Dollar Financial Corp (NASDAQ:DLLR), a leading international
financial services company serving under-banked consumers, today
announced its results for the fiscal fourth quarter and fiscal year
ended June 30, 2008. Fiscal 2008 fourth quarter highlights:
Consolidated revenue, which reflects the movement of the loan loss
provision to store and regional expenses for both the current and
prior year�s quarter, was $150.3 million, an increase of 23.0% or
$28.1 million compared to the prior year period. The consolidated
loan loss provision, as a percentage of gross consumer lending
revenue, improved to 17.6% compared to 19.1% for the fiscal 2008
third quarter and 21.3% for the fiscal 2007 fourth quarter. Store
and regional margin increased by 23.8% or $10.0 million compared to
the prior year period. Consolidated Adjusted EBITDA was $39.4
million, an increase of 23.0% or $7.3 million compared to the
previous year�s quarter. Income before income taxes, which includes
$2.1 million of store closing and related severance costs, was
$22.1 million, an increase of 24.7% or $4.4 million compared to the
prior year period. Net income was $12.3 million compared to $10.3
million for the prior year�s quarter, representing an increase of
19.9%, and fully-diluted earnings per share was $0.50 for the
quarter compared to $0.42 for the prior year period. On a pro forma
basis, excluding one-time charges, fully-diluted earnings per share
was $0.59 for the current quarter compared to $0.45 for the same
period in fiscal 2007, a pro forma increase of 31.1%. Commenting on
the results, Jeff Weiss, the Company�s Chairman and Chief Executive
Officer, stated, �Fiscal 2008 was another milestone year for the
Company marked by the continued strengthening of our U.S. business
through two significant acquisitions in Southeast Florida and the
Midwestern states, the opening of our first Euro-Zone store in the
Republic of Ireland, and the continued profitable expansion across
Canada and the United Kingdom. During fiscal 2008, we achieved
record annual revenue of $572.2 million, which represents growth of
25.6% over the prior fiscal year, attained a record $51.2 million
of net income, and increased our global store network by 235
locations through both de novo store expansion and acquisitions.�
Mr. Weiss continued, �Despite our solid performance in fiscal 2008,
we continue to actively monitor for potential changes in the
regulatory and macroeconomic environments across all of our
geographic markets. While our customers, who primarily work service
sector jobs, have thus far faired better than other areas of the
economy, there is a concern that employment declines in other
sectors could bleed over into our customer base. In response to
today�s uncertain economy, we believe it prudent to take a cautious
approach to managing our business until the economic picture is
clearer, which entails sensible underwriting practices, a greater
focus on debt collections and loan servicing, continual
improvements in the operating performance of our existing store
base, and a judicious deployment of capital. As such, while taking
into account the fact that a number of store leases were coming up
for renewal in fiscal 2009, we re-examined our North American store
network and support infrastructure with an eye towards enhancing
efficiencies and the customer experience, while at the same time
eliminating non-essential costs and overlapping territories
resulting from acquisitions and new store build-outs. As a result,
we have instituted a plan to close 53 underperforming or
overlapping financial service stores in the U.S. and another 17
stores in Canada, which represents less than 5% of the Company�s
global store network.� Looking to fiscal 2009, Mr. Weiss stated,
�Being the most diversified Company in the industry, in terms of
both geographies and product offerings, places us in an excellent
position to take advantage of a wide spectrum of growth
opportunities, while at the same time minimizes the potential
effects of unfavorable regulatory or economic changes within any
single state, province or shire. With our strong cash flow and
liquidity position, I am very confident in our ability to further
penetrate both our existing markets as well as new markets as we
venture forward. Also, I would like to thank our more than 5,000
employees worldwide for an excellent fiscal 2008 as we look forward
to an even better fiscal 2009.� With regard to the rationalization
of the North American platform, employees in twenty-four of the
U.S. stores were notified in the fourth quarter that their stores
would be closed in the month of July, and the remaining forty-six
U.S. and Canadian stores are anticipated to close by September 30,
2008. The Company is working very closely with all affected
customers to transition as many of them as possible to the nearest
store location, which in some cases, due principally to
acquisitions, is less than one mile away. The Company recorded a
charge of $2.1 million in the June 30, 2008 quarter for severance
and store closing costs and $3.0 million for the entire 2008 fiscal
year. The Company anticipates another $4.0 million to $5.0 million
in charges in the first quarter of fiscal 2009 associated with the
plan to rationalize the North American platform. For the fiscal
2008 fourth quarter ended June 30, 2008, check cashing revenue was
$50.6 million representing an increase of 14.5%, or $6.4 million
