EX-99.1 2 a5666795ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Cash America Announces a 37% Increase in First Quarter Net Income Per Share and Declares Dividend

FORT WORTH, Texas--(BUSINESS WIRE)--Cash America International, Inc. (NYSE: CSH) announced today that net income for the first quarter ended March 31, 2008 increased 34% to $25,811,000 leading to a 37% increase in earnings per share (86 cents per share) compared to net income of $19,234,000 (63 cents per share) for the same period in 2007. Earnings per share for the first three months of 2008 exceeded management’s updated guidance of 80 to 82 cents per share as revised in a Company press release dated March 24, 2008, up from the initial announced guidance of 70 to 75 cents per share. Increased total revenue, led by fees related to pawn loans and cash advances, contributed to the higher than anticipated growth in income. Earnings benefited further from an improvement in the credit quality of the Company’s cash advance loan portfolio, which led to a decrease in the expense for loan losses in the first quarter of 2008 compared to the same period in 2007.

Total revenue increased 13% to $250.9 million for the three-month period ended March 31, 2008 compared to $222.9 million in the year ago period. Revenue from the Company’s pawn segment, which includes finance and service charges on pawn loans and proceeds from the sale of merchandise, increased 14% to $170.3 million from $149.6 million in year-over-year first quarter comparisons. The cash advance segment posted a 10% growth in revenue to $79.6 million from $72.1 million in the 2008 first quarter compared to the prior year.

Commenting on the first quarter results, Daniel R. Feehan, President and Chief Executive Officer of Cash America said, “Our Company’s first quarter results provide us with a solid start to the new fiscal year. We are pleased to report that the increase in the marginal profitability of our cash advance portfolio generated much higher levels of earnings as losses as a percent of fees moderated significantly while revenue continued to grow. Our pawn lending activities continue to perform well as loan demand has led to sustained growth in the portfolio. Pawn loan balances outstanding finished the first quarter up 11% from the prior year, well ahead of the pace at fiscal year end. Complementing the strength in the pawn loan portfolio is the success we have enjoyed in the sale of merchandise which produced an 18% increase in gross profit in the first quarter compared to the same period last year.”

Cash America will host a conference call to discuss the first quarter results on Thursday, April 24th at 7:45 AM CDT. A live web cast of the call will be available on the Investor Relations section 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. A replay will be available on the Company’s web site for 90 days following the conference call.

Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.035 (3.5 cents) per share cash dividend on common stock outstanding. The dividend will be paid at the close of business on May 21, 2008 to shareholders of record on May 7, 2008.

Outlook for the Second Quarter of 2008 and the 2008 Fiscal Year

Management believes that the opportunities for sustained growth in revenue and earnings will be largely associated with the customer demand for the credit products provided by the Company, which take the form of pawn loans and short-term cash advances. Other elements expected to affect the growth in revenue include the potential impact of the economic stimulus package on loan volumes and retail sales, the regulatory governance of loan products and the continued development and profitable growth of the Company’s online distribution channel for its cash advance products. As it enters the second quarter of 2008, management anticipates that demand for the Company’s products will remain strong. Based on its views and on the preceding factors, management expects that the second quarter 2008 net income per share will be between 51 and 54 cents per share compared to 43 cents per share in the second quarter 2007.


Management is also increasing its previously announced expectation for the full year 2008 earnings per share to between $3.00 and $3.15 per share compared to $2.48 per share in fiscal 2007. The 2007 full year earnings per share excludes an after-tax gain of 13 cents per share from a pre-tax gain of $6.3 million from the Company’s third quarter 2007 sale of notes receivable issued in connection with the sale of its overseas pawn lending business in 2004.

Cash America International, Inc. is a provider of specialty financial services to individuals in the United States with 939 total locations. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 499 locations in 23 states under the brand names Cash America Pawn and SuperPawn. The Company also offers short-term cash advances in many of its locations including 304 locations that offer this service under the brand names Cash America Payday Advance and Cashland. Short-term cash advances are also offered over the Internet to customers in 33 states in the United States and in the United Kingdom at http://www.cashnetusa.com and http://www.quickquid.co.uk, respectively. In addition, check cashing services are provided through its 136 franchised and Company-owned “Mr. Payroll” check cashing centers.

