FORT WORTH, Texas--(BUSINESS WIRE)--April 26, 2012--Cash America International, Inc. (NYSE: CSH) announced today that earnings per share increased 15% as net income attributable to the Company for the first quarter ended March 31, 2012 rose to $41,467,000 ($1.30 per share) compared to net income of $36,378,000 ($1.13 per share) for the same period in 2011. Earnings per share for the first three months of 2012 is above the consensus of published analyst estimates of $1.19 per share and is at the high end of the range of published analyst estimates of between $1.15 and $1.30 per share. The Company’s outlook for earnings expectations has not been updated since July 21, 2011 due to the filing of a Registration Statement on Form S-1with the Securities and Exchange Commission by the Company’s wholly-owned subsidiary that comprises its e-commerce segment, Enova International, Inc. (“Enova”), on September 15, 2011 for the proposed offering of Enova’s common stock in an initial public offering. The results for the first quarter exceeded the consensus of published analysts’ expectations due to higher overall revenue, primarily related to domestic pawn lending activities and growth in the international operations of the Company’s e-commerce segment.

Consolidated total revenue increased 25% to $457.5 million for the quarter ended March 31, 2012 compared to $364.9 million in the same period in 2011. Contributing to the growth in consolidated total revenue for the first quarter of 2012 was a 22% increase in proceeds from the disposition of merchandise and a 15% increase in pawn loan fees and service charges attributable to the Company’s U.S. pawn lending business during the quarter compared to the same quarter in 2011. The Company’s e-commerce segment generated a 47% increase in total revenue for the first quarter of 2012 compared to the first quarter of 2011, due primarily to the 91% growth in revenue attributable to its foreign operations during the quarter compared to the same period in 2011.

Consolidated net revenue increased 19% to $256.8 million for the first quarter of 2012 compared $216.1 million for the first quarter of 2011. Consolidated net revenue, which represents total revenue less the cost of disposed merchandise and the loss provision for consumer loans, benefited from a sequential increase in gross profit margin on the sale of merchandise from the quarter ended December 31, 2011 and a sequential decrease in the loan loss provision as a percentage of consumer loan fees from the quarter ended December 31, 2011. Gross profit margin on the disposition of merchandise increased sequentially from 32.6% to 33.6% from the three months ended December 31, 2011 to the three months ended March 31, 2012, respectively, and losses as a percentage of consumer loan fees decreased from 44.7% to 36.1% over the same periods, respectively. These improved metrics contributed to the Company’s reported results exceeding analyst expectations for the first quarter of 2012 as it posted a 15% increase in operating income from the retail services segment and a 33% increase in operating income from the e-commerce segment for the three months ended March 31, 2012 compared to the three months ended March 31, 2011.

Commenting on the first quarter results, Daniel R. Feehan, President and Chief Executive Officer of Cash America said, “The business activities in the first quarter of 2012 started out as we expected with continued strong seasonal growth in short term loan demand as we began the year, followed by a healthy increase in retail sales later in the quarter. Sustained demand for pawn loans led to a 14% year-over-year increase in our U.S. pawn loan balances as of March 31, 2012, and consumer loan balances continue to grow as both U.S. and foreign lending activities contributed to over a 50% increase in combined gross balances.”

Cash America will host a conference call to discuss the first quarter results on Thursday, April 26 at 7:00 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 prior to the call 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 $0.035 (3.5 cents) per share cash dividend on common shares outstanding. The dividend will be paid at the close of business on May 23, 2012 to shareholders of record on May 9, 2012.

The Registration Statement on Form S-1 that was filed on September 15, 2011 with the Securities and Exchange Commission in connection with a proposed initial public offering of Enova common stock by the Company and Enova has not yet become effective, which restricts the Company from issuing earnings guidance for the 2012 second quarter and year ending 2012 at this time.

As of March 31, 2012, Cash America International, Inc. had 1,080 total locations offering specialty financial services to consumers, which include 786 lending locations (including one unconsolidated franchised location) operating in 23 states in the United States under the names “Cash America Pawn,” “SuperPawn,” “Pawn X-Change,” “Cash America Payday Advance,” and “Cashland,” and 193 pawn lending locations, of which the Company is a majority owner, operating in 21 jurisdictions in central and southern Mexico under the name “Prenda Fácil.” The Company also operated 95 unconsolidated franchised and six Company-owned check cashing centers operating in 16 states in the United States under the name “Mr. Payroll” as of March 31, 2012. Additionally, as of March 31, 2012, the Company offered consumer loans over the Internet to customers in 32 states in the United States at http://www.cashnetusa.com, in the United Kingdom at http://www.quickquid.co.uk and http://www.poundstopocket.co.uk, in Australia at http://www.dollarsdirect.com.au, and in Canada at http://www.dollarsdirect.ca.

