-----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, RzkeKw1OWP+AJLoanucKb9UQB6sqvYwdn8pPuVVV8+jrSDwSE+PLXuqNiJHP01u8 kHvJUxyx3KjoTweeYlHgjQ== 0000950134-03-009788.txt : 20030702 0000950134-03-009788.hdr.sgml : 20030702 20030702144741 ACCESSION NUMBER: 0000950134-03-009788 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030701 ITEM INFORMATION: Other events ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH AMERICA INTERNATIONAL INC CENTRAL INDEX KEY: 0000807884 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 752018239 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09733 FILM NUMBER: 03771318 BUSINESS ADDRESS: STREET 1: 1600 W 7TH ST CITY: FT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 8173351100 MAIL ADDRESS: STREET 1: 1600 WEST 7TH STREET CITY: FORT WORTH STATE: TX ZIP: 76102 FORMER COMPANY: FORMER CONFORMED NAME: CASH AMERICA INVESTMENTS INC /TX/ DATE OF NAME CHANGE: 19920520 8-K 1 d07164e8vk.txt FORM 8-K 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 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 1, 2003 CASH AMERICA INTERNATIONAL, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) TEXAS 1-9733 75-2018239 (STATE OF INCORPORATION) (COMMISSION FILE NO.) (IRS EMPLOYER IDENTIFICATION NO.) 1600 WEST 7TH STREET FORT WORTH, TEXAS 76102 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (817) 335-1100 ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE On July 1, 2003, Cash America International, Inc. (the "Company") issued a press release announcing that it had entered into an agreement to acquire substantially all of the assets of Cashland, Inc. A copy of the press release is attached hereto as Exhibit 99.1. ITEM 9. REGULATION FD DISCLOSURE The following information is furnished pursuant to Item 12, "Disclosure of Results of Operations and Financial Condition." On July 1, 2003, the Company issued a press release announcing that it expects earnings for the second quarter of 2003 to exceed the Company's previously released guidance and be higher than security analysts' published estimates. A copy of the press release is attached hereto as Exhibit 99.2. EXHIBITS 99.1 Press release dated July 1, 2003, issued by Cash America International, Inc. regarding agreement to purchase Cashland, Inc. 99.2 Press release dated July 1, 2003, issued by Cash America International, Inc. regarding increase in expected earnings. 2 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. CASH AMERICA INTERNATIONAL, INC. Date: July 2, 2003 By: /s/ Hugh A. Simpson --------------------------------- Hugh A. Simpson Executive Vice President, General Counsel and Secretary 3 EXHIBIT INDEX
Exhibit No. Description - ----------- ----------- 99.1 Press release dated July 1, 2003, issued by Cash America International, Inc. regarding agreement to purchase Cashland, Inc. 99.2 Press release dated July 1, 2003, issued by Cash America International, Inc. regarding increase in expected earnings.
EX-99.1 3 d07164exv99w1.txt PRESS RELEASE RE: AGREEMENT TO PURCHASE CASHLAND (CASH AMERICA INTERNATIONAL LOGO) ADDITIONAL INFORMATION: FOR IMMEDIATE RELEASE Thomas A. Bessant, Jr. (817) 335-1100 ****************************************************************************** CASH AMERICA TO ACQUIRE 118 STORE CONSUMER FINANCE CHAIN ****************************************************************************** Fort Worth, Texas (July 1, 2003) - - Cash America International, Inc. (NYSE: PWN), the "Company", announced today that it has executed a purchase agreement for the future acquisition of Cashland, Inc. Cashland operates a chain of 118 consumer finance centers offering short-term cash advances, check cashing, money transfer and similar services. Based in Dayton, Ohio, Cashland has expanded its presence throughout the State through new store openings since its founding in 1987. The Company reported the initial valuation of the acquisition to be approximately $53 million, with the closing expected to take place in the next 60 days, subject to customary due diligence, approvals of regulatory agencies and financing. Upon completion of the transaction, Cash America will expand its position as the publicly owned market leader providing small short-term loans that will reach consumers through almost 600 lending locations in 17 states and two foreign countries by year end 2003. Cash America is best known for its offering of non-recourse loans to consumers, commonly referred to as pawn loans, which are currently provided in 473 locations. During fiscal 2000 the Company began offering short-term cash advances in many of its lending locations. The positive customer response to the product led the Company to expand the offering into virtually all of its locations by the end of 2001. The addition of the complementary short-term cash advance product combined with the growth of pawn lending activities led to increases in both revenue and earnings of Cash America in subsequent periods. "The acquisition of Cashland forwards Cash America's strategic initiative of expanding our reach into new markets with new customers and new financial services. Cashland is the largest provider of short-term cash advances in Ohio, one of the most well established markets for such products in the United States. Cashland's management team has a proven track record of successful unit expansion and profitability with its dominant short-term cash advance product. We expect this management team to continue leading Cashland's growth in future periods through the addition of newly opened locations in Ohio as well as other states. Cashland, like Cash America, is focused on the highest standards of customer service while satisfying the consumer's need for short-term capital," said Daniel R. Feehan, Chief Executive Officer of Cash America International, Inc. The terms