compared to the prior year period. The U.S. business segment
realized growth of 33.8%, while the Canadian business grew by 10.5%
over the previous year�s quarter. Growth in check cashing revenue
in the U.S. and Canada was bolstered by significant acquisition and
de novo store build activity over the past two years. Check cashing
fees in the U.K. increased by 3.8% over the prior year period. On a
consolidated basis, the face amount of the average check cashed
increased 4.8% to $520 for the quarter compared to $496 for the
prior year. The average fee per check cashed, which was negatively
impacted by a large number of U.S. income tax stimulus checks that
were cashed at a lower fee rate, decreased by 2.2% to $18.81 for
the quarter. Consolidated consumer lending revenue, which reflects
the movement of the loan loss provision to store and regional
expenses, was $77.1 million for the fourth quarter, representing an
increase of 25.1% or $15.5 million compared to the prior year
period. Consumer lending revenue in the U.K. increased by 55.8%,
while the U.S. consumer lending business increased by 33.4%. Along
with strong growth in its single-payment loan product, the U.K.
consumer lending business benefited from a continued increase in
pawn lending activities, which primarily consist of loans on
collateralized gold jewelry. The increase in the price of gold has
enabled the U.K. subsidiary to increase the amount loaned on pawned
gold stock and has also increased the resale and smelting value of
the collateral jewelry. Interest income from pawn loans in the U.K.
essentially doubled versus the previous year�s quarter, growing by
approximately $1.5 million. With many of the Canadian provinces
engaged in formulating their respective product regulations and
rate structures, the Company thought it prudent to diminish the
magnitude and tone of its marketing and advertising campaigns until
the regulatory environment is more established. The Company
believes it is most appropriate to provide input to provincial
policy makers through the industry trade association in Canada, the
CPLA, as opposed to running the risk that inaccurate inferences may
be drawn, by regulators and other interested parties, who may
misinterpret a mass media campaign. This decision, made in the
spirit of establishing a viable and competitive payday loan
industry for future years to come, has resulted in the temporary
softening of new customer growth in Canada, although consumer
lending revenue in Canada still grew by 9.6% over the previous
year�s quarter. The Company continues to aggressively manage its
Canadian business as the Canadian regulatory environment evolves,
which while taking longer than expected, is moving in a positive
direction. During the fourth quarter, many of the Company�s U.S.
customers cashed their tax stimulus checks in the Company�s stores,
and a number of customers used the proceeds from their government
tax stimulus checks to repay outstanding loans. This had the effect
of both reducing the Company�s loan portfolio and gross lending
fees, while at the same time improving the collections performance
for the quarter. Additionally, in response to the overall
uncertainty in the current macroeconomic environment, the Company
reduced its risk exposure over the last several months for certain
customer segments by restricting the maximum loan amount. As a
result, the consolidated loan loss provision, as a percentage of
gross consumer lending revenue, declined to 17.6% for the quarter,
as compared to 19.1% for the third quarter of fiscal 2008, and
21.3% for the fiscal 2007 fourth quarter. Total Company funded loan
originations were $489.1 million for the fiscal fourth quarter,
representing an increase of 28.2%, or $107.7 million, compared to
the prior year period. Company funded loan originations in Canada
increased by 1.4% or $3.2 million and in the U.K., loan
originations increased by 34.0% or $25.7 million. U.S. loan
originations for the quarter increased by 100.1% or $78.8 million
compared to the prior year�s quarter, driven primarily by the
recent store acquisitions in Southeast Florida and the Midwestern
states, as well as the transition of a portion of the U.S. loan
portfolio from bank funded to Company funded loans, which began in
the fourth quarter of fiscal 2007. Money transfer fees for the
quarter increased 33.7% year-over-year, driven by growth in all of
the Company�s geographic markets. Other revenue increased by 40.0%
for the quarter, due to strong growth in the foreign exchange
product in the United Kingdom, as well as the other ancillary
products across the U.S., Canadian, and U.K. markets. The Company�s
store and regional margin for the fiscal fourth quarter was a
record $52.0 million, and represented an increase of 23.8% or $10.0
million over the prior year�s quarter. Corporate expenses, as a
percentage of total revenue, increased to 12.3% as compared to the
previous year�s quarter of 11.6%, reflecting a continuing
investment in increased regulatory and lobbying activities,
additional investment in management and infrastructure to further
develop and support the Company�s global growth and diversification
strategy, and the management and integration of recent
acquisitions. Income before income taxes increased $4.4 million, or
24.7% to $22.1 million, while net income was $12.3 million for the
quarter compared to $10.3 million for the previous year.