For additional information regarding the Company and the services it provides, visit the Company’s websites located at:

http://www.cashamerica.com

        http://www.cashnetusa.com
http://www.cashlandloans.com http://www.quickquid.co.uk

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

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 continued acceptance of the online distribution channel by the Company’s cash advance customers, the actions of third parties who offer products and services at the Company’s locations, changes in tax and other laws and governmental rules and regulations applicable to the Company’s business, fluctuations in the price of gold, 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 foreign currency exchange rates, changes in the capital markets, changes in tax and other laws and governmental rules and regulations applicable to the Company's businesses, the ability to successfully integrate newly acquired businesses into the Company’s operations and other risks indicated in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties are beyond Company’s control, and 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,
2008 2007
Consolidated Operations:
Total revenue $ 250,934 $ 222,872
Net revenue 179,418 160,947
Total operating expenses 134,946 126,949
 
Income from operations $ 44,472 $ 33,998
 
Income before income taxes 40,990 30,712
 
Net Income $ 25,811 $ 19,234
 
Earnings per share:
Basic $ 0.88 $ 0.64
Diluted $ 0.86 $ 0.63
 
Weighted average shares:
Basic 29,376 29,873
Diluted 29,995 30,602

 
 
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
           
March 31, December 31,
2008   2007   2007  
(Unaudited)
Assets
 
Current assets:
Cash and cash equivalents $ 22,637 $ 25,728 $ 22,725
Pawn loans 124,775 112,009 137,319
Cash advances, net 74,179 67,384 88,148
Merchandise held for disposition, net 93,027 80,798 98,134
Finance and service charges receivable 24,496 22,338 26,963
Other receivables and prepaid expenses 17,944 19,058 16,292
Deferred tax assets   19,198     17,609     20,204  
 
Total current assets 376,256 344,924 409,785
 
Property and equipment, net 168,586 124,752 161,676
Goodwill 347,434 238,836 306,221
Intangible assets, net 22,424 26,564 23,484
Other assets   5,185     12,810     3,478  
Total assets $ 919,885   $ 747,886   $ 904,644  
 
Liabilities and Stockholders’ Equity
 
Current liabilities:
Accounts payable and accrued expenses $ 60,921 $ 57,169 $ 65,399
Accrued supplemental acquisition payment 63,213 - 22,000
Customer deposits 8,682 8,358 7,856
Income taxes currently payable 12,196 12,000 3,755
Current portion of long-term debt   8,500     16,786     8,500  
Total current liabilities 153,512 94,313 107,510
 
Deferred tax liabilities 20,482 13,483 18,584
Other liabilities 1,806 1,573 1,671
Long-term debt   224,970     181,330     280,277  
Total liabilities   400,770     290,699     408,042  
 
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 162,240 161,858 163,581
Retained earnings 387,970 306,157 363,180
Accumulated other comprehensive (loss) income (1 ) 9 16
Notes receivable secured by common stock - (18 ) -

Treasury shares, at cost (1,161,482 shares, 592,192 shares and 1,136,203 shares at March 31, 2008 and 2007, and December 31, 2007, respectively)

  (34,118 )   (13,843 )   (33,199 )
Total stockholders’ equity   519,115     457,187     496,602  
Total liabilities and stockholders’ equity $ 919,885   $ 747,886   $ 904,644  

       
 
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
 
 
Three Months Ended
March 31,
2008 2007
(Unaudited)
 
Revenue
Finance and service charges $ 43,421 $ 38,431
Proceeds from disposition of merchandise 116,583 100,168
Cash advance fees 85,460 78,516
Check cashing fees, royalties and other   5,470   5,757
 
Total Revenue 250,934 222,872
 
Cost of Revenue
Disposed merchandise   71,516   61,925
 
Net Revenue   179,418   160,947
 
Expenses
Operations 79,722 72,868
Cash advance loss provision 27,134 32,748
Administration 18,959 13,799
Depreciation and amortization   9,131   7,534
 
Total Expenses   134,946   126,949
 
Income from Operations 44,472 33,998
 
Interest expense (3,509) (3,748)
Interest income 31 418
Foreign currency transaction (loss) gain   (4)   44
 
Income before Income Taxes 40,990 30,712
Provision for income taxes   15,179   11,478
 
Net Income $ 25,811 $ 19,234
 
Earnings Per Share:
 
Basic $ 0.88 $ 0.64
Diluted $ 0.86 $ 0.63
 
Weighted average common shares outstanding:
 
Basic 29,376 29,873
Diluted 29,995 30,602
 
Dividends declared per common share $ 0.035 $ 0.035

       
 
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
FINANCIAL AND OPERATING DATA
($ in thousands unless otherwise noted)
 
 
Three Months Ended
March 31,
2008 2007
 
PAWN LENDING OPERATIONS:
Pawn loans
Annualized yield on pawn loans

135.0

%

131.8

%

Total amount of pawn loans written and renewed $ 131,981 $ 110,622
Average pawn loan balance outstanding $ 129,349 $ 118,242
Average pawn loan balance per average location in operation $ 267 $ 248
Ending pawn loan balance per location in operation $ 257 $ 235
Average pawn loan amount at end of period (not in thousands) $ 117 $ 106

Profit margin on disposition of merchandise as a percentage of proceeds from disposition of merchandise

38.7

%

38.2

%

Average annualized merchandise turnover

3.0x

3.0x

Average balance of merchandise held for disposition per average location in operation

$ 199 $ 178

Ending balance of merchandise held for disposition per location in operation

$ 192 $ 169
 
Pawnshop locations in operation –
Beginning of period, owned 485 475
Acquired - 1
Start-ups - 1
End of period, owned 485 477
Franchise locations at end of period   14     12  
Total pawnshop locations at end of period   499     489  
Average number of owned pawnshop locations   485     477  
 
Cash advances (b)
Pawn locations offering cash advances at end of period 430 424
Average number of pawn locations offering cash advances 431 423
 
Amount of cash advances written at pawn locations:
Funded by the Company $ 13,947 $ 15,486

Funded by third-party lenders (a)(d)

  37,996     44,985  

Aggregate amount of cash advances written at pawn locations(a)(f)

$ 51,943   $ 60,471  
 
Number of cash advances written at pawn locations (not in thousands):
By the Company 45,146 50,268

By third-party lenders (a)(d)

  80,389     98,126  

Aggregate number of cash advances written at pawn locations (a)(f)

  125,535     148,394  
 
Cash advance customer balances due at pawn locations (gross):

Owned by Company (c)

$ 6,852 $ 6,439

Owned by third-party lenders (a)(d)

  6,788     7,800  

Aggregate cash advance customer balances due at pawn locations (gross) (a)(f)

$ 13,640   $ 14,239  
 
 
 

CASH ADVANCE OPERATIONS (e):

Storefront operations:
Amount of cash advances written:
Funded by the Company $ 153,062 $ 157,756

Funded by third-party lenders (a)(d)

  25,564     27,079  

Aggregate amount of cash advances written (a)(f)

$ 178,626   $ 184,835  
 
Number of cash advances written (not in thousands):
By the Company 418,597 428,951

By third-party lenders (a)(d)

  45,709     50,363  

Aggregate number of cash advances written (a)(f)

  464,306     479,314  
 
Cash advance customer balances due (gross):

Owned by the Company (c)

$ 39,181 $ 40,277

Owned by third-party lenders (a)(d)

  4,114     4,229  

Aggregate cash advance customer balances due (gross) (a)(f)

$ 43,295   $ 44,506  
 
Cash advance locations in operation (excluding online lending) –
Beginning of period 304 295
Start-ups - 2
Combined or closed   -     (1 )
End of period   304     296  
Average number of cash advance locations   304     295  
 
Internet lending operations:
Amount of cash advances written:
Funded by the Company $ 159,921 $ 128,494

Funded by third-party lenders (a)(d)

  98,543     70,024  

Aggregate amount of cash advances written (a)(f)

$ 258,464   $ 198,518  
 
Number of cash advances written (not in thousands):
By the Company 389,416 329,315

By third-party lenders (a)(d)

  148,947     127,737  

Aggregate number of cash advances written (a)(f)

  538,363     457,052  
 
Cash advance customer balances due (gross):

Owned by the Company (c)

$ 48,961 $ 43,809

Owned by third-party lenders (a)(d)

  18,567     12,993  

Aggregate cash advance customer balances due (gross) (a)(f)

$ 67,528   $ 56,802  
 
Number of states with online lending at end of period 33 30
Number of foreign countries with online lending at end of period 1 -
 
 
 
Combined Storefront and Internet lending operations:
Amount of cash advances written:
Funded by the Company $ 312,983 $ 286,250

Funded by third-party lenders (a)(d)

  124,107     97,103  

Aggregate amount of cash advances written (a)(f)

$ 437,090   $ 383,353  
 
Number of cash advances written (not in thousands):
By the Company 808,013 758,266

By third-party lenders (a)(d)

  194,656     178,100  

Aggregate number of cash advances written (a)(f)

  1,002,669     936,366  
 
Cash advance customer balances due (gross):

Owned by the Company (c)

$ 88,142 $ 84,086

Owned by third-party lenders (a)(d)

  22,681     17,222  

Aggregate cash advance customer balances due (gross) (a)(f)

$ 110,823   $ 101,308  
 

CONSOLIDATED CASH ADVANCE PRODUCT SUMMARY (a)(b)(e):

Amount of cash advances written:
Funded by the Company $ 326,930 $ 301,736

Funded by third-party lenders (a)(d)

  162,103     142,088  

Aggregate amount of cash advances written (a)(f)

$ 489,033   $ 443,824  
 
Number of cash advances written (not in thousands):
By the Company 853,159 808,534

By third-party lenders (a)(d)

  275,045     276,226  

Aggregate number of cash advances written (a)(f)

  1,128,204     1,084,760  
 
Average amount per cash advance written (not in thousands):
By the Company $ 383 $ 373

By third-party lenders (a)(d)

  589     514  

Aggregate number of cash advances written (a)(f)

$ 433   $ 409  
 
Cash advance customer balances due (gross):

Owned by the Company (c)

$ 94,994 $ 90,525

Owned by third-party lenders (a)(d)

  29,469     25,022  

Aggregate cash advance customer balances due (gross) (a)(f)

$ 124,463   $ 115,547  
 

Total locations offering cash advances at end of period (excluding online lending)

734 720
Average total locations offering cash advances (excluding online lending) 735 718
Number of states with online lending at end of period 33 30
Number of foreign countries with online lending at end of period 1 -
 
 
 
CHECK CASHING OPERATIONS (Mr. Payroll):
Centers in operation at end of year (not in thousands):
Company-owned locations 5 5

Franchised locations (a)

  131     135  

Combined centers in operations at end of year (a)

  136     140  
 
Revenue from Company-owned locations $ 122 $ 161
Revenue from franchise royalties and other   898     979  

Total revenue (c)

$ 1,020   $ 1,140  
 
Face amount of checks cashed:
Company-owned locations $ 7,674 $ 9,610

Franchised locations (a)

  362,136     367,221  

Combined face amount of checks cashed (a)

$ 369,810   $ 376,831  
 
Fees collected from customers:

Company-owned locations (c)

$ 122 $ 161

Franchised locations (a)

  5,370     5,446  

Combined fees collected from customers (a)

$ 5,492   $ 5,607  
 
Fees as a percentage of checks cashed:
Company-owned locations

1.6

%

1.7

%

Franchised locations (a)

  1.5     1.5  

Combined fees as a percentage of checks cashed (a)

 

1.5

%

 

1.5

%

 
Average check cashed (not in thousands):
Company-owned locations $ 416 $ 428

Franchised locations (a)

  517     494  

Combined average check cashed (a)

$ 514   $ 492  
 
 

(a) Non-GAAP presentation. For informational purposes and to provide a greater understanding of the Company’s businesses. Management believes that information provided with this level of detail is meaningful and useful in understanding the

activities and business metrics of the Company’s operations.

