EX-99.1 2 d16989exv99w1.htm COPY OF EARNINGS NEWS RELEASE exv99w1
 

Exhibit 99.1

(CASHAMERICA LOGO)

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

********************************************************************************
CASH AMERICA ANNOUNCES SECOND QUARTER NET INCOME
AND DECLARES DIVIDEND
********************************************************************************

Fort Worth, Texas (July 22, 2004) — - Cash America International, Inc. (NYSE: PWN) reported today that net income increased 63% in the second quarter ended June 30, 2004, compared to net income excluding a gain on the sale of asset in the same period in 2003. Net income for the three-month period in 2004 was $7,339,000 (25 cents per share) compared to $4,507,000 (18 cents per share) in 2003 excluding the after tax effect of a $1,144,000 gain (5 cents per share) on the sale of a non-operating asset in 2003. The resulting earnings per share in the second quarter of 2004 were at the top end of management’s previously published expectations of between 22 and 25 cents per share for the quarter.

Total revenue increased 23% to $115.8 million in the second quarter 2004 as aggregate finance and service charges on loans plus fees from short-term cash advances amounted to $56.1 million, an increase of 52% from the same period in 2003 when total revenue was $94.4 million. The significant increase in the combination of these two lending related revenue items was due to the continued increase in the balances of both pawn loans and cash advances.

Commenting on the results for the second quarter, Daniel R. Feehan, President and Chief Executive Officer said, “We are seeing growing levels of revenue from higher demand for both our lending products and from customers seeking value-oriented retail opportunities within our store base. We have been expanding our number of locations to meet customer demand. We are well on our way to meeting our objective of adding between 60 and 70 new lending locations in 2004.” Through the end of June, Cash America has established 30 lending locations and over the last twelve months has added 66 locations and completed a 121-store acquisition. Mr. Feehan added, “While we are pleased with initial growth and early progress from new locations, we also enjoyed a same store net revenue increase of 9.5%, which was a significant part of the strong overall performance in the quarter.”

For the first six months of fiscal 2004, net income increased 66% to $18,729,000 (64 cents per share) compared to $11,276,000 (45 cents per share) in 2003 excluding the gain on sale of asset of $1,144,000 (5 cents per share). Total revenue for the first half of 2004 was 24% higher than prior year ending at $247.7 million compared to $199.9 million in 2003.

Cash America will conduct a conference call to discuss its second quarter earnings Thursday, July 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 August 4, 2004, and will be paid at the close of business on August 18, 2004.

Forward-Looking Information
Continued earnings growth is due to higher levels of lending assets and the addition of new lending locations. Both pawn loans and cash advances ended the second quarter of 2004 at higher balances than the same point last year and 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 generate higher asset balances from 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 $1.40 and $1.46 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 third quarter of fiscal 2004 to be between 28 and 31cents per share compared to 22 cents per share in the third quarter of 2003.

Cash America International, Inc. is a provider of specialty financial services to individuals in the United States, United Kingdom and Sweden with 791 total locations. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 472 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 28 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 153 “Cashland” consumer finance centers, and check cashing services through its 138 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   Six Months Ended
    June 30,
   June 30,
    2004
   2003
   2004
   2003
Consolidated Operations:
                                
Total revenue
   $ 115,773     $ 94,417     $ 247,683     $ 199,922  
Net revenue
     80,726       59,030       167,567       122,981  
Total operating expenses
     67,219       49,953       134,125       100,939  
Income from operations
   $ 13,507     $ 9,077     $ 33,442     $ 22,042  
Income before income taxes
     11,333       7,964       29,019       18,753  
Net income
     7,339       5,651       18,729       12,420  
Net income per share:
                                
Basic
   $ 0.26     $ 0.23     $ 0.66     $ 0.51  
Diluted
   $ 0.25     $ 0.22     $ 0.64     $ 0.50  
Weighted average shares:
                                