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

http://www.cashamerica.com			http://www.dollarsdirect.com.au
http://www.enova.com			http://www.dollarsdirect.ca
http://www.cashnetusa.com			http://www.goldpromise.com
http://www.cashlandloans.com			http://www.mrpayroll.com
http://www.quickquid.co.uk			http://www.primaryinnovations.net
http://www.poundstopocket.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 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 domestic and foreign pawn, consumer credit, tax and other laws and governmental rules and regulations applicable to the Company's business or changes in the interpretation or enforcement thereof; the potential regulation of consumer financial products and services by the Consumer Financial Protection Bureau; acceptance by consumers, legislators or regulators of the negative characterization by the media and consumer activists with respect to certain of the Company’s loan products; risks related to the Company’s previously-announced proposed initial public offering of Enova; the deterioration of the political, regulatory or economic environment in foreign countries where the Company operates or in the future may operate; the actions of third parties who provide, acquire or offer products and services to, from or for the Company; changes in demand for the Company's services and the continued acceptance of the online distribution channel by the Company’s online loan customers; fluctuations in the price of gold; changes in competition; the ability of the Company to open new locations in accordance with its plans or to successfully integrate newly acquired businesses into the Company’s operations; interest rate and foreign currency exchange rate fluctuations; the effect of any current or future litigation proceedings or any judicial decisions or rule-making that affect the Company’s arbitration agreements; changes in the capital markets; changes in the Company’s ability to satisfy its debt obligations or to refinance existing debt obligations or obtain new capital to finance growth; a prolonged interruption in the Company’s operations of its facilities, systems and business functions, including its information technology and other business systems; security breaches, cyber attacks or fraudulent activity; the implementation of new, or changes in the interpretation of existing, accounting principles or financial reporting requirements; acts of God, war or terrorism, pandemics and other events; the effect of any of such changes on the Company’s business or the markets in which it operates; and other risks and uncertainties 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, nor can the Company predict, in many cases, 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,” “should,” “could,” “would,” “plans,” “expects,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations 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.

On September 15, 2011, Enova, a wholly-owned subsidiary of the Company that comprises its e-commerce segment, filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with a proposed initial public offering of Enova common stock. The registration statement on Form S-1 that was filed with the Securities and Exchange Commission by Enova has not become effective. The offering of common stock of Enova is subject to numerous conditions, including market conditions, and the Company and Enova can provide no assurance that an offering will be made or completed. The securities to be offered under Enova’s registration statement may not be sold, nor may offers to buy be accepted prior to the time that the registration statement becomes effective. The information contained in this press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities.


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


	Three Months Ended
	March 31,
	2012		2011

Consolidated Operations:
Total revenue	$	457,488	$	364,864
Net revenue		256,784		216,128
Total operating expenses		184,776		152,900

Income from operations	$	72,008	$	63,228

Income before income taxes		64,831		57,539

Net Income	$	40,523	$	35,787

Net loss attributable to the noncontrolling interest		944		591

Net Income Attributable to Cash America International, Inc.	$	41,467	$	36,378

Earnings per share:

Net Income attributable to Cash America International, Inc. common shareholders:

Basic	$	1.40	$	1.22
Diluted	$	1.30	$	1.13

Weighted average shares:
Basic		29,616		29,755
Diluted		31,912		32,060


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


	March 31,						December 31,
	2012			2011			2011

Assets
Current assets:
Cash and cash equivalents	$	63,606		$	42,414		$	62,542
Pawn loans		206,343			186,937			253,519
Consumer loans, net		200,365			126,135			222,778
Merchandise held for disposition, net		139,519			117,784			161,884
Pawn loan fees and service charges receivable		38,797			35,530			48,003
Prepaid expenses and other assets		34,213			31,566			31,301
Deferred tax assets		32,312			26,606			35,065
Total current assets		715,155			566,972			815,092
Property and equipment, net		250,722			220,817			246,429
Goodwill		567,830			545,665			562,721
Intangible assets, net		33,956			29,584			34,771
Other assets		15,074			14,738			15,236
Total assets	$	1,582,737		$	1,377,776		$	1,674,249