(b) Includes cash advance activities at the Company’s pawn lending locations.

(c) Amounts recorded in the Company’s consolidated financial statements.

(d) Cash advances written by third-party lenders that were arranged by the Company on behalf of the third-party lenders, all at the Company’s pawn locations, cash advance locations and through the internet distribution channel.

 

(e) Includes cash advance activities at the Company’s cash advance storefront locations and through the Company’s internet distribution channel.

 

(f) Includes (i) cash advances written by the Company, and (ii) cash advances written by third-party lenders that were arranged by the Company on behalf of the third-party lenders, all at the Company’s pawn and cash advance locations and through the Company’s internet distribution channel.


 
 
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED CASH ADVANCES OUTSTANDING AND RELATED ALLOWANCE FOR LOSSES
(in thousands)
 
       
March 31,
2008 2007
Funded by the Company (a)
Active cash advances and fees receivable $ 63,952 $ 57,077
Cash advances and fees in collection   21,104     21,436  
 
Total funded by the Company (a)   85,056     78,513  
 

Funded by third-party lenders (b)(c)

Active cash advances and fees receivable 29,469 25,022
Cash advances and fees in collection   9,938     12,012  
 

Total funded by third-party lenders (b)(c)

  39,407     37,034  
 

Combined gross portfolio (b)(d)

124,463 115,547
Less: Elimination of cash advances owned by third-party lenders   29,469     25,022  
 
Company-owned cash advances and fees receivable, gross 94,994 90,525
Less: Allowance for losses   20,815     23,141  
 
Cash advances and fees receivable, net $ 74,179   $ 67,384  
 
Three Months Ended
March 31,
2008 2007
Allowance for company-owned cash advances
 
Balance at beginning of period $ 25,676 $ 19,513
Cash advance loss provision 26,974 32,648
Charge-offs (40,822 ) (32,511 )
Recoveries   8,987     3,491  
 
Balance at end of period $ 20,815   $ 23,141  
 
Accrual for third-party lender-owned cash advances
 
Balance at beginning of period $ 1,828 $ 1,153

Increase in loss provision

  160     100  
 
Balance at end of period $ 1,988   $ 1,253  
 
Combined statistics (d)
Combined cash advance loss provision $ 27,134   $ 32,748  

Combined cash advance loss provision as a % of combined cash advances written (b)

  5.5 %   7.4 %

Charge-offs (net of recoveries) as a % of combined cash advances written (b)

  6.5 %   6.5 %

Combined allowance for losses and accrued third-party lender losses as a % of combined gross portfolio (b)

  18.3 %   21.1 %
 
 

(a) Cash advances written by the Company for its own account in pawn locations, cash advance locations, and through the internet distribution channel.

(b) Non-GAAP presentation. For informational purposes and to provide a greater understanding of the Company’s businesses. Management believes that information provided with this level of detail is meaningful and useful in understanding the activities and business metrics of the Company’s operations.

(c) Cash advances written by third-party lenders that were arranged by the Company on behalf of the third-party lenders, all at the Company’s pawn locations, cash advance locations and through the internet distribution channel.

(d) Includes (i) cash advances written by the Company, and (ii) cash advances written by third-party lenders that were arranged by the Company on behalf of the third-party lenders, all at the Company’s pawn and cash advance locations and through the Company’s internet distribution channel.