Basic
     28,254       24,189       28,247       24,215  
Diluted
     29,443       25,128       29,448       24,940  

 

 

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

                         
    June 30,
   December 31,
    2004
   2003
   2003
    (Unaudited)        
Assets
                        
Current assets:
                        
Cash and cash equivalents
   $ 11,482     $ 7,697     $ 14,547  
Pawn loans
     148,702       136,897       141,871  
Cash advances, net
     27,663       8,463       28,346  
Merchandise held for disposition, net
     54,995       50,947       56,120  
Finance and service charges receivable
     23,821       21,316       23,568  
Other receivables and prepaid expenses
     12,121       9,030       10,628  
Income taxes recoverable
     —       —       3,208  
Deferred tax assets
     7,820       6,169       6,868  
 
    
 		      
 		      
 		  
Total current assets
     286,604       240,519       285,156  
Property and equipment, net
     82,898       67,896       78,977  
Goodwill
     123,229       81,432       117,963  
Other assets
     6,142       2,814       7,436  
 
    
 		      
 		      
 		  
Total assets
   $ 498,873     $ 392,661     $ 489,532  
 
    
 		      
 		      
 		  
Liabilities and Stockholders’ Equity
                        
Current liabilities:
                        
Accounts payable and accrued expenses
   $ 33,270     $ 25,401     $ 39,167  
Customer deposits
     4,899       4,381       4,102  
Income taxes currently payable
     2,521       1,683       1,386  
Current portion of long-term debt
     8,286       8,286       8,286  
 
    
 		      
 		      
 		  
Total current liabilities
     48,976       39,751       52,941  
Deferred tax liabilities
     8,536       5,390       7,704  
Long-term debt
     146,705       140,591       152,394  
Stockholders’ equity:
                        
Common stock, $.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued
     3,024       3,024       3,024  
Additional paid-in capital
     143,252       127,977       141,867  
Retained earnings
     159,382       124,971       141,642  
Accumulated other comprehensive income
     8,085       660       7,995  
Notes receivable secured by common stock
     (2,488 )     (5,774 )     (2,488 )
Treasury shares, at cost (1,987,207 shares, 5,994,700 shares and 2,040,180 shares at June 30, 2004 and 2003, and December 31, 2003, respectively
     (16,599 )     (43,929 )     (15,547 )
 
    
 		      
 		      
 		  
Total stockholders’ equity
     294,656       206,929       276,493  
 
    
 		      
 		      
 		  
Total liabilities and stockholders’ equity
   $ 498,873     $ 392,661     $ 489,532  
 
    
 		      
 		      
 		  

 

 

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

                                 
    Three Months Ended   Six Months Ended
    June 30,
   June 30,
    2004
   2003
   2004
   2003
            (Unaudited)        
Revenue
                                
Finance and service charges
   $ 34,055     $ 30,601     $ 69,555     $ 62,056  
Proceeds from disposition of merchandise
     56,982       56,176       129,697       122,295  
Cash advance fees
     22,061       6,394       41,717       12,860  
Check cashing royalties and fees
     2,675       1,246       6,714       2,711  
 
    
 		      
 		      
 		      
 		  
Total Revenue
     115,773       94,417       247,683       199,922  
Cost of Revenue
                                
Disposed merchandise
     35,047       35,387       80,116       76,941  
 
    
 		      
 		      
 		      
 		  
Net Revenue
     80,726       59,030       167,567       122,981  
 
    
 		      
 		      
 		      
 		  
Expenses
                                
Operations
     45,879       36,241       92,443       73,211  
Cash advance loss provision
     5,375       1,692       8,419       3,024  
Administration
     11,205       8,413       23,851       17,408  
Depreciation and amortization
     4,760       3,607       9,412       7,296  
 
    
 		      
 		      
 		      
 		  
Total Expenses
     67,219       49,953       134,125       100,939  
 
    
 		      
 		      
 		      