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	88,472		$	82,213		$	113,113
Customer deposits		11,464			10,434			9,935
Income taxes currently payable		19,894			12,823			12,880
Current portion of long-term debt		35,939			17,689			34,273
Total current liabilities		155,769			123,159			170,201
Deferred tax liabilities		92,277			64,435			89,712
Noncurrent income tax payable		2,602			2,568			2,315
Other liabilities		1,254			1,935			1,413
Long-term debt		371,969			352,883			503,018
Total liabilities	$	623,871		$	544,980		$	766,659

Equity:
Cash America International, Inc. equity:
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued and outstanding		3,024			3,024			3,024
Additional paid-in capital		164,722			164,516			167,683
Retained earnings		816,496			679,546			776,060
Accumulated other comprehensive income (loss)		3,460			9,677			(6,896	)
Treasury shares, at cost (888,336 shares, 869,699 shares and 1,011,356 shares at March 31, 2012 and 2011, and at December 31, 2011, respectively)		(33,051	)		(29,935	)		(37,419	)
Total Cash America International, Inc. shareholders' equity		954,651			826,828			902,452
Noncontrolling interest		4,215			5,968			5,138
Total equity		958,866			832,796			907,590
Total liabilities and equity	$	1,582,737		$	1,377,776		$	1,674,249


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


	Three Months Ended
	March 31,
	2012			2011

Revenue
Pawn loan fees and service charges	$	72,899		$	65,282
Proceeds from disposition of merchandise		208,383			171,927
Consumer loan fees		172,840			123,127
Other		3,366			4,528
Total Revenue		457,488			364,864
Cost of Revenue
Disposed merchandise		138,321			109,236
Consumer loan loss provision		62,383			39,500
Total Cost of Revenue		200,704			148,736

Net Revenue		256,784			216,128
Expenses
Operations and administration		170,155			140,458
Depreciation and amortization		14,621			12,442
Total Expenses		184,776			152,900
Income from Operations		72,008			63,228
Interest expense		(7,176	)		(5,611	)
Interest income		29			22
Foreign currency transaction gain (loss)		87			(96	)
Equity in loss of unconsolidated subsidiary		(117	)		(4	)
Income before Income Taxes		64,831			57,539
Provision for income taxes		24,308			21,752
Net Income		40,523			35,787
Net loss attributable to the noncontrolling interest		944			591
Net Income Attributable to Cash America International, Inc.	$	41,467		$	36,378
Earnings Per Share:
Net Income attributable to Cash America International, Inc. common shareholders:
Basic	$	1.40		$	1.22
Diluted	$	1.30		$	1.13
Weighted average common shares outstanding:
Basic		29,616			29,755
Diluted		31,912			32,060
Dividends declared per common share	$	0.035		$	0.035


CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
PAWN LENDING ACTIVITIES – FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)

The following table outlines certain data related to the Company’s pawn loan activities as of and for the three months ended March 31, 2012 and 2011.

	2012									2011
	Domestic			Foreign			Total			Domestic			Foreign			Total
As of March 31,
Ending pawn loan balances	$	189,721		$	16,622		$	206,343		$	166,074		$	20,863		$	186,937
Ending merchandise balance, net	$	128,206		$	11,313		$	139,519		$	110,490		$	7,294		$	117,784

Three Months Ended March 31,
Pawn loan fees and service charges	$	69,413		$	3,486		$	72,899		$	60,226		$	5,056		$	65,282
Average pawn loan balance outstanding	$	214,836		$	16,067		$	230,903		$	180,885		$	20,377		$	201,262
Amount of pawn loans written and renewed	$	205,454		$	18,635		$	224,089		$	179,539		$	20,886		$	200,425
Annualized yield on pawn loans		129.9	%		87.3	%		127.0	%		135.0	%		100.6	%		131.5	%
Gross profit margin on disposition of merchandise		35.1	%		9.7	%		33.6	%		38.0	%		14.3	%		36.5	%
Merchandise turnover		3.5			4.0			3.6			3.4			5.5			3.5


CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
MERCHANDISE DISPOSITION, GROSS PROFIT AND OPERATING DATA
(dollars in thousands)

Profit from the disposition of merchandise represents the proceeds received from the disposition of merchandise in excess of the cost of disposed merchandise, which is the Company’s cost basis in the loan or the amount paid for the purchased merchandise. Retail sales include the sale of jewelry and general merchandise direct to consumers through any of the Company’s retail services locations or the Internet. Commercial sales include the sale of refined gold, platinum, silver, and diamonds to brokers or manufacturers. The following table summarizes the proceeds from the disposition of merchandise and the related profit for the three months ended March 31, 2012 and 2011.