Fully-diluted earnings per share was $0.50 for the quarter compared
to $0.42 per share for the prior year�s quarter. The Company
incurred $2.1 million of severance and store closing costs in the
fourth quarter of fiscal 2008 as part of its plan to rationalize
its North American platform and close 70 underperforming stores
across the U.S. and Canada over the next several months. On a pro
forma basis, excluding these one-time costs, net income and
fully-diluted earnings per share were $14.4 million and $0.59 per
share, respectively, for the fourth quarter. The Company ended the
quarter with cash available for investment and future acquisitions
of approximately $70.0 million. In addition to the substantial free
cash flow generated from its operations, as of June 30, 2008, the
Company had approximately $100.0 million in revolving credit lines
that were un-drawn and little near-term debt repayment obligations.
This should afford the Company ample liquidity to not only fund its
present and anticipated future operations and development, but also
to support the expected continuing growth and future expansion of
its multi-product, multi-national business platform. Highlights for
the Record Fiscal Year Ended June 30, 2008 Total revenue for fiscal
2008, which reflects the movement of the loan loss provision to
store and regional expenses, was a record $572.2 million,
representing an increase of 25.6% or $116.5 million over the prior
year period. Consolidated check cashing revenue increased by 17.9%
or $29.8 million, while consumer lending revenue increased by 28.6%
or $65.1 million. Store and regional margin increased by 28.1% or
$43.7 million for fiscal 2008, and as a percentage of total
revenue, store and regional margin grew to 34.8% for fiscal 2008
compared to 34.1% for the prior year. Pro forma income before
income taxes, excluding $61.4 million of one-time charges in fiscal
2007 and $3.4 million of one-time charges in fiscal 2008 (detailed
in the table below), increased by $23.7 million, or 35.4% to $90.6
million. Pro forma net income was $53.2 million for the year ended
June 30, 2008, as compared to $39.3 million for the prior fiscal
year. Pro forma fully-diluted earnings per share was $2.17 for
fiscal 2008 compared to $1.62 for the previous fiscal year, an
increase of 34.0%. Fiscal 2009 Guidance Recently, the values of
both the Canadian Dollar and British Pound have depreciated
significantly relative to the U.S. Dollar, when compared to the
average currency exchange rates for fiscal 2008. In the fourth
quarter, nearly 75% of the Company�s total consolidated revenue was
generated outside the U.S., in Canada, the United Kingdom and the
Republic of Ireland. As a result, even though the operating
performance of the foreign business units is expected to continue
to be very strong in fiscal 2009 in constant dollars, if the
currency rates were to remain where they have been recently, the
Company would anticipate an unfavorable impact on its fiscal 2009
consolidated reported results, after translating the financial
performance of its foreign subsidiaries into U.S. dollars; likewise
the currency values of Canada and the U.K. may strengthen during
fiscal 2009 which would have a favorable impact on the Company�s
reported results. The Company does purchase currency hedging
contracts, however these forward contracts are typically purchased
at exercise rates that are out of the money, and are primarily
meant to insure against a severe decline in the value of the
Canadian and U.K. currencies. In addition, as previously mentioned,
the Company anticipates it will incur another $4.0 million to $5.0
million of severance and other restructuring and store closure
charges in fiscal 2009 in association with the North American store
rationalization plan, which translates to a charge of between $0.09
and $0.12 per fully-diluted share in fiscal 2009. As a result,
considering the recent volatility in the value of the U.S. Dollar
in relation to the Canadian and U.K. currencies, uncertainty in the
U.S. and global economic environments, as well as the potential
costs associated with the North American store rationalization
plan, the Company anticipates revenue between $595.0 million and
$625.0 million, Adjusted EBITDA of between $153.0 million and
$163.0 million, and fully-diluted earnings per share of between
$2.10 and $2.35 for fiscal year 2009. As the Company believes it is
not prudent to speculate on the pace and form of provincial
