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):
April 22, 2004

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

TABLE OF CONTENTS

	ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
	ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURES
EXHIBIT INDEX
Earnings News Release

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

(c)	Exhibits — The following exhibit is furnished pursuant to the disclosure included under Item 12 of this report on Form 8-K.
99.1	Copy of earnings news release dated April 22, 2004, issued by Cash America International, Inc.

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 22, 2004, Cash America International, Inc. (the “Company”) announced its consolidated financial results for the quarter ended March 31, 2004. A copy of the Company’s earnings news release is furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

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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: April 23, 2004	By:	/s/ Hugh A. Simpson
		Hugh A. Simpson
		Executive Vice President,
		General Counsel and Secretary

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated April 22, 2004, issued by Cash America International, Inc.

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EX-99.1

Exhibit 99.1

Additional Information:	For Immediate Release
Thomas A. Bessant, Jr.
(817) 335-1100

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CASH AMERICA ANNOUNCES FIRST QUARTER NET INCOME EXCEEDS ESTIMATES
AND DECLARES DIVIDEND
********************************************************************************

Fort Worth, Texas (April 22, 2004) — - Cash America International, Inc. (NYSE: PWN) reported today that net income increased 68% in the first quarter of fiscal 2004 compared to the prior year, resulting in a 44% increase in earnings per share, which exceeded management’s publicly announced expectations and securities analysts’ published estimates for the quarter. Net income for the three-month period ended March 31, 2004 was $11,390,000 (39 cents per share) compared to $6,769,000 (27 cents per share) for the same period in 2003. Management of the Company had reported in January that it expected earnings per share in the first quarter of 2004 to be between 34 and 37 cents. However, increased levels of total revenue in the quarter, mostly from fees and service charges related to lending activities, led to the actual results finishing above expectations and significantly higher than the prior year.

Total revenue increased 25% to $131.9 million in the first quarter 2004 as aggregate finance and service charges on loans plus fees from short-term cash advances amounted to $55.2 million, an increase of 45% from the same period in 2003 when total revenue was $105.5 million. Also contributing to the higher revenue was a 10% increase in the proceeds from the disposal of merchandise and an increase in fees from check cashing activities.

Commenting on the results for the first quarter, Daniel R. Feehan, President and Chief Executive Officer said, “The first quarter results showed the continued momentum in earnings from 2003 brought about by higher earning asset balances and improved yields and portfolio performance. Customer demand remains high and we will expand the number of lending locations to meet the needs of the consumer. Over the last nine months Cash America has added 43 locations and completed a 121-store acquisition. We anticipate establishing between 50 and 60 more locations through the remainder of 2004.” Mr. Feehan added, “The acquisition of Cashland in the third quarter of 2003 continued to provide incremental earnings accretion at levels above our initial expectations which compounded the very successful performance gains from our base business in the first quarter.”

Cash America will conduct a conference call to discuss its first quarter earnings Thursday, April 22, 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). 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.

Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.0175 (1.75 cents) per share cash dividend on common stock outstanding. The dividend will be paid to shareholders of record on May 5, 2004, and will be paid at the close of business on May 19, 2004.

Forward-Looking Information
 
Management believes that the current economic environment is favorable for continued growth in both pawn loans and short term cash advances. In addition, management anticipates it will achieve higher asset balances due to new unit openings during 2003 and 2004. Also, during the first seven months of 2004, the Company will include the results of Cashland, an acquisition of 121 locations completed in the third quarter of 2003 for the first time. Based on these assumptions, management has revised and increased its forecasted earnings per share for fiscal 2004 to be between $1.30 and $1.42 per share. This compares to $1.08 per share in earnings for fiscal 2003, excluding the impact of the sale of a non-operating asset in the second quarter of 2003 of 5 cents per share. Results for the calendar year 2004 will be concentrated in the seasonally high first and fourth quarters of the year as a result of anticipated normal business cycles. In the near term, management expects that earnings per share for the second quarter of fiscal 2004 to be between 22 cents and 25 cents per share compared to 18 cents per share in the second quarter of 2003 excluding the gain on the sale of a non-operating asset in that quarter of 5 cents per share.