	Three Months Ended March 31,
	2012									2011

	Retail			Commercial			Total			Retail			Commercial			Total
Proceeds from disposition	$	112,032		$	96,351		$	208,383		$	97,440		$	74,487		$	171,927
Gross profit on disposition	$	41,746		$	28,316		$	70,062		$	38,485		$	24,206		$	62,691
Gross profit margin		37.3	%		29.4	%		33.6	%		39.5	%		32.5	%		36.5	%
Percentage of total gross profit		59.6	%		40.4	%		100.0	%		61.4	%		38.6	%		100.0	%

The table below summarizes the age of merchandise held for disposition before valuation allowance of $0.7 million at March 31, 2012 and 2011 (dollars in thousands).

	As of March 31,
	2012			2011
	Amount		%	Amount		%

Jewelry - held for one year or less	$	87,597	62.5	$	79,048	66.7
Other merchandise - held for one year or less		46,250	33.0		34,474	29.1
Total merchandise held for one year or less		133,847	95.5		113,522	95.8
Jewelry - held for more than one year		2,708	1.9		2,232	1.9
Other merchandise - held for more than one year		3,664	2.6		2,730	2.3
Total merchandise held for more than one year		6,372	4.5		4,962	4.2
Total merchandise held for disposition	$	140,219	100.0	$	118,484	100.0


CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)

The following table sets forth consumer loan fees by segment, adjusted for the deduction of the loan loss provision for the three months ended March 31, 2012 and 2011 (dollars in thousands):

	Three Months Ended March 31,
	2012									2011
	Retail Services			E-Commerce			Total			Retail Services			E-Commerce			Total
Short-term loans	$	26,911		$	121,382		$	148,293		$	24,730		$	90,264		$	114,994
Installment loans		2,461			22,086			24,547			1,105			7,028			8,133
Consumer loan fees	$	29,372		$	143,468		$	172,840		$	25,835		$	97,292		$	123,127
Consumer loan loss provision		4,466			57,917			62,383			3,183			36,317			39,500
Consumer loan fees, net of loss provision	$	24,906		$	85,551		$	110,457		$	22,652		$	60,975		$	83,627

Year-over-year change - $	$	2,254		$	24,576		$	26,830		$	(1,906	)	$	10,984		$	9,078
Year-over-year change - %		10.0	%		40.3	%		32.1	%		7.8	%		22.0	%		12.2	%
Consumer loan loss provision as a % of consumer loan fees		15.2	%		40.4	%		36.1	%		12.3	%		37.3	%		32.1	%

In addition to providing consumer loans owned by the Company and consumer loans guaranteed by the Company, which are either generally accepted accounting principles (“GAAP”) items or disclosures required by GAAP, the Company has provided combined consumer loans, which is a non-GAAP measure. In addition, the Company has provided disclosure regarding consumer loans written, which is statistical data that is not included in the Company’s financial statements. The Company also provides allowances and liabilities for losses on consumer loans on a combined basis, which are GAAP measures.

Management believes these measures provide investors with important information needed to evaluate the magnitude of potential loan losses and the opportunity for revenue performance of the consumer loan portfolio on an aggregate basis. The comparison of the aggregate amounts from period to period is more meaningful than comparing only the residual amount on the Company’s balance sheet since both revenue and the loss provision for loans are impacted by the aggregate amount of loans owned by the Company and those guaranteed by the Company as reflected in its financial statements.


CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)

The following tables summarize selected data related to the Company’s consumer loan activities as of March 31, 2012 and 2011 and for the three months ended March 31, 2012 and 2011.

	Three Months Ended
	March 31,
	2012		2011
Combined consumer loan loss provision as a % of combined consumer loans written^(a)	8.1	%	6.2	%
Charge-offs (net of recoveries) as a % of combined consumer loans written^(a)	8.8	%	7.0	%
Combined consumer loan loss provision as a % of consumer loan fees	36.1	%	32.1	%

^(a)The disclosure regarding the amount and number of consumer loans written is statistical data that is not included in the Company’s financial statements.