regulatory change in Canada, it is not currently projecting any
changes in performance at this time from potential changes in
regulations in fiscal 2009. Currently, the Company is anticipating
opening between 25 to 40 de novo stores in fiscal 2009. From a
geographic distribution, the Company expects to open between 10 and
15 stores in Canada, between 15 to 20 stores in the U.K. and up to
five de novo stores in the U.S. market in fiscal 2009. As in the
past, the Company will continue to look for accretive acquisitions
in all of its current geographic markets, as well as potential new
global markets, which may augment the present de novo store build
plan. The reconciliation between Adjusted EBITDA and income before
income taxes is consistent with the historical reconciliation which
is presented at the end of this news release. Investors Conference
Call Dollar Financial Corp will be holding an investor�s conference
call on Thursday, August 28, 2008 at 5:00 pm ET to discuss the
Company�s results for the fiscal fourth quarter and year ended June
30, 2008. Investors can participate in the conference by dialing
888-200-2794 (U.S. and Canada) or 973-935-8766 (International); use
the confirmation code �Dollar�. Hosting the call will be Jeff
Weiss, Chairman and CEO and Randy Underwood, Executive Vice
President and CFO. For your convenience, the conference call can be
replayed in its entirety beginning from two hours after the end of
the call through September 4, 2008. If you wish to listen to the
replay of this conference call, please dial 706-645-9291 and enter
passcode �59157232�. The conference call will also be broadcast
live through a link on the Investor Relations page on the Dollar
Financial web site at http://www.dfg.com. Please go to the web site
at least 15 minutes prior to the call to register, download and
install any necessary audio software. About Dollar Financial Corp
Dollar Financial Corp is a leading international financial services
company serving under-banked consumers. Its customers are typically
service sector individuals who require basic financial services
but, for reasons of convenience and accessibility, purchase some or
all of their financial services from the Company rather than from
banks and other financial institutions. To meet the needs of these
customers, the Company provides a range of consumer financial
products and services primarily consisting of check cashing,
short-term consumer loans, Western Union money order and money
transfer products, currency exchange, reloadable VISA� and
MasterCard� branded debit cards, electronic tax filing, bill
payment services, and legal document processing services. At June
30, 2008, the Company�s global store network consisted of 1,452
stores, including 1,122 company-operated financial services stores
and 330 franchised and agent locations in 31 states, Canada,
Republic of Ireland and the United Kingdom. The financial services
store network is the largest network of its kind in each of Canada
and the United Kingdom and the second-largest network of its kind
in the United States. The Company�s customers, many of whom receive
income on an irregular basis or from multiple employers, are drawn
to the convenient neighborhood locations, extended operating hours
and high-quality customer service. The Company�s financial products
and services, principally check cashing and short-term consumer
loan programs, provide immediate access to cash for living expenses
or other needs. For more information, please visit the Company's
website at www.dfg.com. Forward Looking Statement This news release
contains forward looking statements, including statements regarding
the following: the Company�s future results, growth, guidance and
operating strategy; the global economy; the developing regulatory
environment in Canada; the impact of future development strategy,
new stores and acquisitions; the implementation and expected
results of restructuring initiatives; and of the performance of new
products and services. These forward looking statements involve
risks and uncertainties, including uncertainties related to the
effects of changes in the value of the U.S. dollar compared to
foreign currencies, risks related to the regulatory environment,
current and potential future litigation, the integration and
performance of acquired stores, the performance of new stores, the
implementation and expected results of restructuring initiatives,
the impact of debt financing transactions, the results of certain
ongoing income tax appeals, and the effects of new products and
services on the Company�s business, results of operations,
financial condition, prospects and guidance. There can be no
assurance that the Company will attain its expected results,
successfully integrate any of its acquisitions, attain its
published guidance metrics, or that ongoing and potential future
litigation or that the various FDIC, Federal, state, Canadian or
foreign legislative or regulatory activities affecting the Company
or the banks with which the Company does business will not
negatively impact the Company�s operations. A more complete
description of these and other risks, uncertainties and assumptions
is included in the Company�s filings with the Securities and
Exchange Commission, including those described under the heading
�Risk Factors� in Form S-3 for the Company�s Senior Convertible
Note offering filed with the SEC on September 20, 2007 and which
are included in the Company�s annual reports and form 10-Q�s and
10-K�s. You should not place any undue reliance on any
forward-looking statements. We disclaim any obligation to update
any such factors or to publicly announce results of any revisions
to any of the forward-looking statements contained herein to
reflect future events or developments. � � DOLLAR FINANCIAL CORP
UNAUDITED CONSOLIDATED BALANCE SHEETS (In thousands) � June 30,
June 30, 2007 2008 Assets: Cash and cash equivalents $ 291,959 $
214,028 Loans receivable, net: Loans receivable 90,552 123,683
Less: Allowance for loan losses � (8,623 ) � (8,466 ) Loans
receivable, net 81,929 115,217 Other consumer lending receivables,
net 10,311 11,930 Prepaid expenses and other receivables 23,539
29,158 Deferred tax assets, net 4,545 12,191 Property and
equipment, net 55,031 68,033 Goodwill and other intangibles, net
341,681 470,731 Debt issuance costs and other assets, net � 24,624
� � 25,949 � � Total Assets $ 833,619 � $ 947,237 � � Liabilities:
Accounts payable $ 39,808 $ 56,636 Income taxes payable 11,293
12,194 Accrued expenses and other liabilities 46,912 75,212
Deferred tax liability 12,713 22,352 Revolving credit facilities -
9,655 Long-term debt � 576,910 � � 577,863 � Total Liabilities �
687,636 � � 753,912 � � Shareholders' Equity: Common stock 24 24
Additional paid-in capital 251,460 255,197 Accumulated deficit
(147,123 ) (95,950 ) Accumulated other comprehensive income �
41,622 � � 34,054 � Total shareholders' equity � 145,983 � �
193,325 � � Total Liabilities and Shareholders' Equity $ 833,619 �
$ 947,237 � � � � � � DOLLAR FINANCIAL CORP UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands except share and per share
amounts) � � Three Months Ended Twelve Months Ended June 30, June
30, 2007 2008 2007 2008 � Revenues: Check cashing $ 44,164 $ 50,555
$ 166,754 $ 196,580 Consumer lending 61,626 77,098 227,445 292,517
Money transfer fees 5,647 7,552 20,879 27,512 Other � 10,776 � �
15,089 � 40,654 � � 55,575 � Total revenues � 122,213 � � 150,294 �
455,732 � � 572,184 � � Store and regional expenses: Salaries and
benefits 34,766 42,702 129,522 159,363 Provision for loan losses
13,153 13,559 45,799 58,458 Occupancy costs 8,462 12,228 32,270
43,018 Returned checks, net and cash shortages 3,999 6,134 15,295
20,360 Depreciation 2,673 4,043 9,455 13,663 Bank charges and
armored carrier services 2,949 3,540 10,619 13,494 Telephone and
communication costs 1,691 1,818 6,425 7,185 Advertising 1,488 1,972
9,034 9,398 Other � 11,016 � � 12,276 � 41,822 � � 48,015 � Total
store and regional expenses � 80,197 � � 98,272 � 300,241 � �
372,954 � Store and regional margin � 42,016 � � 52,022 � 155,491 �
� 199,230 � � Corporate and other expenses: Corporate expenses
14,136 18,434 54,213 72,012 Interest expense, net 8,391 9,732
31,462 36,569 Other depreciation and amortization 859 1,239 3,390
3,902 Debt financing costs 932 - 39,335 97 Goodwill impairment
charges (163 ) - 24,301 - Other, net � 107 � � 470 � (2,742 ) �
(538 ) Income before income taxes 17,754 22,147 5,532 87,188 Income
tax provision � 7,473 � � 9,821 � 37,735 � � 36,015 � Net income
(loss) $ 10,281 � $ 12,326 � ($32,203 ) $ 51,173 � � Net income
(loss) per share Basic $ 0.43 $ 0.51 ($1.37 ) $ 2.12 Diluted $ 0.42
$ 0.50 ($1.37 ) $ 2.08 � Weighted average shares outstanding Basic
23,821,685 24,161,985 23,571,203 24,106,392 Diluted 24,546,758
24,468,278 23,571,203 24,563,229 � � Pro forma Net Income
Reconciliation � Pro forma Net Income is not an item prepared in
accordance with GAAP. Pro forma Net Income is net income adjusted
