. and 26 in the United Kingdom. The company has started up 17 new locations and acquired five locations in the U.S. during the first half, with 10 of those startups and three acquisitions occurring in the second quarter.
 In addition to the 15 percent growth in same store pawn loans outstanding, same store sales and net revenues increased 11 percent in the second quarter compared to the same period in 1991. According to Feehan, "These increases are due to continued growth in our existing stores, especially those in key new markets which we have targeted over the past two to three years. The new stores and markets we are entering this year, along with these existing stores, should contribute to continued increases in earning assets, revenues and profits."
 Cash America has fueled its U.S. store expansion during the first half of 1992 by starting up a greater number of stores than in past periods. Jack R. Daugherty, chairman and CEO of the company, stated that, "While this emphasis on startups will increase expenses in the short-term, it should allow for a faster growth rate long-term."
 CASH AMERICA INTERNATIONAL, INC.
 Operating Results -- Second Quarter 1992 1991
 Revenues $41,942,000 $30,505,000
 Operating income $ 2,834,000 $ 2,151,000
 Securities gains, net of tax -- 361,000
 Extraordinary item-tax benefit -- 393,000
 Net Income $ 2,834,000 $ 2,905,000
 Per Share:
 Operating income $ .10 $ .09
 Securities gains, net of tax -- .01
 Extraordinary item-tax benefit -- .02
 Net Income $ .10 $ .12
 Weighted Average Shares (A) 29,472,000 24,243,000
 Operating Results -- Six Months 1992 1991
 Revenues $82,948,000 $61,897,000
 Operating income $ 5,612,000 $ 4,177,000
 Securities gains, net of tax -- 361,000
 Extraordinary item-tax benefit -- 393,000
 Net Income $ 5,612,000 $ 4,931,000
 Per Share:
 Operating income $ .20 $ .17
 Securities gains, net of tax -- .01
 Extraordinary item-tax benefit -- .02
 Net Income $ .20 $ .20
 Weighted Average Shares (A) 28,223,000 24,153,000
 (A) Both primary and fully diluted.
 -0- 7/21/92
 /CONTACT: Eugene M. Estep or Michele Rosenblum of Cash America International, Inc., 817-335-1100/
 (PWN) CO: Cash America Inc. ST: Texas IN: FIN SU: ERN


PS -- NY060 -- 1310 07/21/92 11:57 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 21, 1992
Words:735
Previous Article:APERTUS SIGNS NEW NORTH AMERICAN DISTRIBUTORS
Next Article:BENCHMARK ELECTRONICS REPORTS RECORD NET SALES AND RECORD NET INCOME FOR QUARTER ENDED JUNE 30, 1992
Topics:


Related Articles
CASH AMERICA REPORTS $0.10 EARNINGS PER SHARE FOR MARCH QUARTER ON 27 PERCENT REVENUE GAIN, ANTICIPATES STRONGER SECOND HALF
CASH AMERICA REPORTS 18 PERCENT HIGHER EARNINGS FOR THIRD QUARTER
/C O R R E C T I O N -- CASH AMERICA/ (Correction Notice)
CASH AMERICA POSTS FIRST QUARTER NET EARNINGS INCREASE OF 14 PERCENT
P.T. INTERNATIONAL NICKEL INDONESIA REPORTS SECOND QUARTER 1995 NET EARNINGS OF $13.2 MILLION (U.S.)
Cash America Reports First Quarter Earnings and Declares Dividend.
PR Newswire Southwest Summary, Thursday, April 27, to 6:00 p.m. EDT.
Unocal Posts Record Quarterly Earnings of $264 Million.
PR Newswire Southwest Summary, Thursday, July 27, to 6:00 p.m. EDT.
Cash America Reports Second Quarter Results and Declares Dividend.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters