- Current report filing (8-K)
May 07 2009 - 12:42PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
May
7, 2009 (May 7, 2009)
Date
of Report (Date of earliest event reported)
QC
HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Kansas
|
000-50840
|
48-1209939
|
(State or other jurisdiction
of incorporation)
|
(Commission file
number)
|
(IRS Employer
Identification Number)
|
9401 Indian Creek Parkway, Suite 1500
Overland Park, Kansas 66210
|
(Address
of principal executive offices)
|
(913) 234-5000
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instructions A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2009, QC Holdings, Inc. issued a press release
announcing its financial results for the three months ended March 31,
2009. A copy of the press release is attached as Exhibit 99.1 to this
report and is incorporated herein by reference.
The attached press release includes three non-GAAP financial
measures that management uses and that the company believes may be
useful to investors: (i) adjusted net income, (ii) adjusted net income
per share, and (iii) adjusted EBITDA. Adjusted net income is calculated
as net income plus the after tax effect of 2008 ballot referendum
initiatives in Arizona. Adjusted EPS is calculated as adjusted net
income on a fully diluted per share basis. Adjusted EBITDA is
calculated as net income before interest, taxes, depreciation and
amortization expenses, adjusted to exclude the charges related to stock
options and restricted stock awards, non-cash gains or losses associated
with property dispositions and discontinued operations. For the three
months ended March 31, 2008, the 2008 referendum expenditures have been
excluded from the computation. Reconciliations of each of these non-GAAP
measures are included in schedules to the press release filed with this
report.
These non-GAAP financial measures are intended to supplement the
company’s financial information prepared in accordance with accounting
principles generally accepted in the United States of America (GAAP)
included in the press release by providing management and investors with
additional insight regarding results of operations. Management uses
adjusted net income in its strategic planning for the company and in
evaluating the results of operations of the company. Management
believes the adjusted net income measure may be similarly useful to
investors when evaluating financial results of the company for
comparable periods because the Company has never undertaken ballot
referendum efforts in the past and the level of expenditures was
significant. For the same reasons, management also computes and uses
adjusted earnings per share.
Management recognizes that its use of adjusted net income and adjusted
EPS, as with any non-GAAP financial measure, has various limitations,
including the fact that an adjusted item may be a normally recurring
expense for the company or may involve the actual use of
cash. Nonetheless, management believes that these adjusted net income
and adjusted EPS measures provide additional insight for investors into
the operating results and business trends of the company. A
reconciliation of adjusted net income and adjusted EPS to net income and
net income per share is included in the schedules to the press release
filed with this report.
Management also uses adjusted EBITDA as a non-GAAP performance
measure. Management regularly reviews EBITDA as it assesses its current
and prospective operating results. Management uses adjusted EBITDA in
its strategic planning for the company and in evaluating the results of
operations of the company. The compensation committee has used adjusted
EBITDA in evaluating the performance of the company and management and
in evaluating certain components of executive compensation, including
performance-based annual incentive programs. Management calculates
adjusted EBITDA as income from continuing operations before interest,
taxes, depreciation and amortization expenses, adjusted to exclude the
charges related to stock options and restricted stock awards, and
non-cash gains or losses associated with property dispositions (and for
the three months ended March 31, 2008, the 2008 referendum
expenditures). Management believes adjusted EBITDA is useful to
management and may be useful to investors because certain of the
adjusted items represent non-cash charges to net income, and certain of
the adjusted items can fluctuate significantly from period-to-period,
due in part to the timing of equity-based awards for compensation
purposes.
Management recognizes that its use of adjusted EBITDA has various
limitations, including the fact that the adjusted items may be a
normally recurring expense or may involve the actual use of
cash. Nonetheless, management believes that this adjusted EBITDA
measure provides additional insight for investors into the operating
results and business trends of the company.
The information in Item 2.02 of this report and in the exhibit attached
to this report is not filed for purposes of Section 18 of the Securities
and Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section or Sections 11 or 12(a)(2) of the Securities
Act of 1933, as amended. The information contained in this Item 2.02
and in the accompanying exhibit is not incorporated by reference into
any filing with the SEC made by the registrant, whether made before or
after the date of this report, regardless of any general incorporation
language in that filing.
Item 8.01 Other Events.
On May 5, 2009, the company’s board of directors declared a regular
quarterly cash dividend of 5 cents per common share. The dividend is
payable June 2, 2009, to stockholders of record as of May 19, 2009.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibit is filed as part of this report:
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
99.1
|
|
QC Holdings, Inc. Press Release issued May 7, 2009, reporting the
three months ended March 31, 2009 financial results.
|
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
QC HOLDINGS, INC.
|
|
|
|
Date:
|
May 7, 2009
|
|
|
|
|
|
|
By:
|
/s/ Douglas E. Nickerson
|
|
|
Name:
|
Douglas E. Nickerson
|
|
|
Title:
|
Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting
|
|
|
|
Officer)
|
QC (PK) (USOTC:QCCO)
Historical Stock Chart
From May 2024 to Jun 2024
QC (PK) (USOTC:QCCO)
Historical Stock Chart
From Jun 2023 to Jun 2024