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U.S. PAWN ANNOUNCES RECORD RESULTS FOR FIRST QUARTER PAWN LOANS INCREASE BY 80 PERCENT

 U.S. PAWN ANNOUNCES RECORD RESULTS FOR FIRST QUARTER
 PAWN LOANS INCREASE BY 80 PERCENT
 DENVER, Feb. 18 /PRNewswire/ -- U.S. Pawn Inc. (NASDAQ: USPN) announced today that the company reported record results for its fiscal first quarter ended Dec. 31, 1991. The company's performance set records for quarterly revenues, operating income and net income.
 Revenues advanced 30.2 percent for the quarter, to $1,198,901, from the $921,063 reported in the year earlier period. Income from operations and net income increased to a record $111,287, compared to the year earlier $102,571. Earnings per common share were 1 cent, unchanged from the year earlier period.
 The company's annual inventory turnover rate remained strong, at 4.44, compared to 4.56 in the year earlier period. The company's pawn loans increased 80 percent to a record $1,636,379 from the year ago $908,963.
 "In the past, we have emphasized the dramatic turnaround that our company has undergone since early 1990," said Melvin Wedgle, president. "We have gone beyond that now, with the reporting of record results for fiscal 1991 and 1992's first quarter. Our 39 percent annual revenue growth since 1986 has set the stage for a continued period of improved profitability and growth for our company," said Wedgle.
 "We are proud of our financial success," said Fred Baker, chief financial officer. Our Dec. 31, 1991 average pawn loans per store reached $327,275, far exceeding the per store balances of our industry competitors. Our lean merchandise inventory position and rapid turnover rates also surpass industry competitors in efficiency. Our pawn loan forfeiture rate, a measure of the quality of our loan portfolio, improved dramatically to a low 12.7 percent, compared with 14.9 percent a year ago and the industry average of 26-28 percent," added Baker.
 U.S. PAWN INC.
 Statements of Operations
 (Unaudited)
 For the Three Months Ended
 Dec. 31,
 1991 1990
 Revenues:
 Sales $596,449 $554,762
 Pawn service charges 556,273 343,041
 Other income 46,179 23,260
 Total revenues 1,198,901 921,063
 Cost of sales and expenses:
 Cost of sales 469,423 408,592
 Operating/administrative 643,660 350,776
 Interest 43,743 33,267
 Depreciation and amortization 30,788 25,857
 Total cost of sales and expenses 1,087,614 818,492
 Income from operations before
 income taxes 111,287 102,571
 Provision for income tax --- ---
 Net income $111,287 $102,571
 Earnings per common share and
 common stock equivalents:
 Net income $111,287 $102,571
 Preferred stock dividend (8,979) (8,979)
 Common share earnings 102,308 93,592
 Earnings per common share and
 common stock equivalent $0.01 $0.01
 Weighted average common shares and
 common stock equivalents 9,446,146 7,517,580
 Balance Sheets
 (Unaudited)
 Assets
 Dec. 31, Sept. 30,
 1991 1991
 Current Assets:
 Cash $129,705 $187,524
 Pawn service charges receivable 333,178 281,796
 Pawn loans 1,636,379 1,436,498
 Accounts receivable, net of
 allowance for doubtful accounts
 of $2,551 and $2,564, respectively 163,772 90,673
 Current portion of loans receivable -
 related parties 17,602 17,437
 Inventory, net 422,510 343,101
 Prepaid expenses and other 93,592 60,914
 Total current assets 2,796,738 2,417,943
 Equipment and leasehold improvements,
 net of depreciation and amortization 580,467 534,829
 Loans receivable - related parties,
 less current portion 139,662 102,108
 Other assets 44,918 21,487
 Total assets $3,561,785 $3,076,367
 Liabilities and Stockholders' Equity
 Dec. 31, Sept. 30,
 1991 1991
 Current Liabilities:
 Accounts payable $53,185 $85,024
 Accounts payable - refunds --- 90,000
 Customer layaway deposits 20,301 23,414
 Accrued liabilities 113,801 80,089
 Notes payable 385,170 86,204
 Notes payable - related parties 45,000 45,000
 Current portion of long term debt 128,718 128,594
 Current portion of capital lease
 obligations 55,385 49,329
 Total current liabilities 861,560 647,654
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Dec. 31, Sept. 30,
 1991 1991
 Long-Term Liabilities:
 Long-term debt - related
 parties, less current portion 395,985 395,985
 Long-term debt, less current
 portion 19,587 20,789
 Capital lease obligations,
 less current portion 100,146 115,955
 Total long-term liabilities 515,718 532,729
 Total liabilities 1,377,278 1,180,383
 Stockholders' Equity:
 Redeemable preferred stock,
 9.5 percent, $10 par value,
 1,000,000 shares authorized;
 37,800 shares issued and outstanding 378,000 378,000
 Common stock, no par value,
 30,000,000 shares authorized;
 Sept, 30, 1991, 7,772,076 issued,
 7,564,076 outstanding; 7,502,580
 outstanding; Dec. 31, 1991,
 8,150,483 issued, 7,942,483
 outstanding 1,602,170 1,415,955
 Additional paid-in capital 830,692 830,692
 Retained earnings (deficit) (542,238) (644,546)
 2,268,624 1,980,101
 Less cost of 208,000 and 208,000
 common shares held in treasury,
 respectively (84,117) (84,117)
 Total stockholders' equity 2,184,507 1,895,984
 Total liabilities and
 stockholders' equity $3,561,785 $3,076,367
 -0- 2/18/92
 NOTE: See accompanying notes to Financial Statements as contained in the company's Form 10Q for the period ended Dec. 31, 1991. A copy of the 10Q is available from the company.
 /CONTACT: Fred Baker of U.S. Pawn, 303-571-4704; or Harvey Cohen or Cary Polevoy both of Phenix Investor Relations, 800-383-9081 or 303-770-0080, for U.S. Pawn/
 (USPN) CO: U.S. Pawn Inc. ST: Colorado IN: SU: ERN


MC -- DV007 -- 9922 02/18/92 12:04 EST
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