to exclude one-time charges as described below. Dollar presents Pro
forma Net Income as an indication of the Company's financial
performance excluding one-time charges to show comparative results
of its operations. Not all companies calculate Pro forma Net Income
in the same fashion, and therefore these amounts as presented may
not be comparable to other similarly titled measures of other
companies. The table below reconciles income before income taxes as
reported on Dollar's Unaudited Consolidated Statements of
Operations to Pro forma Net Income (dollars in thousands): � �
DOLLAR FINANCIAL CORP PRO FORMA NET INCOME (EXCLUDING ONE-TIME
CHARGES) (In thousands except share and per share amounts) � �
Three Months Ended Twelve Months Ended June 30, June 30, 2007 �
2008 2007 � 2008 � Income before income taxes - as reported $
17,754 $ 22,147 $ 5,532 $ 87,188 � One-time charges: Store closing
and severance charges 324 2,104 1,032 2,989 Debt financing costs
932 - 39,335 97 Goodwill impairment charges (163 ) - 24,301 - Costs
(proceeds) from litigation settlement � - � � 240 � � (3,256 ) �
345 � Pro forma income before income taxes 18,847 24,491 66,944
90,619 Pro forma income taxes (1) � 7,784 � � 10,115 � � 27,648 � �
37,426 � Pro forma net income $ 11,063 � $ 14,376 � $ 39,296 � $
53,193 � Effective income tax rate (1) 41.3 % 41.3 % 41.3 % 41.3 %
� Weighted average fully-diluted shares outstanding � 24,546,758 �
� 24,468,278 � � 24,192,918 � � 24,563,229 � � GAAP fully-diluted
earnings (loss) per share $ 0.42 � $ 0.50 � $ (1.37 ) $ 2.08 � �
Pro forma fully-diluted earnings per share $ 0.45 � $ 0.59 � $ 1.62
� $ 2.17 � � (1) � For comparability purposes, the effective income
tax rate for all periods represents the fiscal 2008 full year rate.
� � Adjusted EBITDA Reconciliation � Adjusted EBITDA is not an item
prepared in accordance with GAAP. Adjusted EBITDA is earnings
before interest expense, income tax provision, depreciation,
amortization, charges related to non-qualified stock options and
restricted shares, and other items described below. Dollar presents
Adjusted EBITDA as an indication of operating performance and its
ability to service its debt and capital expenditure requirements.
Adjusted EBITDA does not indicate whether Dollar's cash flow will
be sufficient to fund all of its cash needs. Adjusted EBITDA should
not be considered in isolation or as a substitute for net income,
cash flows from operating activities, or other measures of
operating performance or liquidity determined in accordance with
GAAP. Dollar believes that Adjusted EBITDA amounts should be
considered by prospective investors because Dollar uses them as one
means of analyzing its ability to service its debt and capital
expenditure requirements, and Dollar understands that they are used
by some investors as one measure of a Company's historical ability
to service its debt and capital expenditure requirements. Not all
companies calculate Adjusted EBITDA in the same fashion, and
therefore these amounts as presented may not be comparable to other
similarly titled measures of other companies. The table below
reconciles income before income taxes as reported on Dollar's
Unaudited Consolidated Statements of Operations to Adjusted EBITDA
(dollars in thousands): � � � Three Months Ended � Twelve Months
Ended June 30, June 30, 2007 � 2008 2007 � 2008 � Income before
income taxes $ 17,754 $ 22,147 $ 5,532 $ 87,188 � Add: Depreciation
and amortization 3,532 5,282 12,845 17,565 Interest expense 8,391
9,732 31,462 36,569 Foreign currency hedging costs 398 165 886 598
Stock compensation expense 758 1,168 2,365 3,946 Loss on store
closings 324 620 1,032 1,002 Debt financing costs 932 - 39,335 97
Goodwill impairment and other charges (163 ) - 24,301 - Costs
(proceeds) from litigation settlement - 240 (3,256 ) 345 Other � 78
� � - � � 233 � � - � Adjusted EBITDA $ 32,004 � $ 39,354 � $
114,735 � $ 147,310 � � � DOLLAR FINANCIAL CORP UNAUDITED STORE
DATA � � � � � Three Months Ended Twelve Months Ended June 30, June
30, 2007 2008 2007 2008 Beginning Company-Operated Stores U.S. 352
466 351 350 Canada 348 418 242 360 U.K. 190 227 172 192 Total
Beginning Company-Operated Stores 890 1,111 765 902 � De novo Store
Builds U.S. 0 1 4 3 Canada 12 1 36 39 U.K. 0 7 12 21 Total 12 9 52
63 � Acquired Stores U.S. 0 0 24 126 Canada 0 1 82 22 U.K. 3 2 9 24
Total 3 3 115 172 � Closed Stores U.S. 2 0 29 12 Canada 0 1 0 2
U.K. 1 0 1 1 Total 3 1 30 15 � Ending Company-Operated Stores U.S.
