-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ReCk57rq6Dh8ZI/eW2LfU/4fRdHUXkWgdCICha5KdmkkGSQfeNtUW7Kmd3bk+dUw CFdPcKTo+6xnCX0ZyRHjew== 0001271625-04-000017.txt : 20040428 0001271625-04-000017.hdr.sgml : 20040428 20040428080752 ACCESSION NUMBER: 0001271625-04-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040423 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOLLAR FINANCIAL GROUP INC CENTRAL INDEX KEY: 0001028643 STANDARD INDUSTRIAL CLASSIFICATION: FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099] IRS NUMBER: 132997911 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-18221 FILM NUMBER: 04758549 BUSINESS ADDRESS: STREET 1: 1436 LANCASTER AVE STREET 2: STE 210 CITY: BERWYN STATE: PA ZIP: 19312-1288 BUSINESS PHONE: 6102963400 MAIL ADDRESS: STREET 1: 1436 LANCASTER AVENUE STREET 2: STE 210 CITY: BERWYN STATE: PA ZIP: 19312-1288 8-K 1 a8k04272004.txt PRESS RELEASE FOR Q3 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 ---------------------------------- April 28, 2004 Date of report (Date of earliest event reported) DOLLAR FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter) New York 333-18221 13-2997911 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification Number)
1436 Lancaster Avenue, Berwyn, Pennsylvania 19312-1288 (Address of principal executive offices) (zip code) (610) 296-3400 Registrant's telephone number, including area code Item 7. Financial Statements and Exhibits (c) Exhibits. 99.1 Press Release dated April 23, 2004 by Dollar Financial Group, Inc. Item 12. Results of Operations and Financial Condition On April 23, 2004 Dollar Financial Group, Inc.(the "Company") issued a press release announcing its earnings for the fiscal quarter ended March 31, 2004. A copy of the press release is furnished as Exhibit 99.1. The information in this Item 12, including the exhibit hereto, is furnished pursuant to Item 12 of Form 8-K and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended. SIGNATURE Pursuant to the requirements of Section 13 and 15(d) 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. Dated: April 28, 2004 DOLLAR FINANCIAL GROUP, INC. a New York corporation By: /s/ Donald Gayhardt -------------------- Name: Donald Gayhardt Title: President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description 99.1 Press Release dated April 23, 2004 by Dollar Financial Group, Inc EX-99 2 exhibit991_04232004.txt EXHIBIT 99.1 FOR Q3 PRESS RELEASE NEWS RELEASE Contact: Donald F. Gayhardt President Dollar Financial Group, Inc. FOR IMMEDIATE RELEASE (610) 640-5925 - --------------------- DOLLAR FINANCIAL GROUP ANNOUNCES OPERATING RESULTS FOR FISCAL THIRD QUARTER ENDED MARCH 31, 2004 Company Reports Record Quarterly Revenue of $65.6 million and Adjusted EBITDA of $20.1 million BERWYN, Pennsylvania, April 23, 2004 - Dollar Financial Group, Inc., a leading international financial services company serving under-banked consumers, today announced operating results for the fiscal third quarter ended March 31, 2004. For the fiscal quarter ended March 31, 2004, revenue increased 13.2% to $65.6 million from $58.0 million reported for the comparable quarter in the prior fiscal year. Comparable retail store, franchised store and document transmitter revenues increased 12.4%, or $7.1 million, for the quarter. Adjusted EBITDA increased $4.4 million, or 28.3%, to $20.1 million for the quarter ended March 31, 2004 from $15.7 million for the quarter ended March 31, 2003. Adjusted EBITDA as a percentage of revenue increased to 30.6% for the third fiscal quarter from 27.0% in the comparable quarter in the prior year. Net income increased $574,000, or 57.9%, to $1.6 million for the quarter from $992,000 for the comparable quarter in the prior fiscal year. Net income as a percentage of revenue increased to 2.4% for the third fiscal quarter from 1.7% for the comparable quarter in the prior fiscal year. Adjusted EBITDA is not an item prepared in accordance with GAAP. Adjusted EBITDA is earnings before interest expense, income tax provision, depreciation, amortization and other items described below. We present Adjusted EBITDA as an indication of operating performance and our ability to service our debt and capital expenditure requirements. Adjusted EBITDA does not indicate whether our cash flow will be sufficient to fund all of our cash needs. Adjusted EBITDA should not be considered in isolation or as a substitute for net (loss) income, cash flows from operating activities or other measures of operating performance or liquidity determined in accordance with GAAP. We believe that these amounts should be reviewed by prospective investors because we use them as one means of analyzing our ability to service our debt and capital expenditure requirements, and we understand 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 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 net income as reported on our statements of operations to Adjusted EBITDA (dollars in thousands): 1 Three Months Ended Nine Months Ended March 31, March 31, --------------------- ---------------------- 2003 2004 2003 2004 ---------- --------- ---------- --------- Net Income (loss) $ 992 $ 1,566 $ 1,554 $ 1,063 Add: Loss on store closings and sales and other restructuring 460 157 2,750 278 Depreciation and amortization 1,881 2,333 6,810 7,143 Interest expense 4,955 6,498 14,779 18,172 Loss on extinguishment of debt 0 0 0 7,209 Foreign currency loss (gain) (8) (182) 89 (486) Income tax provision 7,383 9,728 9,316 14,936 Establishment of reserve for legal matter 0 0 2,500 0 ---------- --------- ---------- --------- Adjusted EBITDA $15,663 $20,100 $37,798 $48,315 ========== ========= ========== =========
Commenting on the results, Jeff Weiss, the Company's Chairman and Chief Executive Officer said, "Our results for the March quarter were very strong - --record revenue and Adjusted EBITDA results--as the strength of our combined U.S. and international operations once again drove increases in comparable store revenues and expanded margins. The improved U.S. economy is providing a lift to our domestic check cashing results, several new products initiatives are now making meaningful contributions to store revenue and our key loss metrics were in line with expectations. Further, our ongoing efforts to restrain the growth of and, where possible, to reduce operating costs continues to make a positive impact on our margins and our bottom line. Finally, I offer my thanks to our employees in the U.S., Canada and the U.K. whose dedication and effort continue to drive our company forward." Don Gayhardt, the Company's President, continued, "With economic expansion clearly taking hold in the U.S., all three of our markets are showing growth in employment and wages, particularly for customers in the low-wage, service sector demographics. These fundamentals, which translate into increasing demand for our services, contributed to our solid performance. This performance is driven by our focus on the financial services needs of our underbanked customers in the U.S., Canada and the U.K. as well as our commitment to high-quality customer service and expanded product offerings." This release may contain certain forward-looking statements regarding the Company's expected performance for future periods. Actual results for such periods may materially differ. Such forward-looking statements involve risks and uncertainties, including risks related to depository institutions and of changing market conditions in the overall economy and the industry, consumer demand, the opening of new stores, the success of the Company's acquisition strategy and other factors detailed from time to time in the Company's annual and other reports filed with the Securities and Exchange Commission. The Company disclaims 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. # # # 2 -----END PRIVACY-ENHANCED MESSAGE-----