 		  
Income from Operations
     13,507       9,077       33,442       22,042  
Interest expense, net
     2,174       2,126       4,423       4,302  
Gain from disposal of asset
     —       (1,013 )     —       (1,013 )
 
    
 		      
 		      
 		      
 		  
Income before Income Taxes
     11,333       7,964       29,019       18,753  
Provision for income taxes
     3,994       2,313       10,290       6,333  
 
    
 		      
 		      
 		      
 		  
Net Income
   $ 7,339     $ 5,651     $ 18,729     $ 12,420  
 
    
 		      
 		      
 		      
 		  
Net income per share:
                                
Basic
   $ 026     $ 023     $ 066     $ 051  
Diluted
   $ 025     $ 022     $ 064     $ 050  
Weighted average common shares outstanding:
                                
Basic
     28,254       24,189       28,247       24,215  
Diluted
     29,443       25,128       29,448       24,940  
Dividends declared per common share
   $ 00175     $ 00175     $ 0035     $ 0030  

 

 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA
($ in thousands)

                                 
    Three Months Ended   Six Months Ended
    June 30,
   June 30,
    2004
   2003
   2004
   2003
PAWN LENDING OPERATIONS:
                                
Pawn loans
                                
Annualized yield on pawn loans
     96.6 %     94.4 %     99.7 %     98.1 %
Total amount of pawn loans written
   $ 122,303     $ 113,548     $ 235,973     $ 216,819  
Average pawn loan balance outstanding
   $ 141,728     $ 129,991     $ 140,290     $ 127,579  
Average pawn loan balance per average location in operation
   $ 305     $ 288     $ 302     $ 282  
Average pawn loan amount at end of period (not in thousands)
   $ 112     $ 107     $ 112     $ 107  
Profit margin on disposition of merchandise as a percentage of proceeds from disposition of merchandise
     38.5 %     37.0 %     38.2 %     37.1 %
Average annualized merchandise turnover
     2.7 x     2.9 x     3.0 x     3.1 x
Average balance of merchandise held for disposition per average location in operation
   $ 112     $ 110     $ 114     $ 112  
Pawnshop locations in operation —
                                
Beginning of period, owned
     465       453       467       455  
Acquired
     —       —       —       3  
Start-ups
     1       1       1       2  
Combined or closed
     —       (1 )     (2 )     (7 )
End of period, owned
     466       453       466       453  
Franchise locations at end of period
     6       9       6       9  
Total pawnshop locations at end of period
     472       462       472       462  
Average number of owned pawnshop locations in operation
     465       452       465       453  
Cash advances
                                
Total amount of cash advances written(a)
   $ 50,469     $ 42,307     $ 95,108     $ 80,105  
Number of cash advances written (not in thousands)(a)
     156,786       144,675       295,740       273,187  
Average amount per cash advance (not in thousands)(a)
   $ 322     $ 292     $ 322     $ 293  
Combined cash advances outstanding(a)
   $ 14,663     $ 11,320     $ 14,663     $ 11,320  
Cash advances outstanding per location at end of period(a)
   $ 38     $ 30     $ 38     $ 30  
Cash advances outstanding before allowance for losses(b)
   $ 9,859     $ 10,069     $ 9,859     $ 10,069  
Locations offering cash advances at end of period
     388       383       388       383  
Average number of locations offering cash advances
     388       383       388       385  
CASH ADVANCE OPERATIONS(c):
                                
Total amount of cash advances written
   $ 93,801     $ 1,245     $ 171,551     $ 1,657  
Number of cash advances written (not in thousands)
     277,017       3,832       505,941       5,057  
Average amount per cash advance (not in thousands)
   $ 339     $ 325     $ 339     $ 328  
Combined cash advances outstanding(a)
   $ 23,783     $ 384     $ 23,783     $ 384  
Cash advances outstanding per location at end of period(a)
   $ 131     $ 35     $ 131     $ 35  
Cash advances outstanding before allowance for losses(b)
   $ 22,769     $ 331     $ 22,769     $ 331  
Cash advance locations in operations —
                                
Beginning of period
     164       5       154       2  
Start-ups
     19       6       29       9  
Combined or closed
     (2 )     —       (2 )     —  
End of period
     181       11       181       11  
Average number of locations in operation for period
     171       8       165       6  

 

 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATE (Continued)
($ in thousands)

                                 
    Three Months Ended   Six Months Ended
    June 30,
   June 30,
  
    2004
   2003
   2004
   2003
CHECK CASHING OPERATIONS (Mr. Payroll):
                                
Face amount of checks cashed.
   $ 261,680     $ 257,066     $ 583,867     $ 565,594  
Gross fees collected
   $ 3,561     $ 3,527     $ 8,360     $ 8,138  
Fees as a percentage of checks cashed
     1.4 %     1.4 %     1.4 %     1.4 %
Average check cashed (not in thousands)
   $ 347     $ 340     $ 385     $ 374  
Centers in operation at end of period
     138       139       138       139  
Average centers in operation for period
     138       140       137       137  

(a)   Includes cash advances made by the Company and cash advances made by third-party banks offered at the Company’s locations.
 
(b)   Amounts recorded in the Company’s consolidated financial statements.
 
(c)   Includes Cashland and Cash America Payday Advance locations.

CONSOLIDATED CASH ADVANCES OUTSTANDING
($ in thousands)

                 
    June 30,
    2004
   2003
Originated by the Company
                
Active cash advances and fees receivable
   $ 19,422     $ 1,329  
Cash advances and fees in collection
     4,860       367  
 
    
 		      
 		  
Total originated by the Company
     24,282       1,696  
 
    
 		      
 		  
Originated by banks
                
Active cash advances and fees receivable
     10,934       7,532  
Cash advances and fees in collection
     3,230       2,476  
 
    
 		      
 		  
Total originated by banks
     14,164       10,008  
 
    
 		      
 		  
Combined gross portfolio
     38,446       11,704  
Less: Elimination of cash advances owned by banks
     5,373       908  
Less: Discount on cash advances assigned by banks
     445       396  
 
    
 		      
 		  
Company cash advances and fees receivable, gross
     32,628       10,400  
Less: Allowance for losses
     4,965       1,937  
 
    
 		      
 		  
Cash advances and fees receivable, net
   $ 27,663     $ 8,463  
 
    
 		      
 		  
Allowance for losses as a % of combined gross portfolio
     12.9 %     16.5 %
 
    
 		      
 		  

CONSOLIDATED ALLOWANCE FOR LOSSES ON CASH ADVANCES
($ in thousands)

                                 
    Three Months Ended   Six Months Ended
    June 30,
   June 30,
    2004
   2003
   2004
   2003
Balance at beginning of period
   $ 2,689     $ 1,363     $ 3,448     $ 1,748  
Cash advance loss provision
     5,375       1,692       8,419       3,024  
Charge-offs
     (4,880 )     (1,941 )     (10,759 )     (4,404 )
Recoveries
     1,781       823       3,857       1,569  
 
    
 		      
 		      
 		      
 		  
Balance at end of period
   $ 4,965     $ 1,937     $ 4,965     $ 1,937  
 
    
 		      
 		      
 		      
 		  
Cash advance loss provision as a % of combined advances written
     3.7 %     3.9 %     3.2 %     3.7 %
 
    
 		      
 		      
 		      
 		  

 

 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED JUNE 30, 2004 AND 2003
(in thousands)

                                         
    (Unaudited)
    Pawn Lending
            
    United           Cash   Check    
    States
   Foreign
   Advance(a)
   Cashing(b)
   Consolidated
Three Months Ended June 30, 2004:
                                        
Revenue
                                        
Finance and service charges
   $ 25,355     $ 8,700     $ —     $ —     $ 34,055  
Proceeds from disposition of merchandise
     51,695       5,287       —       —       56,982  
Cash advance fees
     7,509       —       14,552       —       22,061  
Check cashing royalties and fees
     —       643       1,172       860       2,675  
 
    
 		      
 		      
 		      
 		      
 		  
Total revenue
     84,559       14,630       15,724       860       115,773  
Cost of revenue — disposed merchandise.
     31,338       3,709       —       —       35,047  
 
    
 		      
 		      
 		      
 		      
 		  
Net revenue
     53,221       10,921       15,724       860       80,726  
 
    
 		      
 		      
 		      
 		      
 		  
Expenses
                                        
Operations
     32,376       4,987       8,175       341       45,879  
Cash advance loss provision
     2,064       —       3,311       —       5,375  
Administration
     7,270       1,622       2,026       287       11,205  
Depreciation and amortization
     2,882       696       1,058       124       4,760  
 
    
 		      
 		      
 		      
 		      
 		  
Total expenses
     44,592       7,305       14,570       752       67,219  
 
    
 		      
 		      
 		      
 		      
 		  
Income from operations
   $ 8,629     $ 3,616     $ 1,154     $ 108     $ 13,507  
 
    
 		      
 		      
 		      
 		      
 		  
As of June 30, 2004:
                                        
Total assets
   $ 300,338     $ 114,833     $ 76,201     $ 7,501     $ 498,873  
 
    
 		      
 		      
 		      
 		      
 		  
Three Months Ended June 30, 2003:
                                        
Revenue
                                        
Finance and service charges
   $ 23,439     $ 7,162     $ —     $ —     $ 30,601  
Proceeds from disposition of merchandise
     51,644       4,532       —       —       56,176  
Cash advance fees
     6,227       —       167       —       6,394  
Check cashing royalties and fees
     —       418       —       828       1,246  
 
    
 		      
 		      
 		      
 		      
 		  
Total revenue
     81,310       12,112       167       828       94,417  
Cost of revenue — disposed merchandise
     31,984       3,403       —       —       35,387  
 
    
 		      
 		      
 		      
 		      
 		  
Net revenue
     49,326       8,709       167       828       59,030  
 
    
 		      
 		      
 		      
 		      
 		  
Expenses Operations
     31,642       3,948       274       377       36,241  
Cash advance loss provision
     1,618       —       74       —       1,692  
Administration
     6,995       1,148       87       183       8,413  
Depreciation and amortization
     2,817       648       20       122       3,607  
 
    
 		      
 		      
 		      
 		      
 		  
 
                                     —  
Total expenses
     43,072       5,744       455       682       49,953  
 
    
 		      
 		      
 		      
 		      
 		  
Income (loss) from operations
   $ 6,254     $ 2,965     $ (288 )   $ 146     $ 9,077  
 
    
 		      
 		      
 		      
 		      
 		  
As of June 30, 2003:
                                        
Total assets
   $ 282,131     $ 101,175     $ 1,302     $ 8,053     $ 392,661  
 
    
 		      
 		      
 		      
 		      
 		  

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

 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
SIX MONTHS ENDED JUNE 30, 2004 AND 2003
(in thousands)

                                         
    (Unaudited)
    Pawn Lending
            
    United           Cash   Check    
    States
   Foreign
   Advance(a)
   Cashing(b)
   Consolidated
Six Months Ended June 30, 2004:
                                        
Revenue
                                        
Finance and service charges
   $ 52,227     $ 17,328     $ —     $ —     $ 69,555  
Proceeds from disposition of merchandise
     118,743       10,954       —       —       129,697  
Cash advance fees
     14,628       —       27,089       —       41,717  
Check cashing royalties and fees
     —       1,240       3,492       1,982       6,714  
 
    
 		      
 		      
 		      
 		      
 		  
