DALLAS, April 27 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc.
(NASDAQ:AACE) announced fiscal third quarter 2006 net income of
$9.9 million and diluted earnings per share of $0.68, compared to
fiscal third quarter 2005 net income of $9.9 million and diluted
earnings per share of $0.71. The current quarter includes the
previously disclosed $0.04 after-tax charge related to the
termination of the Company's relationship with H&R Block.
During the fiscal third quarter of 2006, ACE's total revenue
increased 16 percent to $91.2 million from $78.5 million in the
prior year period, due primarily to a 19 percent increase in check
cashing fees, an 18 percent increase in loan fees and interest, and
a 33 percent increase in bill payment services. Comparable store
revenues increased 6.8 percent compared to the prior year period.
Major contributors to this comparable store revenue increase
include: * Comparable store loan fees and interest increased 11.0
percent, and in states not impacted by the revised FDIC Guidelines
for PayDay Lending, increased by 12.4 percent. * Comparable store
check fees (non-tax check fees) increased by 4.4 percent. *
Comparable store tax check fees declined by 2.0 percent. Comparable
store tax check fees cashed in company-owned stores declined by 0.3
percent. Comparable store tax checks fees cashed by self-service
machines (SSMs) located in H&R Block locations declined by 9.5
percent. As previously disclosed the SSM business in H&R Block
locations has been discontinued. "Third quarter financial results
reflect continued success in offering our customers a full suite of
retail financial products in an expanding network of stores. This
strategy resulted in strong comparable store sales increases,
particularly in our core check cashing business, the short-term
consumer loan business and the stored value card business," said
Jay B. Shipowitz, President and Chief Executive Officer. Among
ACE's accomplishments during the fiscal third quarter 2006 were: *
The total ACE store network, including franchised stores, had a
third quarter record 11.3 million customer visits and processed
approximately $3.5 billion in transactions. * Comparable store
sales increased 6.8 percent compared to the fiscal third quarter of
2005. * ACE company-owned stores cashed over 3.4 million non-tax
checks, with a face value of approximately $1.4 billion, resulting
in check-cashing fees for the quarter of $31.6 million, up 19
percent from $26.5 million in the fiscal third quarter of 2005.
Comparable store check cashing fees increased 4.4 percent compared
to the prior year period. * ACE company-owned stores processed over
519,000 loan transactions, disbursed over $148 million in loan
proceeds and generated loan fees and interest of $25.0 million.
Comparable store loan fees and interest in company-owned stores
increased 11.0 percent over the prior year's period. * ACE
introduced the CSO Loan product in Texas on March 1, 2006. * ACE
company-owned stores processed over 2.2 million bill payment and
debit card transactions, producing a revenue increase of 33
percent, to $7.1 million from $5.4 million in the prior year
period. * ACE company-owned stores sold approximately 89,000 stored
value cards in the third quarter of fiscal 2006, an increase of 86
percent over the prior year period. "Our network grew to 1,557
stores at the end of the fiscal third quarter of 2006, reflecting
our long-term disciplined growth strategy of de novo store
development complemented by opportunistic acquisitions. During the
last 24 months, we have opened 122 ACE Cash Express stores and 63
ACE Cash Advance stores that have not yet contributed meaningfully
to our bottom-line. These new stores are meeting our performance
expectations and as these stores mature we should begin to see an
increasing bottom-line contribution from them over the next several
quarters," commented Mr. Shipowitz. Results for the Nine Months
Ended March 31, 2006 For the first nine months of fiscal 2006,
ACE's total revenue increased 12 percent, to $229.6 million, from
$205.2 million in the first nine months of fiscal 2005. Net income
decreased 15 percent, to $17.7 million from $20.8 million in the
prior year period, resulting in a decline in diluted earnings per
share of 15 percent, to $1.26 per diluted share from $1.49 cents
per diluted share in the prior year period. Net income for the
first nine months of fiscal 2006 includes a net after-tax charge of
$0.7 million related to losses from Hurricane Katrina and an
after-tax write-off of $0.5 million related to the Company's
decision to discontinue operating SSMs in H&R Block locations.
Comparable store sales increased by 4.6 percent during the first
nine months of fiscal 2006 compared to the first nine months of
fiscal 2005 as a result of continued strength in loan fees and bill
payment services. Amended Bank Facility During the quarter, ACE
amended its existing bank credit facility to extend the maturity
date, increase the facility size and improve pricing. Under the
amended bank facility the new commitments increase total
availability from $200 million to $275 million, including a $200
million working capital facility and a $75 million seasonal
facility available during each tax season, and the maturity date is
extended from June 30, 2008 to December 31, 2010. The pricing on
the facility was also reduced to LIBOR plus 200 basis points from
LIBOR plus 225 basis points and can be further reduced to LIBOR
plus 175 basis points based upon the company's leverage ratio.
Store Openings For the quarter, the Company opened 30 company-owned
stores, including 14 ACE Cash Express stores and 16 ACE Cash
Advance stores, and acquired 2 stores. ACE franchisees also opened
an additional 13 stores during the quarter. ACE ended the quarter
with 1,328 company-owned stores, 229 franchised stores and a total
network of 1,557 stores. Update on Hurricane Katrina Impacted
Stores During the fiscal first quarter of 2006 ACE recorded a
pre-tax charge of $1.7 million related to losses from Hurricane
Katrina. This charge included the write-off of fixed assets and
loans receivable. During the fiscal third quarter of 2006 ACE
reversed $0.2 million related to better than expected collections
of the previously written-off loans and received an initial
reimbursement payment from its insurance carrier of $0.2 million
related to its claim. At this time, six of the company's 22 stores
in the greater New Orleans market remain closed. Relationship with
H&R Block Following the end of the quarter, ACE announced that
it will not operate self-service machines (SSMs) in H&R Block
locations during the 2007 tax season. As a result of this decision,
ACE took a one-time pre-tax charge during the fiscal third quarter
of 2006 of $848,000 related to the termination of the SSM leases
and the early extinguishment of the DZ Bank facility, which was
used to finance the SSM business. During the 2006 tax season, ACE
operated 128 SSMs in H&R Block locations. These SSMs generated
approximately $3.1 million of revenue for ACE and a pre- tax loss
of approximately $275,000 during the quarter, excluding the
$848,000 charge included in the fiscal third quarter of 2006.
Fiscal 2006 Business Guidance The statements in the bullet points
below are the Company's outlook or forecast for the Company's
business for the fourth quarter ending and the fiscal year ending
June 30, 2006. These statements are made only as of April 27, 2006
and indicate only the expectations of the Company's management as
of that date. These statements supersede any and all previous
statements made by the Company regarding the matters addressed.
These statements are "forward- looking statements," cannot be
guaranteed and may prove to be wrong. * The Company expects to open
6 to 16 additional ACE Cash Express stores in the fourth quarter
for a total of 50 to 60 stores in fiscal 2006. * The Company
expects to open 10 to 20 additional ACE Cash Advance stores in the
fourth quarter for a total of 50 to 60 stores in fiscal 2006. * The
Company expects to close 4 to 6 additional stores in the fourth
quarter for a total of 20 to 22 stores in fiscal 2006. * The
Company currently estimates franchisees will open a total of
approximately 26 to 30 stores in fiscal 2006. * The Company expects
its fiscal 2006 tax rate to be 39 percent. * The Company began
expensing stock options in fiscal 2006 and expects to record stock
option expense of approximately $1 million. * At this time ACE
currently offers its customers the following loan products: --
Short-term consumer loans offered pursuant to state regulation (ACE
Loan) in 23 states and the District of Columbia; -- Short-term
consumer loans in Arkansas and Pennsylvania offered by Republic
Bank of Kentucky (RBT Loan). ACE expects to cease offering this
product on June 30, 2006; -- Installment loans with a 20-week term
in Arkansas and Pennsylvania made by First Bank of Delaware (FBD
Loan); -- CSO Loans in Texas. About ACE Cash Express ACE Cash
Express, Inc. is a leading retailer of financial services,
including check cashing, short-term consumer loans, bill payment
and prepaid debit card services, and the largest owner, operator
and franchisor of check cashing stores in the United States. As of
March 31, 2006, ACE had a network of 1,557 stores in 36 states and
the District of Columbia, consisting of 1,328 company-owned stores
and 229 franchised stores. ACE focuses on serving consumers, many
of whom seek alternatives to traditional banking relationships in
order to gain convenient and immediate access to financial
services. ACE's website is found at http://www.acecashexpress.com/
. Forward-Looking Statements This release contains certain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements are
generally identified by the use of words such as "expect,"
"anticipate," "estimate," "believe," "intend," "plan," "target,"
"goal," "should," "would," and terms with similar meanings.
Although ACE believes that the current views and expectations
reflected in these forward-looking statements are reasonable, these
views and expectations, and the related statements, are inherently
subject to risks, uncertainties, and other factors, many of which
are not under ACE's control and may not even be predictable. Any
inaccuracy in the assumptions, as well as those risks,
uncertainties and other factors could cause the actual results to
differ materially from these in the forward-looking statements.
These risks, uncertainties, and factors include, but are not
limited to matters described in ACE's reports filed with the
Securities and Exchange Commission, such as: * ACE's relationships
with True Financial, LP, Republic Bank & Trust Company, First
Bank of Delaware, Travelers Express and its affiliates, and its
bank lenders; * ACE's relationships with providers of services or
products offered by ACE or property used in its operations; *
federal and state governmental regulation of check cashing,
short-term consumer lending and related financial services
businesses; * any impact to ACE's earnings derived from the RBT
loans offered by Republic Bank & Trust Company and the FBD
loans offered by First Bank of Delaware at ACE's stores in
Pennsylvania and Arkansas from the Federal Deposit Insurance
Corporation's Revised Guidelines for Payday Lending, which took
effect on July 1, 2005 and require that such banks develop
procedures to ensure that a payday loan is not provided to any
customer with payday loans outstanding from any lender for more
than 3 months in the previous 12 months; * any litigation; * theft
and employee errors; * the availability of adequate financing,
suitable locations, acquisition opportunities and experienced
management employees to implement ACE's growth strategy; *
increases in interest rates, which would increase ACE's borrowing
costs; * the fragmentation of the check cashing industry and
competition from various other sources, such as banks, savings and
loans, short-term consumer lenders, and other similar financial
services entities, as well as retail businesses that offer services
offered by ACE; * the terms and performance of third-party services
offered at ACE's stores; and * customer demand and response to
services offered at ACE's stores. ACE expressly disclaims any
obligation to update or revise any of these forward-looking
statements, whether because of future events, new information, a
change in ACE's views or expectations, or otherwise. ACE makes no
prediction or statement about the performance of its common stock.