 
 
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(in thousands)
       
 

Pawn
Lending

Cash
Advance (1)

Check
Cashing

Consolidated

 

Three months ended March 31, 2008:

 
Revenue
Finance and service charges $ 43,421 $ - $ - $ 43,421
Proceeds from disposition of merchandise 116,583 - - 116,583
Cash advance fees 9,285 76,175 - 85,460
Check cashing fees, royalties and other   1,013   3,437   1,020   5,470
 
Total revenue 170,302 79,612 1,020 250,934
 
Cost of revenue – disposed merchandise   71,516   -   -   71,516
 
Net revenue   98,786   79,612   1,020   179,418
 
Expenses
Operations 52,908 26,431 383 79,722
Cash advance loss provision 2,265 24,869 - 27,134
Administration 11,675 7,071 213 18,959
Depreciation and amortization   5,591   3,476   64   9,131
 
Total expenses   72,439   61,847   660   134,946
 
Income from operations $ 26,347 $ 17,765 $ 360 $ 44,472
 

As of March 31, 2008:

 
Total assets $ 581,817 $ 331,449 $ 6,619 $ 919,885
Goodwill $ 143,556 $ 198,568 $ 5,310 $ 347,434
 
 
 

Three months ended March 31, 2007:

 
Revenue
Finance and service charges $ 38,431 $ - $ - $ 38,431
Proceeds from disposition of merchandise 100,168 - - 100,168
Cash advance fees 10,120 68,396 - 78,516
Check cashing fees, royalties and other   930   3,687   1,140   5,757
 
Total revenue 149,649 72,083 1,140 222,872
 
Cost of revenue – disposed merchandise   61,925   -   -   61,925
 
Net revenue   87,724   72,083   1,140   160,947
 
Expenses
Operations 47,618 24,943 307 72,868
Cash advance loss provision 2,844 29,904 - 32,748
Administration 8,820 4,702 277 13,799
Depreciation and amortization   5,007   2,426   101   7,534
 
Total expenses   64,289   61,975   685   126,949
 
Income from operations $ 23,435 $ 10,108 $ 455 $ 33,998
 

As of March 31, 2007:

 
Total assets $ 526,088 $ 214,648 $ 7,150 $ 747,886
Goodwill $ 142,052 $ 91,474 $ 5,310 $ 238,836

 
 
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(in thousands)
 
           

(1) The Cash Advance segment is comprised of two distribution channels for the same product, a multi-unit, “storefront” platform of 304 units and an on-line, internet based lending platform. The following table summarizes the results from each channel’s contributions to the Cash Advance segment as of March 31, 2008 and 2007:

 

Storefront

Internet
Lending

Total Cash
Advance

 

Three months ended March 31, 2008:

 
Revenue
Cash advance fees $ 28,693 $ 47,482 $ 76,175
Check cashing fees, royalties and other 3,437 - 3,437
     
Total revenue   32,130   47,482   79,612
 
 
Expenses
Operations 16,881 9,550 26,431
Cash advance loss provision 4,346 20,523 24,869
Administration 2,402 4,669 7,071
Depreciation and amortization   2,425   1,051   3,476
 
Total expenses   26,054   35,793   61,847
 
Income from operations $ 6,076 $ 11,689 $ 17,765
 

Three months ended March 31, 2008:

 
Total assets $ 110,511 $ 220,938 $ 331,449
Goodwill $ 44,618 $ 153,950 $ 198,568
 
 

Three months ended March 31, 2007:

 
Revenue
Cash advance fees $ 29,741 $ 38,655 $ 68,396
Check cashing fees, royalties and other   3,685   2   3,687
 
Total revenue   33,426   38,657   72,083
 
 
Expenses
Operations 15,910 9,033 24,943
Cash advance loss provision 7,232 22,672 29,904
Administration 2,305 2,397 4,702
Depreciation and amortization   1,883   543   2,426
 
Total expenses   27,330   34,645   61,975
 
Income from operations $ 6,096 $ 4,012 $ 10,108
 

As of March 31, 2007:

 
Total assets $ 116,527 $ 98,121 $ 214,648
Goodwill $ 44,618 $ 46,856 $ 91,474

CONTACT:
Cash America International, Inc.
Thomas A. Bessant, Jr., 817-335-1100