Total revenue
     185,598       29,522       30,581       1,982       247,683  
Cost of revenue — disposed merchandise.
     72,167       7,949       —       —       80,116  
 
    
 		      
 		      
 		      
 		      
 		  
Net revenue
     113,431       21,573       30,581       1,982       167,567  
 
    
 		      
 		      
 		      
 		      
 		  
Expenses
                                        
Operations
     66,312       9,983       15,427       721       92,443  
Cash advance loss provision
     3,420       —       4,999       —       8,419  
Administration
     16,351       3,161       3,844       495       23,851  
Depreciation and amortization
     5,749       1,424       2,001       238       9,412  
 
    
 		      
 		      
 		      
 		      
 		  
Total expenses
     91,832       14,568       26,271       1,454       134,125  
 
    
 		      
 		      
 		      
 		      
 		  
Income from operations
   $ 21,599     $ 7,005     $ 4,310     $ 528     $ 33,442  
 
    
 		      
 		      
 		      
 		      
 		  
Six Months Ended June 30, 2003:
                                        
Revenue
                                        
Finance and service charges
   $ 48,148     $ 13,908     $ —     $ —     $ 62,056  
Proceeds from disposition of merchandise
     114,706       7,589       —       —       122,295  
Cash advance fees
     12,638       —       222       —       12,860  
Check cashing royalties and fees
     —       800       —       1,911       2,711  
 
    
 		      
 		      
 		      
 		      
 		  
Total revenue
     175,492       22,297       222       1,911       199,922  
Cost of revenue — disposed merchandise.
     71,487       5,454       —       —       76,941  
 
    
 		      
 		      
 		      
 		      
 		  
Net revenue
     104,005       16,843       222       1,911       122,981  
 
    
 		      
 		      
 		      
 		      
 		  
Expenses
                                        
Operations
     64,426       7,583       395       807       73,211  
Cash advance loss provision
     2,937       —       87       —       3,024  
Administration
     14,696       2,232       122       358       17,408  
Depreciation and amortization
     5,690       1,333       29       244       7,296  
 
    
 		      
 		      
 		      
 		      
 		  
 
                                     —  
Total expenses
     87,749       11,148       633       1,409       100,939  
 
    
 		      
 		      
 		      
 		      
 		  
Income (loss) from operations
   $ 16,256     $ 5,695     $ (411 )   $ 502     $ 22,042  
 
    
 		      
 		      
 		      
 		      
 		  

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

 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
OTHER FINANCIAL AND OPERATING DATA
($ in thousands)

                 
    Three Months Ended
    June 30,
    2004
   2003
U.S. PAWN LENDING OPERATIONS:
                
Annualized yield on pawn loans
     127.2 %     123.9 %
Total amount of pawn loans written
   $ 87,349     $ 82,014  
Average pawn loan balance outstanding
   $ 80,203     $ 75,904  
Average pawn loan balance per average location in operation
   $ 203     $ 195  
Ending pawn loan balance per location in operation
   $ 221     $ 209  
Average pawn loan amount at end of period (not in thousands)
   $ 84     $ 81  
Profit margin on disposition of merchandise as a percentage of proceeds from disposition of merchandise
     39.4 %     38.1 %
Average annualized merchandise turnover 2.8x
     2.8 x     2.9 x
Average balance of merchandise held for disposition per average location in operation
   $ 113     $ 112  
Ending balance of merchandise held for disposition per location in operation
   $ 119     $ 116  
Pawnshop locations in operation — Beginning of period, owned
     396       391  
Combined or closed
     —       (1 )
End of period, owned
     396       390  
Franchised locations at end of period
     6       9  
Total pawnshop locations at end of period
     402       399  
Average number of owned pawnshop locations in operation
     396       390  
FOREIGN PAWN LENDING OPERATIONS:
                
Annualized yield on pawn loans:
                