ACE CASH EXPRESS, INC. AND SUBSIDIARIES INTERIM UNAUDITED
CONSOLIDATED STATEMENTS OF EARNINGS (in thousands, except per share
amounts) Three Months Ended Nine Months Ended March 31, March 31,
2006 2005 2006 2005 Revenues $91,161 $78,464 $229,618 $205,237
Store expenses: Salaries and benefits 21,743 17,593 56,997 48,147
Occupancy 11,470 9,179 30,893 25,739 Provision for loan losses and
doubtful accounts 7,927 6,293 25,548 20,755 Depreciation 2,252
2,744 6,477 6,202 Hurricane Katrina related expenses (445) ---
1,210 --- Other 12,618 10,542 33,191 29,915 Total store expenses
55,565 46,351 154,316 130,758 Gross margin 35,596 32,113 75,302
74,479 Region expenses 7,007 6,110 19,032 17,135 Headquarters
expenses 6,694 5,295 17,101 15,041 Franchise expenses 328 321 907
909 Other depreciation and amortization 1,038 857 2,748 2,242 Loss
on early extinguishment of debt 692 --- 692 --- Interest expense,
net 3,657 2,828 5,703 4,215 Other (income) expense, net 32 256 68
322 Income before income taxes 16,148 16,446 29,051 34,615
Provision for income taxes 6,297 6,578 11,331 13,846 Net income
$9,851 $9,868 $17,720 $20,769 Earnings per share: Basic $0.73 $0.72
$1.31 $1.54 Diluted $0.68 $0.71 $1.26 $1.49 Weighted average number
of common shares outstanding: Basic 13,546 13,620 13,511 13,485
Diluted 14,582 13,952 14,191 13,924 ACE CASH EXPRESS, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except
share and per share amounts) March 31, June 30, 2006 2005
(unaudited) ASSETS Current Assets Cash and cash equivalents
$157,809 $109,430 Accounts receivable, net 7,236 3,969 Loans
receivable, net 21,325 20,787 Prepaid expenses, inventories and
other current assets 13,022 13,685 Total Current Assets 199,392
147,871 Noncurrent Assets Property and equipment, net 44,421 37,657
Covenants not to compete, net 2,095 1,668 Goodwill 133,199 98,702
Other assets 8,239 6,723 Total Assets $387,346 $292,621 LIABILITIES
AND SHAREHOLDERS' EQUITY Current Liabilities Revolving advances $
79,900 $ 43,300 Accounts payable, accrued liabilities and other
current liabilities 48,999 36,117 Money orders payable 10,568 4,867
Total Current Liabilities 139,467 84,284 Noncurrent Liabilities
Deferred income tax 2,876 4,302 Deferred revenue 3,648 3,271
Convertible notes payable 19,400 --- Other liabilities 4,558 4,079
Total Liabilities 169,949 95,936 Commitments and Contingencies
Shareholders' Equity Preferred stock, $1 par value, 1,000,000
shares authorized, none issued and outstanding --- --- Common
stock, $.01 par value, 50,000,000 shares authorized, 14,237,168 and
13,912,045 shares issued and 14,025,768 and 13,700,645 shares
outstanding, respectively 140 137 Additional paid-in capital
108,564 103,544 Retained earnings 116,556 98,836 Accumulated
comprehensive income (loss) 213 (56) Treasury stock, at cost,
211,400 shares (2,707) (2,707) Unearned compensation - restricted
stock (5,369) (3,069) Total Shareholders' Equity 217,397 196,685
Total Liabilities and Shareholders' Equity $387,346 $292,621 ACE
CASH EXPRESS, INC. AND SUBSIDIARIES SUPPLEMENTAL STATISTICAL DATA
(unaudited) Three Months Nine Months Year Ended Ended Ended March
31, March 31, June 30, 2006 2005 2006 2005 2005 2004 Company
Operating and Statistical Data: Company-owned stores in operation:
Beginning of period 1,301 1,085 1,142 1,026 1,026 968 Acquired 2 34
120 74 74 34 Opened 30 13 84 51 80 53 Sold (1) --- (2) (3) (6) (5)
Closed (4) (14) (16) (30) (32) (24) End of period 1,328 1,118 1,328
1,118 1,142 1,026 Franchised stores in operation: Beginning of
period 219 216 229 204 204 200 Opened 13 6 26 32 48 32 Acquired by