350 467 350 467 Canada 360 419 360 419 U.K. 192 236 192 236 Total
Ending Company-Operated Stores 902 1,122 902 1,122 � Ending
Franchise/Agent Stores U.S. 110 93 110 93 Canada 54 61 54 61 U.K.
214 176 214 176 Total Ending Franchise/Agent Stores 378 330 378 330
� Total Ending Store Count 1,280 1,452 1,280 1,452 � � DOLLAR
FINANCIAL CORP UNAUDITED STATISTICAL DATA � � � � � Three Months
Ended Twelve Months Ended June 30, June 30, 2007 2008 2007 2008 �
Check Cashing Data (Consolidated) Face amount of checks cashed (in
millions) $ 1,138 $ 1,397 $ 4,341 $ 5,256 Number of checks cashed
(in thousands) 2,296 2,687 9,004 9,902 Face amount of average check
$ 496 $ 520 $ 482 $ 531 Average fee per check cashed $ 19.23 $
18.81 $ 18.52 $ 19.85 Net write-offs of returned checks (in
thousands) $ 3,085 $ 4,798 $ 12,532 $ 16,406 Net write offs as a
percentage of check cashing revenue 7.0% 9.5% 7.5% 8.3% � Consumer
Loan Data - Originations (in thousands) U.S. company-funded
consumer loan originations $ 78,729 $ 157,569 $ 282,364 $ 535,542
Canadian company-funded consumer loan originations 227,001 230,153
774,194 953,157 U.K. company-funded consumer loan originations �
75,686 � 101,389 � 266,331 � 361,730 Total company-funded consumer
loan originations $ 381,416 $ 489,111 $ 1,322,889 $ 1,850,429 �
Consumer Loan Data - Revenues (in thousands) U.S. servicing
revenues $ 4,388 $ 552 $ 29,245 $ 2,556 U.S. company-funded
consumer loan revenues 12,161 21,529 44,366 77,282 Canadian
company-funded consumer loan revenues 32,903 36,048 110,010 147,313
U.K. company-funded consumer loan revenues � 12,174 � 18,969 �
43,824 � 65,366 Total consumer lending revenues $ 61,626 $ 77,098 $
227,445 $ 292,517 � Consumer Loan Net Charge-offs (in thousands)
Gross charge-offs of company-funded consumer loans $ 47,358 $
56,241 $ 160,077 $ 217,476 Recoveries of company-funded consumer
loans � 34,807 � 38,907 � 129,574 � 163,720 Net charge-offs on
company-funded consumer loans $ 12,551 $ 17,334 $ 30,503 $ 53,756 �
� Gross charge-offs of company-funded consumer loans as a
percentage of total company-funded consumer loan originations 12.4%
11.5% 12.1% 11.8% � Recoveries of company-funded consumer loans as
a percentage of total company-funded consumer loan originations
9.1% 8.0% 9.8% 8.9% � Net charge-offs on company-funded consumer
loans as a percentage of total company-funded consumer loan
originations 3.3% 3.5% 2.3% 2.9% �
Dfc Global Corp (MM) (NASDAQ:DLLR)
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Dfc Global Corp (MM) (NASDAQ:DLLR)
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