In U.S. dollars
     56.9 %     53.1 %
In local currency — United Kingdom
     59.4 %     57.7 %
Sweden
     53.1 %     45.8 %
Total amount of pawn loans written
   $ 34,954     $ 31,534  
Average pawn loan balance outstanding
   $ 61,525     $ 54,087  
Average pawn loan balance per average location in operation
   $ 892     $ 872  
Ending pawn loan balance per location in operation
   $ 875     $ 881  
Average pawn loan amount at end of period (not in thousands)
   $ 222     $ 201  
Profit margin on disposition of merchandise as a percentage of proceeds from disposition of merchandise
     29.8 %     24.9 %
Average annualized merchandise turnover
    2.0 x     2.4 x
Average balance of merchandise held for disposition per average location in operation
   $ 106     $ 93  
Ending balance of merchandise held for disposition per location in operation
   $ 110     $ 93  
Pawnshop locations in operation — Beginning of period, owned
     69       62  
Acquired
     —       —  
Start-ups
     1       1  
End of period, owned
     70       63  
Average number of owned pawnshop locations in operation
     69       62  
Currency translation rates:
                
Harvey & Thompson, Ltd. (U.S. dollar per British pound) — Balance sheet data — end of period
     1.8194       1.6559  
Statements of operations data — average rate for the period
     1.8096       1.6210  
Svensk Pantbelåning (U.S. dollar per Swedish kronor) — Balance sheet data — end of period
     0.133101       0.125301  
Statements of operations data — average rate for the period
     0.131973       0.124353  

 

 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
OTHER FINANCIAL AND OPERATING DATA (Continued)
($ in thousands)

                 
    Six Months Ended
    June 30,
    2004
   2003
U.S. PAWN LENDING OPERATIONS:
                
Annualized yield on pawn loans
     133.7 %     129.4 %
Total amount of pawn loans written
   $ 163,913     $ 154,087  
Average pawn loan balance outstanding
   $ 78,546     $ 75,032  
Average pawn loan balance per average location in operation
   $ 198     $ 191  
Profit margin on disposition of merchandise as a percentage of proceeds from disposition of merchandise
     39.2 %     37.7 %
Average annualized merchandise turnover
     3.2 x     3.2 %
Average balance of merchandise held for disposition per average location in operation
   $ 116     $ 116  
Pawnshop locations in operation —
                
Beginning of period, owned
     398       396  
Combined or closed
     (2 )     (6 )
End of period, owned
     396       390  
Franchised locations at end of period
     6       9  
Total pawnshop locations at end of period
     402       399  
Average number of owned pawnshop locations in operation
     396       392  
FOREIGN PAWN LENDING OPERATIONS:
                
Annualized yield on pawn loans:
                
In U.S. dollars
     56.4 %     53.4 %
In local currency —
                
United Kingdom
     60.8 %     57.7 %
Sweden
     48.7 %     46.8 %
Total amount of pawn loans written
   $ 72,060     $ 62,732  
Average pawn loan balance outstanding
   $ 61,744     $ 52,547  
Average pawn loan balance per average location in operation
   $ 895     $ 861  
Profit margin on disposition of merchandise as a percentage of proceeds from disposition of merchandise
     27.4 %     28.1 %
Average annualized merchandise turnover
     2.3 x     2.0 x
Average balance of merchandise held for disposition per average location in operation
   $ 103     $ 90  
Pawnshop locations in operation —
                
Beginning of period, owned
     69       59  
Acquired
     —       3  
Start-ups
     1       2  
Combined or closed
     —       (1 )
End of period, owned
     70       63  
Average number of owned pawnshop locations in operation
     69       61  
Currency translation rates:
                
Harvey & Thompson, Ltd. (U.S. dollar per British pound) —
                
Statements of operations data — average rate for the period
     1.8219       1.6116  
Svensk Pantbelåning (U.S. dollar per Swedish kronor) —
                
Statements of operations data — average rate for the period
     0.133574       0.120430