of the transaction provide for the initial purchase of assets for $53 million, which will be comprised of cash and shares of Cash America stock. The terms of the transaction include the potential for additional consideration to be paid to the sellers based on future earnings performance. In a separate press release issued today, Cash America reported that it has raised its estimated range for net earnings per share for the second quarter, ended June 30, 2003. Management's revised upward estimate of second quarter earnings is not associated with the potential acquisition of Cashland. Cash America will conduct a conference call to discuss the acquisition of Cashland on Wednesday, July 2, 2003, at 7:30 AM CST. A live web cast of the call will be available on the home page of the Company's corporate web site (www.cashamerica.com). To listen to the live call, please go to the web site at least fifteen minutes early to register, download, and install any necessary audio software. * * more * * Cash America International, Inc. is a provider of specialty financial services to individuals in the United States, United Kingdom and Sweden. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 473 locations in 17 states and two foreign countries, and the Company also offers short-term cash advances in many of its U.S. and U.K. locations. In addition, the Company provides check cashing services through its 139 franchised and Company-owned "Mr. Payroll" check cashing centers. 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 demand for the Company's services, the actions of third parties who offer products and services at the Company's locations, 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 the capital markets, changes in tax and other laws and governmental rules and regulations applicable to the Company's business, 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, and, in many cases, the Company cannot predict 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. * * * EX-99.2 4 d07164exv99w2.txt PRESS RELEASE RE: INCREASE IN EXPECTED EARNINGS (CASH AMERICA INTERNATIONAL LOGO) ADDITIONAL INFORMATION: FOR IMMEDIATE RELEASE Thomas A. Bessant, Jr. (817) 335-1100 ****************************************************************************** CASH AMERICA RAISES FORECASTED SECOND QUARTER EARNINGS ESTIMATE ****************************************************************************** Fort Worth, Texas (July 1, 2003) - - Cash America International, Inc. (NYSE: PWN) announced today that it expects earnings for the second quarter of fiscal 2003 to be higher than the Company's previously released guidance and securities analysts' published estimates due to greater revenue levels in the quarter. Revenue from service charges and fees during the second quarter has been above expected levels due to higher average pawn loan and cash advance balances in the period. Also contributing to the higher earnings in the second quarter is improved year over year profit margins on the disposition of unredeemed merchandise. "Our revised second quarter expectations are the result of an expansion of the positive momentum in business trends and earning assets experienced in the first three months of the year. We are experiencing consistent improvements in both the performance and demand for our loan products. These factors have led us to forecast that second quarter earnings will be above our previous estimates," remarked Daniel R. Feehan, President and Chief Executive Officer of Cash America International, Inc. Cash America had previously reported in its earnings release for the first quarter of 2003 that it expected second quarter 2003 earnings per share to be between 13 cents and 14 cents. The Company's current outlook for the second quarter of 2003 is between 17 and 18 cents per share, up from 11 cents per share in the second quarter of 2002. The revised expectation for the second quarter does not include the benefit of a gain on the sale of a non-operating asset that is expected to provide another 5 cents per share in the second quarter of 2003. Cash America will release complete second quarter results on July 24, 2003, and the Company will conduct a conference call to discuss its second quarter earnings on Thursday, July 24, 2003, at 3:45 PM CST. A live web cast of the call will be available on the home page of the Company's corporate web site (www.cashamerica.com). In a separate press release also issued today, Cash America announced that it has signed an agreement for the acquisition of Cashland, Inc., a 118-location consumer finance chain based in Ohio. The potential transaction is discussed in more detail in that press release. Cash America's estimated second quarter results are not impacted by the announced acquisition. Cash America International, Inc. is a provider of specialty financial services to individuals in the United States, United Kingdom and Sweden. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 473 locations in 17 states and two foreign countries, and the Company also offers short-term cash advances in many of its U.S. and U.K. locations. In addition, the Company provides check cashing services through its 139 franchised and Company-owned "Mr. Payroll" check cashing centers. 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 demand for the Company's services, the actions of third parties who offer products and services at the Company's locations, 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 the capital markets, changes in tax and other laws and governmental rules and regulations applicable to the Company's business, 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, and, in many cases, the Company cannot predict 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. * * * -----END PRIVACY-ENHANCED MESSAGE-----