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CASH AMERICA REPORTS 18 PERCENT HIGHER EARNINGS FOR THIRD QUARTER

 FORT WORTH, Texas, Oct. 20 /PRNewswire/ -- Cash America International, Inc. (NYSE: PWN) today reported net income for the three months ended September 30, 1993 rose 18 percent to $3,673,000, or $0.13 per share, from earnings of $3,107,000, or $0.11 per share for 1992's third quarter.
 Total revenues rose 23 percent over the corresponding period a year ago to $55,080,000, the company said, noting that pawn services charges jumped 17 percent to $22,314,000 and retail sales increased by 28 percent to $32,755,000.
 Revenues for the nine months ending September 30, 1993 improved 25 percent to $159,632,000 from $127,682,000 a year earlier, while net income for the nine months increased to $9,011,000 from $8,719,000 in the prior year. Earnings per share for the first nine months were even with the previous year at $0.31 per share on a fully diluted basis.
 The company said its stronger earnings in the latest quarter reflect meaningful contributions from a large number of new stores opened during the last 18 months, and realization of benefits from a series of actions taken in the second quarter to reduce operating expenses. With the addition of six new locations in the September quarter, including five startups in the United States and one acquisition in the United Kingdom, Cash America has opened or acquired a total of 34 new stores in 1993.
 Pointing out that it expects to continue benefiting from the additional controls recently placed on expenses, Cash America said operating and administrative costs were lowered in the third quarter to 66 percent of net revenues from 70 percent in the same quarter of last year.
 According to Chairman and Chief Executive Officer Jack R. Daugherty, "Cash America's earnings have started responding to a variety of programs instituted to strengthen the fundamentals of our business and prepare us for significant growth in the future. We are pleased to begin seeing the anticipated benefits from new stores, the expansion into new markets, tight expense controls, and new marketing campaigns."
 The company also reported that as of September 30, 1993, loans outstanding reached $51.1 million, 10 percent higher than the $46.6 million a year earlier due to development of new stores and acquisitions, while net inventories totalled $66.0 million, compared with $48.6 million a year previous, and are virtually unchanged on a per store basis from second quarter 1993 levels.
 Daugherty said, "Although we maintain a cautious outlook for business generally, we do see prospects for improving margins on both loans and retail sales. These improvements, along with continuing control of expenses, will allow us to maintain our earnings momentum."
 Cash America also reported that its Harvey & Thompson stores in the United Kingdom continued to perform well in the quarter, the fifth since their acquisition in February of 1992, posting a 24 percent gain in sterling denominated net income on a 15 percent increase in net revenues.
 Cash America International, Inc. (NYSE: PWN) is the world's leading owner and operator of pawnshops, providing a convenient source for consumer loans and attractively priced merchandise for its customers. Founded in 1983, the company currently operates 276 locations in the United States and United Kingdom.
 CASH AMERICA INTERNATIONAL, INC.
 Summary of Consolidated Operating Results
 (In thousands)
 Three months ended September 30: 1993 1992
 Income Statement Data:
 Sales $ 32,755 $ 25,651
 Pawn Service Charges 22,314 19,002
 Total Revenues 55,080 44,734
 Cost of Sales 26,792 20,628
 Net Revenues 28,288 24,106
 Total Expenses 22,430 19,225
 Income Before Taxes 5,858 4,881
 Net Income 3,673 3,107
 Net Income per Share $ .13 $ .11
 Weighted average shares 28,908 29,194
 Nine months ended September 30: 1993 1992
 Income Statement Data:
 Sales $ 96,353 $ 76,628
 Pawn Service Charges 63,072 50,838
 Total Revenues 159,632 127,682
 Cost of Sales 79,740 61,029
 Net Revenues 79,892 66,653
 Total Expenses 65,923 52,823
 Income Before Taxes 13,969 13,830
 Net Income 9,011 8,719
 Net Income per Share $ .31 $ .31
 Weighted average shares 28,911 28,559
 Balance Sheet Data at September 30
 Loans Outstanding $ 51,053 $ 46,639
 Inventory 65,969 48,603
 -0- 10/20/93
 /CONTACT: Daniel R. Feehan or Michele L. Rosenblum of Cash America International, 817-335-1100/
 (PWN)


CO: Cash America International, Inc. ST: Texas IN: REA SU: ERN

LG -- NY032 -- 4448 10/20/93 09:58 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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