		As of March 31,
		2012									2011
		Company Owned^(a)			Guaranteed by the Company^(a)			Combined^(b)			Company Owned^(a)			Guaranteed by the Company^(a)			Combined^(b)
Ending consumer loan balances:
Retail Services
Short-term loans		$	38,852		$	6,239		$	45,091		$	37,422		$	6,974		$	44,396
Installment loans			7,859			6,043			13,902			5,058			3,504			8,562
Total Retail Services, gross			46,711			12,282			58,993			42,480			10,478			52,958
E-Commerce
Domestic
Short-term loans			48,367			28,771			77,138			37,334			25,869			63,203
Installment loans			22,283			-			22,283			8,783			-			8,783
Total Domestic, gross			70,650			28,771			99,421			46,117			25,869			71,986

Foreign
Short-term loans			96,714			3,450			100,164			62,974			2,403			65,377
Installment loans			45,003			-			45,003			9,574			-			9,574
Total Foreign, gross			141,717			3,450			145,167			72,548			2,403			74,951
Total E-Commerce, gross			212,367			32,221			244,588			118,665			28,272			146,937

Total ending loan balance, gross			259,078			44,503			303,581			161,145			38,750			199,895
Less: Allowance and liabilities for losses	(a)		(58,713	)		(1,993	)		(60,706	)		(35,010	)		(1,711	)		(36,721	)
Total ending loan balance, net		$	200,365		$	42,510		$	242,875		$	126,135		$	37,039		$	163,174

^(a)GAAP measure. The consumer loan balances guaranteed by the Company represent loans originated by third-party lenders through the Company’s credit services organization programs (the “CSO programs”), which are not recorded in the Company’s financial statements.
^(b)Except for allowance and liability for estimated losses, amounts represent non-GAAP measures.


CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSUMER LOAN FINANCIAL AND OPERATING DATA
(dollars in thousands, except where otherwise noted)

The following table summarizes consumer loans written for the three months ended March 31, 2012 and 2011 (dollars in thousands):

	Three Months Ended March 31,
	2012						2011
	Company Owned^(a)		Guaranteed by the Company^(a)(b)		Combined^(a)		Company Owned^(a)		Guaranteed by the Company^(a)(b)		Combined^(a)
Amount of consumer loans written:
Retail Services
Short-term loans	$	175,674	$	37,367	$	213,041	$	158,218	$	41,233	$	199,451
Installment loans		1,511		1,860		3,371		2,837		1,489		4,326
Total Retail Services		177,185		39,227		216,412		161,055		42,722		203,777
E-Commerce
Domestic
Short-term loans		100,058		162,282		262,340		102,789		155,345		258,134
Installment loans		11,266		-		11,266		5,629		-		5,629
Total Domestic		111,324		162,282		273,606		108,418		155,345		263,763

Foreign
Short-term loans		240,521		17,797		258,318		151,383		10,896		162,279
Installment loans		24,683		-		24,683		8,954		-		8,954
Total Foreign		265,204		17,797		283,001		160,337		10,896		171,233
Total E-Commerce		376,528		180,079		556,607		268,755		166,241		434,996

Total amount of consumer loans written	$	553,713	$	219,306	$	773,019	$	429,810	$	208,963	$	638,773

Number of consumer loans written:
Retail Services
Short-term loans		369,384		66,731		436,115		351,271		71,176		422,447
Installment loans		1,537		277		1,814		1,915		308		2,223
Total Retail Services		370,921		67,008		437,929		353,186		71,484		424,670
E-Commerce
Domestic
Short-term loans		316,385		219,126		535,511		303,752		215,019		518,771
Installment loans		10,015		-		10,015		6,550		-		6,550
Total Domestic		326,400		219,126		545,526		310,302		215,019		525,321

Foreign
Short-term loans		452,203		23,355		475,558		296,528		18,121		314,649
Installment loans		21,782		-		21,782		8,144		-		8,144
Total Foreign		473,985		23,355		497,340		304,672		18,121		322,793
Total E-Commerce		800,385		242,481		1,042,866		614,974		233,140		848,114

Total number of consumer loans written		1,171,306		309,489		1,480,795		968,160		304,624		1,272,784

^(a)The disclosure regarding the amount and number of consumer loans written is statistical data that is not included in the Company’s financial statements.
^(b)Loans guaranteed by the Company represent loans originated by third-party lenders through the CSO programs.