ACE 0 (8) (5) (22) (22) (13) Closed/Sold (3) (1) (21) (1) (1) (15)
End of period 229 213 229 213 229 204 Total store network 1,557
1,331 1,557 1,331 1,371 1,230 Percentage increase (decrease) in
comparable store revenues from prior period: (A) Total revenue 6.8%
(0.3%) 4.6% 3.6% 3.1% 5.0% Check fees including tax check fees 1.8%
(5.2%) 1.4% (3.6%) (3.8%) 4.1% Loan fees and interest 11.0% 8.3%
5.6% 14.4% 12.7% 7.8% Capital Expenditures: (in thousands)
Purchases of property and equipment, net $5,730 $4,708 $13,269
$11,760 $18,951 $7,439 Store acquisition costs: Property and
equipment 63 344 1,888 958 958 511 Intangible assets 386 11,850
36,607 18,402 18,429 6,403 Check Cashing Data: Face amount of
checks cashed (in millions) $1,965 $1,721 $4,543 $4,069 $5,277
$5,103 Face amount of average check $507 $500 $421 $407 $396 $388
Average fee per check $13.19 $13.48 $10.54 $10.38 $9.98 $9.91 Fees
as a percentage of average check 2.60% 2.70% 2.50% 2.55% 2.52%
2.55% Number of checks cashed (in thousands) 3,873 3,443 10,785
10,000 13,325 13,151 Check Collections Data: (in thousands except
percentages) Face amount of returned checks $10,113 $6,990 $28,088
$19,839 $26,914 $21,705 Collections 8,521 5,427 23,289 14,759
20,951 13,947 Net write-offs $1,592 $1,563 $4,799 $5,080 $5,963
$7,758 Collections as a percentage of returned checks 84.3% 77.6%
82.9% 74.4% 77.8% 64.3% Net write-offs as a percentage of revenues
1.7% 2.0% 2.1% 2.5% 2.2% 3.1% Net write-offs as a percentage of the
face amount of checks cashed 0.08% 0.09% 0.11% 0.12% 0.11% 0.15%
ACE CASH EXPRESS, INC. AND SUBSIDIARIES SUPPLEMENTAL STATISTICAL
DATA (unaudited) (in thousands, except averages and percents) Three
Months Ended Nine Months Ended March 31, March 31, 2006 2005 2006
2005 Combined Short-Term Consumer Loans Operating Data: Volume -
new loans and refinances $148,510 $139,427 $487,099 $466,329
Average advance $343 $295 $310 $290 Average finance charge $49.22
$46.43 $46.55 $45.75 Number of loan transactions - new loans &
refinances 452 470 1,548 1,604 Matured loan volume $166,668
$145,721 $519,007 $463,743 Loan fees and interest $24,962 $21,201
$76,687 $68,938 Loan loss provision $7,882 $6,247 $25,413 $20,651
Gross margin on loans 68.4% 70.5% 66.9% 70.0% Loan loss provision
as a percent of matured loan volume 4.7% 4.3% 4.9% 4.5% Loans
Processed for Republic Bank: (B) Volume - new loans $11,742 $38,985
$66,781 $138,393 Average advance $316 $323 $312 $319 Average
finance charge $55.70 $56.94 $55.09 $56.30 Number of loan
transactions 37 121 214 434 Matured loan volume $15,675 $40,850
$72,838 $137,355 Loan fees and interest $2,049 $6,130 $10,529
$20,988 Provision for loan losses payable to Republic Bank $1,766
$2,085 $5,102 $6,645 Loans Processed for First Bank of Delaware:
(C) Volume - new loans (D) $4,936 --- $19,938 --- Average advance
$352 --- $347 --- Average finance charge (E) $34.96 --- $34.41 ---
Number of loan transactions (F) 14 --- 57 --- Matured loan volume
(G) $25,204 --- $62,088 --- Loan fees and interest $3,426 ---
$8,823 --- Provision for loan losses payable to First Bank of
Delaware $848 --- $2,762 --- Credit Services Organization Loans
(CSO): (H) Volume - new loans $10,345 --- $10,345 --- Average
advance $406 --- $406 --- Average finance charge $82.71 --- $82.71
--- Number of loan transactions 25 --- 25 --- Matured loan volume
$2,022 --- $2,022 --- Loan fees and interest $1,491 --- $1,491 ---
Loan loss provision $87 --- $87 --- ACE Loans: Volume - new loans
and refinances $121,487 $100,441 $390,035 $327,935 Average advance
$341 $283 $306 $276 Average finance charge $46.99 $41.95 $44.78
$40.98 Number of loan transactions - new loans and refinances 374
349 1,252 1,170 Matured loan volume $123,767 $104,871 $382,058
$326,388 Loan fees and interest $17,996 $15,071 $55,844 $47,950
Loan loss provision $5,181 $4,162 $17,462 $14,006 ACE CASH EXPRESS,
INC. AND SUBSIDIARIES SUPPLEMENTAL STATISTICAL DATA (unaudited) (in
thousands, except averages and percents) Year Ended June 30, 2005
2004 Combined Short-Term Consumer Loans Operating Data: Volume -
new loans and $624,257 $527,723 Average advance $290 $278 Average
finance charge $45.87 $43.71 Number of loan transactions - new
loans & refinances 2,139 1,909 Matured loan volume $613,380
$516,741 Loan fees and interest $91,793 $77,029 Loan loss provision
$26,941 $24,280 Gross margin on loans 70.7% 68.5% Loan loss
provision as a percent of matured loan volume 4.4% 4.7% Loans
Processed for Republic Bank: (B) Volume - new loans $184,646
$159,692 Average advance $319 $296 Average finance charge $56.30
$52.11 Number of loan transactions 578 541 Matured loan volume
$181,153 $157,018 Loan fees and interest $27,880 $24,036 Provision
for loan losses payable to Republic Bank $8,686 $7,390 Loans
Processed for First Bank of Delaware: (C) Volume - new loans (D)
--- --- Average advance --- --- Average finance charge (E) --- ---
Number of loan transactions (F) --- --- Matured loan volume (G) ---
--- Loan fees and interest --- --- Provision for loan losses
payable to First Bank of Delaware --- --- Credit Services
Organization Loans (CSO): (H) Volume - new loans --- --- Average
advance --- --- Average finance charge --- --- Number of loan
transactions --- --- Matured loan volume --- --- Loan fees and
interest --- --- Loan loss provision --- --- ACE Loans: Volume -
new loans and refinances $439,610 $368,031 Average advance $277
$269 Average finance charge $41.17 $39.40 Number of loan
transactions - new loans and refinances 1,561 1,368 Matured loan
volume $432,227 $359,723 Loan fees and interest $63,913 $52,993
Loan loss provision $18,255 $16,890 ACE CASH EXPRESS, INC. AND
SUBSIDIARIES SUPPLEMENTAL STATISTICAL DATA (unaudited) (in
thousands, except averages and percents) Three Months Nine Months
Year Ended Ended Ended March 31, March 31, June 30, 2006 2005 2006
2005 2005 2004 ACE Loans Balance Sheet Data: Gross loans receivable
$34,315 $28,577 $34,315 $28,577 $31,790 $27,663 Less: Allowance for
losses 12,990 12,073 12,990 12,073 11,003 10,616 Loans receivable,
net of allowance $21,325 $16,504 $21,325 $16,504 $20,787 $17,047
Allowance for losses on loans receivable: Beginning of period
$14,406 $12,961 $11,003 $10,616 $10,616 $8,734 Provision for loan
losses 5,181 4,162 17,462 14,006 18,255 16,890 Charge-offs (6,597)
(5,639) (15,555) (14,266) (18,996) (15,295) Recoveries --- 589 80
1,717(I) 1,128 287 End of period $12,990 $12,073 $12,990 $12,073
$11,003 $10,616 Allowance as a percent of gross loans receivable
37.9% 42.2% 37.9% 42.2% 34.6% 38.3% (A) Calculated based on changes
in revenue for all company-owned stores open in both periods and
open for at least 13 months. (B) Republic Bank loans are short-term
consumer loans made by Republic Bank & Trust Company at our
company-owned stores in Arkansas, Pennsylvania and Texas since
January 1, 2003. Effective March 1, 2006, we discontinued offering
Republic Bank loans in Texas. (C) First Bank of Delaware loans are
20-week installment loans made by First Bank of Delaware at our
company-owned stores in Arkansas, Pennsylvania, and Texas since
August 2005. Effective March 1, 2006, we discontinued offering
First Bank of Delaware loans in Texas. (D) Includes only the loan
origination amount for each installment loan. (E) The loans
processed for First Bank of Delaware are 20-week loans; the average
finance charge is presented based upon the 14-day average duration
of the ACE loans and the Republic Bank loans. (F) Includes the
initial 20-week loan transaction only. (G) Includes maturing
principal amount for each 2-week payment. (H) We began offering CSO
loans in Texas on March 1, 2006. (I) Includes the recovery of $0.9
million from the sale of previously charged-off ACE loans. ACE CASH
EXPRESS, INC. AND SUBSIDIARIES REVENUE ANALYSIS (unaudited) Three
Months Ended Nine Months Ended March 31, March 31, 2006 2005 2006
2005 Revenues (in thousands): Check cashing fees $31,586 $26,487
$93,789 $83,537 Loan fees and interest 24,962 21,201 76,686 68,938
Tax check fees 19,485 18,854 19,851 19,164 Bill payment services
7,142 5,377 18,505 15,011 Money transfer services 3,950 3,002
10,225 8,710 Money order fees 1,844 1,783 5,114 5,209 Franchise
revenues 835 763 2,429 2,365 Other fees 1,357 997 3,019 2,303 Total
revenue $91,161 $78,464 $229,618 $205,237 Three Months Ended Nine
Months Ended March 31, March 31, 2006 2005 2006 2005 Percentage of
Revenues: Check cashing fees 34.7% 33.7% 40.9% 40.7% Loan fees and
interest 27.4 27.0 33.4 33.6 Tax check fees 21.4 24.0 8.6 9.3 Bill
payment services 7.8 6.9 8.1 7.3 Money transfer services 4.3 3.8
4.4 4.3 Money order fees 2.0 2.3 2.2 2.5 Franchise revenues 0.9 1.0
1.1 1.2 Other fees 1.5 1.3 1.3 1.1 Total revenue 100.0% 100.0%
100.0% 100.0% ACE CASH EXPRESS, INC. AND SUBSIDIARIES REVENUE
ANALYSIS (unaudited) Year Ended June 30, 2005 2004 2003 Revenues
(in thousands): Check cashing fees $111,284 $108,439 $104,175 Loan
fees and interest 91,793 77,029 70,806 Tax check fees 20,335 20,755
21,528 Bill payment services 20,266 16,960 13,507 Money transfer
services 11,868 11,136 10,898 Money order fees 6,875 6,330 6,960
Franchise revenues 3,180 2,774 2,346 Other fees 3,048 3,236 4,069
Total revenue $268,649 $246,659 $234,289 Year Ended June 30, 2005
2004 2003 Percentage of Revenues: Check cashing fees 41.4% 44.0%
44.5% Loan fees and interest 34.2 31.2 30.2 Tax check fees 7.6 8.4
9.2 Bill payment services 7.5 6.9 5.8 Money transfer services 4.4
4.5 4.6 Money order fees 2.6 2.6 3.0 Franchise revenues 1.2 1.1 1.0
Other fees 1.1 1.3 1.7 Total revenue 100.0% 100.0% 100.0%
CONFERENCE CALL April 27, 2006 5 p.m. EDT An investor conference
call will be held today, April 27, 2006 at 5 p.m. EDT, regarding
the release of ACE Cash Express, Inc.'s fiscal 2006, third quarter
earnings. The Company invites you to participate in the conference
call by dialing (800) 442-9701. The confirmation code to access the
call is 7592978. Jay B. Shipowitz, President and Chief Executive
Officer and William S. McCalmont, Executive Vice President and
Chief Financial Officer, will present the third quarter review. For
your convenience, the conference call will be replayed in its
entirety beginning at approximately 6 p.m. EDT on April 27th
through 12 p.m. EDT on May 4th. If you wish to listen to a replay
of this conference call, dial (800) 642-1687, provide your name and
use confirmation number 7592978. If you have questions regarding
this conference call, please contact Joy Robinson at (972)
753-2305. DATASOURCE: ACE Cash Express, Inc. CONTACT: William S.
McCalmont, Executive Vice President & CFO, +1-972-753-2314, or
, or Douglas Lindsay, Vice President of Finance, +1-972-753-2342,
or , both of ACE Cash Express, Inc. Web site:
http://www.acecashexpress.com/
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