-more-

Cash America International, Inc. is a provider of specialty financial services to individuals in the United States, United Kingdom and Sweden with 772 total locations as of March 31 2004. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 471 locations in 17 states and two foreign countries under the brand names Cash America Pawn in the U.S., Harvey & Thompson in the U.K. and Svensk Pantbelåning in Sweden. The Company also offers short-term cash advances in many of its U.S. locations, including 21 locations that offer only this service under the brand name Cash America Payday Advance. In addition, the Company provides short-term cash advances and check cashing through its 143 Cashland” consumer finance centers, and check cashing services through its 137 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.

* * *

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS
(in thousands, except per share data)

	Three Months Ended
	March 31,
	2004		2003
Consolidated Operations:
Total revenue	$	131,910	$	105,505
Net revenue		86,841		63,951
Total operating expenses		66,906		50,986
Income from operations	$	19,935	$	12,965
Income from operations before income taxes		17,686		10,789
Net income		11,390		6,769
Net income per share:
Basic	$	0.40	$	0.28
Diluted	$	0.39	$	0.27
Weighted average shares:
Basic		28,241		24,242
Diluted		29,453		24,784

FINANCIAL AND OPERATING DATA
(in thousands, except if noted otherwise)

Pawn Lending Operations:

	As of March 31,
	2004		2003
Pawn loans –
Domestic pawn loans outstanding	$	73,017	$	69,921
Foreign pawn loans outstanding		62,377		51,660
Total pawn loans outstanding	$	135,394	$	121,581
Total merchandise held for disposition, net	$	50,330	$	49,216
Amounts per owned lending location – Domestic only:
Loans outstanding	$	184	$	179
Merchandise held for disposition	$	109	$	111
Consolidated:
Loans outstanding	$	291	$	268
Merchandise held for disposition	$	108	$	109
Number of pawnshop locations (not in thousands) –
Company owned		465		453
Franchised		6		9
		471		462

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA (Continued)
(in thousands, except if noted otherwise)

Pawn Lending Operations (Continued):

	Three Months Ended
	March 31,
	2004		2003
Cash advances (a) (b) –
Total amount of cash advances written	$	44,639	$	37,799
Number of cash advances written (not in thousands)		138,954		128,512
Average cash advance amount written (not in thousands)	$	321	$	294
Average Number of locations offering cash advances (not in thousands)		389		387
Number of pawn locations offering cash advances		388		384

	As of March 31,
	2004			2003
Combined cash advances outstanding	$	10,947		$	9,101
Company-owned cash advances (c):
Cash advances and fees outstanding	$	9,764		$	8,414
Less: Allowance for losses		(1,210	)		(1,350	)
Net cash advances and fees outstanding	$	8,554		$	7,064

Cash Advance Operations ^{(b) (d)} –

	Three Months Ended
	March 31,
	2004		2003
Total amount of cash advances written	$	77,750	$	412
Number of cash advances written (not in thousands)		228,924		1,225
Average cash advance amount written (not in thousands)	$	340	$	336
Average Number of locations offering cash advances (not in thousands)		159		3
Number of cash advance locations (not in thousands) –
At beginning of period		154		2
Start-ups		10		3
End of period		164		5

	As of March 31,
	2004			2003
Company-owned cash advances (c):
Cash advances and fees outstanding	$	16,860		$	97
Less: Allowance for losses		(1,479	)		(13	)
Net cash advances and fees outstanding	$	15,381		$	84

(a)	Includes Cash America pawnshops only.
(b)	Includes cash advances made by the Company and cash advances made by third-party banks.
(c)	Amounts recorded in the Company’s consolidated balance sheets.
(d)	Includes Cashland and Cash America Payday Advance locations.

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

	March 31,						December 31,
	2004			2003			2003
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	11,110		$	5,256		$	14,547
Pawn loans		135,394			121,581			141,871
Cash advances, net		23,935			7,148			28,346
Merchandise held for disposition, net		50,330			49,216			56,120
Finance and service charges receivable		21,918			19,371			23,568
Other receivables and prepaid expenses		12,206			7,492			10,628
Income taxes recoverable		—			—			3,208
Deferred tax assets		6,468			4,759			6,868
Total current assets		261,361			214,823			285,156
Property and equipment, net		79,921			66,929			78,977
Goodwill		123,516			80,658			117,963
Other assets		6,599			3,518			7,436
Total assets	$	471,397		$	365,928		$	489,532
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	28,101		$	21,286		$	39,167
Customer deposits		4,858			4,455			4,102
Income taxes currently payable		4,962			3,693			1,386
Current portion of long-term debt		8,286			12,571			8,286
Total current liabilities		46,207			42,005			52,941
Deferred tax liabilities		8,410			4,874			7,704
Long-term debt		127,533			121,764			152,394
Stockholders’ equity:
Common stock, $.10 par value per share, 80,000,000 shares authorized, 30,235,164 share issued		3,024			3,024			3,024
Additional paid-in capital		142,743			127,819			141,867
Retained earnings		152,538			119,743			141,642
Accumulated other comprehensive income (loss)		8,879			(3,208	)		7,995
Notes receivable secured by common stock		(2,488	)		(5,864	)		(2,488	)
Treasury shares, at cost (1,956,372 shares, 6,056,367 shares and 2,040,180 shares at March, 31, 2004 and 2003, and December 31, 2003, respectively		(15,449	)		(44,229	)		(15,547	)
Total stockholders’ equity		289,247			197,285			276,493
Total liabilities and stockholders’ equity	$	471,397		$	365,928		$	489,532