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
(dollars in thousands)

The following tables contain operating segment data for the three months ended March 31, 2012 and 2011 (dollars in thousands).

Corporate operations include corporate expenses, such as personnel, legal, occupancy, and other costs related to corporate service functions, such as executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax, certain information systems and collections support and other similar services. Corporate income includes miscellaneous income not directly attributable to the Company’s segments. Corporate assets primarily include: corporate property and equipment, non-qualified savings plan assets, marketable securities, foreign exchange forward contracts and prepaid insurance.


	Retail Services							E-Commerce
	Domestic		Foreign			Total		Domestic		Foreign			Total		Corporate			Consolidated

Three Months Ended March 31, 2012
Revenue
Pawn loan fees and service charges	$	69,413	$	3,486		$	72,899	$	-	$	-		$	-	$	-		$	72,899
Proceeds from disposition of merchandise		195,986		12,397			208,383		-		-			-		-			208,383
Consumer loan fees		29,372		-			29,372		69,124		74,344			143,468		-			172,840
Other		2,962		49			3,011		165		(6	)		159		196			3,366
Total revenue		297,733		15,932			313,665		69,289		74,338			143,627		196			457,488
Disposed merchandise		127,128		11,193			138,321		-		-			-		-			138,321
Consumer loan loss provision		4,466		-			4,466		21,954		35,963			57,917		-			62,383
Total cost of revenue		131,594		11,193			142,787		21,954		35,963			57,917		-			200,704

Net revenue		166,139		4,739			170,878		47,335		38,375			85,710		196			256,784
Expenses
Operations and administration		91,259		8,194			99,453		23,816		26,723			50,539		20,163			170,155
Depreciation and amortization		7,132		1,128			8,260		2,612		263			2,875		3,486			14,621
Total expenses		98,391		9,322			107,713		26,428		26,986			53,414		23,649			184,776
Income (loss) from operations	$	67,748	$	(4,583	)	$	63,165	$	20,907	$	11,389		$	32,296	$	(23,453	)	$	72,008
As of March 31, 2012
Total assets	$	844,689	$	123,245		$	967,934	$	339,199	$	143,757		$	482,956	$	131,847		$	1,582,737
Goodwill						$	357,459						$	210,371				$	567,830


	Retail Services							E-Commerce
	Domestic		Foreign			Total		Domestic		Foreign		Total		Corporate			Consolidated

Three Months Ended March 31, 2011
Revenue
Pawn loan fees and service charges	$	60,226	$	5,056		$	65,282	$	-	$	-	$	-	$	-		$	65,282
Proceeds from disposition of merchandise		160,661		11,266			171,927		-		-		-		-			171,927
Consumer loan fees		25,835		-			25,835		58,711		38,581		97,292		-			123,127
Other		3,725		102			3,827		233		308		541		160			4,528
Total revenue		250,447		16,424			266,871		58,944		38,889		97,833		160			364,864
Disposed merchandise		99,577		9,659			109,236		-		-		-		-			109,236
Consumer loan loss provision		3,183		-			3,183		17,158		19,159		36,317		-			39,500
Total cost of revenue		102,760		9,659			112,419		17,158		19,159		36,317		-			148,736
Net revenue		147,687		6,765			154,452		41,786		19,730		61,516		160			216,128
Expenses
Operations and administration		82,561		9,261			91,822		18,904		15,315		34,219		14,417			140,458
Depreciation and amortization		6,045		1,511			7,556		2,748		192		2,940		1,946			12,442
Total expenses		88,606		10,772			99,378		21,652		15,507		37,159		16,363			152,900
Income (loss) from operations	$	59,081	$	(4,007	)	$	55,074	$	20,134	$	4,223	$	24,357	$	(16,203	)	$	63,228
As of March 31, 2011
Total assets	$	741,075	$	126,750		$	867,825	$	304,071	$	72,054	$	376,125	$	133,826		$	1,377,776
Goodwill						$	335,383					$	210,282				$	545,665


CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
LOCATION INFORMATION

Retail Services Segment

The following table sets forth the number of domestic and foreign Company-owned and franchised locations in the Company’s retail services segment offering pawn lending, consumer lending, and other services as of March 31, 2012 and 2011. The Company’s domestic retail services locations operate under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday Advance,” “Cashland,” “Pawn X-Change” and “Mr. Payroll.” The Company’s foreign retail services locations (of which the Company is a majority owner) operate under the name “Prenda Fácil.”

