Cash America First Quarter Results above Expectations
April 09 2009 - 7:00AM
Business Wire
Cash America International, Inc. (NYSE: CSH) announced today
that it expects its earnings for the first quarter ended March 31,
2009, to significantly exceed its previously released guidance for
the quarter. The primary contributors to the
higher-than-anticipated earnings for the quarter were better than
expected performance from the Company�s pawn lending operations,
both in the United States and Mexico, and lower loan losses
associated with the cash advance product. In addition, the Company
experienced greater than expected cash advance fee revenue in the
quarter from its online cash advance offerings in some of the
states that had announced adverse changes in legislation and/or
regulations in 2008 but have not been implemented thus far in 2009
as previously expected. Some of these changes remain pending which
could reduce cash advance revenue in these states in future
periods. Management currently anticipates earnings per share for
the first quarter of 2009 to be between 76 and 78 cents per share
compared to its previous expectations of between 61 and 65 cents
per share. This compares to 86 cents per share for the same quarter
in the prior year of 2008.
At this time, the Company is not revising its full year guidance
for fiscal 2009 of between $3.10 and $3.30 per share, pending the
completion of details for the first quarter and further analysis
associated with its expected results for the second quarter of
fiscal 2009. Management discussed in its January 2009 release of
earnings that tax stimulus checks issued to many of its customers
in the second quarter of 2008 boosted results in that quarter.
Currently, tax stimulus checks are not expected to be repeated in
the second quarter of 2009 and due to this change in circumstances
combined with the potential absence of certain profitable cash
advance markets, management expects the second quarter of 2009 to
contribute lower year-over-year earnings.
The Company has scheduled a conference call on April 23, 2009,
at 7:45 AM CDT to provide details of the first quarter 2009 results
and management�s views of expectations for the remainder of the
year.
Cash America International, Inc. is a provider of specialty
financial services to individuals in the United States with 994
total locations as of December 31, 2008. Cash America is the
largest provider of secured non-recourse loans to individuals,
commonly referred to as pawn loans, through 613 total pawn
locations, comprised of 501 in 22 states under the brand names Cash
America Pawn and SuperPawn. In addition, Cash America is the
majority owner of 112 pawn lending locations in Mexico that operate
under the name of Prenda F�cil. The Company also offers short-term
cash advances in many of its locations including 248 locations that
offer this service under the brand names Cash America Payday
Advance and Cashland. Short-term cash advances are also offered
over the Internet to customers in 32 states in the United States
and in the United Kingdom at http://www.cashnetusa.com and
http://www.quickquid.co.uk, respectively. In addition, check
cashing services are provided through its 133 franchised and
Company-owned �Mr. Payroll� check cashing centers.
For additional information regarding the Company and the services
it provides, visit the Company�s websites located at: �
http://www.cashamerica.com
� � � �
http://www.cashnetusa.com
http://www.cashlandloans.com
http://www.quickquid.co.uk
http://www.strikegoldnow.com
Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements about the
business, financial condition and prospects of Cash America
International, Inc. and its subsidiaries (the �Company�). The
actual results of the Company could differ materially from those
indicated by the forward-looking statements because of various
risks and uncertainties including, without limitation, changes in
consumer credit, tax and other laws and governmental rules and
regulations applicable to the Company�s business, changes in demand
for the Company�s services, the actions of third parties who offer
products and services at the Company�s locations, fluctuations in
the price of gold, changes in competition, the ability of the
Company to open new operating units in accordance with its plans,
economic conditions, real estate market fluctuations, interest rate
fluctuations, changes in foreign currency exchange rates, changes
in the capital markets, the ability to successfully integrate newly
acquired businesses into the Company�s operations and other risks
indicated in the Company�s filings with the Securities and Exchange
Commission. These risks and uncertainties are beyond the ability of
the Company to control, nor can the Company predict, in many cases,
all of the risks and uncertainties that could cause its actual
results to differ materially from those indicated by the
forward-looking statements. When used in this release, terms such
as �believes,� �estimates,� �plans,� �expects,� �anticipates� and
similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements to reflect events or circumstances
occurring after the date of this release.
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