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

	Three Months Ended
	March 31,
	2004		2003
	(Unaudited)
Revenue
Finance and service charges	$	35,500	$	31,455
Proceeds from disposition of merchandise		72,715		66,119
Cash advance fees		19,656		6,466
Check cashing royalties and fees		4,039		1,465
Total Revenue		131,910		105,505
Cost of revenue
Disposed merchandise		45,069		41,554
Net revenue		86,841		63,951
Expenses
Operations		46,564		36,970
Cash advance loss provision		3,044		1,332
Administration		12,646		8,995
Depreciation and amortization		4,652		3,689
Total expenses		66,906		50,986
Income from Operations		19,935		12,965
Interest expense, net		2,249		2,176
Income before income taxes		17,686		10,789
Provision for income taxes		6,296		4,020
Net Income	$	11,390	$	6,769
Net income per share:
Basic	$	0.40	$	0.28
Diluted	$	0.39	$	0.27
Weighted average common shares outstanding:
Basic		28,241		24,242
Diluted		29,453		24,784
Dividends declared per common share	$	0.0175	$	0.0125

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(in thousands)

	(Unaudited)
	Pawn Lending
	United				Cash			Check
	States		Foreign		Advance (a)			Cashing (b)		Consolidated
Three Months Ended March 31, 2004:
Revenue
Finance and service charges	$	26,872	$	8,628	$	—		$	—	$	35,500
Proceeds from disposition of merchandise.		67,048		5,667		—			—		72,715
Cash advance fees		7,119		—		12,537			—		19,656
Check cashing royalties and fees		—		597		2,320			1,122		4,039
Total revenue		101,039		14,892		14,857			1,122		131,910
Cost of revenue — disposed merchandise		40,829		4,240		—			—		45,069
Net revenue		60,210		10,652		14,857			1,122		86,841
Expenses
Operations		33,935		4,996		7,253			380		46,564
Cash advance loss provision		1,356		—		1,688			—		3,044
Administration		9,082		1,539		1,817			208		12,646
Depreciation and amortization		2,867		728		943			114		4,652
Total expenses		47,240		7,263		11,701			702		66,906
Income from operations	$	12,970	$	3,389	$	3,156		$	420	$	19,935
As of March 31, 2004:
Total assets	$	280,573	$	114,252	$	68,896		$	7,676	$	471,397
Three Months Ended March 31, 2003:
Revenue
Finance and service charges	$	24,709	$	6,746	$	—		$	—	$	31,455
Proceeds from disposition of merchandise.		63,062		3,057		—			—		66,119
Cash advance fees		6,410		—		56			—		6,466
Check cashing royalties and fees		—		382		—			1,083		1,465
Total revenue		94,181		10,185		56			1,083		105,505
Cost of revenue — disposed merchandise		39,503		2,051		—			—		41,554
Net revenue		54,678		8,134		56			1,083		63,951
Expenses
Operations		32,783		3,635		122			430		36,970
Cash advance loss provision		1,319		—		13			—		1,332
Administration		7,701		1,084		35			175		8,995
Depreciation and amortization		2,873		685		9			122		3,689
Total expenses		44,676		5,404		179			727		50,986
Income from operations	$	10,002	$	2,730	$	(123	)	$	356	$	12,965
As of March 31, 2003:
Total assets	$	263,608	$	93,816	$	515		$	7,989	$	365,928

(a)	Includes Cashland for periods after August 1, 2003 and Cash America Payday Advance locations.
(b)	Mr. Payroll only.