	As of March 31,
	2012			2011
	Domestic^(a)(b)	Foreign^(a)	Total	Domestic^(a)(b)	Foreign^(a)	Total
Retail services locations offering:
Both pawn and consumer lending	574	-	574	569	-	569
Pawn lending only	127	193	320	124	182	306
Consumer lending only	85	-	85	88	-	88
Other ^(c)	101	-	101	124	-	124
Total retail services	887	193	1,080	905	182	1,087

^(a)Except as described in (c) below, includes locations that operate in 23 states in the United States as of both March 31, 2012 and 2011, respectively, and 21 jurisdictions in Mexico, as of both March 31, 2012 and 2011, respectively.
^(b)Includes unconsolidated franchised locations as follows: one location operating under the name “Cash America Pawn” as of March 31, 2012 and nine locations operating under the names “Cash America Pawn” and “SuperPawn” as of March 31, 2011.
^(c)As of both March 31, 2012 and 2011, includes six and six consolidated Company-owned check cashing locations, respectively, and 95 and 118 unconsolidated franchised check cashing locations, respectively. As of March 31, 2012 and 2011, includes locations that operate in 16 and 18 states in the United States, respectively.

As of March 31, 2012, the Company’s e-commerce operating segment offers consumer loans to customers over the Internet:

The following table includes, as of March 31, 2012 and 2011, the number of states in the United States and other foreign countries where the Company’s e-commerce segment operates.

In addition to the financial information prepared in conformity with GAAP, the Company provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company’s operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Management provides non-GAAP financial information for informational purposes and to enhance understanding of the Company’s GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of, its financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
ADJUSTED EARNINGS PER SHARE

In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which provides a more complete understanding of the Company’s financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company’s business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The following table provides a reconciliation between net income attributable to the Company and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted earnings per share, respectively (dollars in thousands, except per share data):


	Three Months Ended
	March 31,
	2012					2011
	$			Per Diluted Share		$		Per Diluted Share

Net income attributable to Cash America International, Inc.	$	41,467		$	1.30	$	36,378	$	1.13

Adjustments:
Intangible asset amortization, net of tax		738			0.02		1,104		0.04
Non-cash equity-based compensation, net of tax		972			0.03		769		0.02
Convertible debt non-cash interest and issuance cost amortization, net of tax		581			0.02		541		0.02
Foreign exchange (gain) loss, net of tax		(54	)		-		60		-
Adjusted earnings	$	43,704		$	1.37	$	38,852	$	1.21

The table below shows adjusted EBITDA, a non-GAAP measure that the Company defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, equity in earnings or loss of unconsolidated subsidiary, taxes and including the net income or loss attributable to noncontrolling interests. Management believes adjusted EBITDA is used by investors to analyze operating performance and evaluate the Company’s ability to incur and service debt and its capacity for making capital expenditures. Adjusted EBITDA is also useful to investors to help assess the Company’s liquidity and estimated enterprise value. The computation of adjusted EBITDA as presented below may differ from the computation of similarly-titled measures provided by other companies (dollars in thousands):


	Trailing 12 Months Ended
	March 31,
	2012				2011
Net Income attributable to Cash America International, Inc.		$	141,052			$	119,880

Adjustments:
Depreciation and amortization expenses			56,328				45,651
Interest expense, net			27,005				22,157
Foreign currency transaction loss			1,082				422
Equity in loss of unconsolidated subsidiary			217				140
Provision for income taxes			84,916				72,219
Net loss attributable to the noncontrolling interest			(1,150	)			(903	)
Adjusted EBITDA		$	309,450			$	259,566

Adjusted EBITDA margin calculated as follows:
Total revenue		$	1,675,688			$	1,378,625
Adjusted EBITDA			309,450				259,566
Adjusted EBITDA as a percentage of total revenue			18.5	%			18.8	%

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

In the first quarter of 2012, the Company changed its accounting policy with respect to its foreign pawn operations to reflect nonperforming loans as “Merchandise held for disposition, net”, the proceeds received from the disposition of this merchandise as “Proceeds from disposition of merchandise” and the cost basis as “Cost of disposed merchandise” in its consolidated financial statements.

The following table summarizes the impact of the change in accounting policy on the balance sheets as of March 31, 2011 and December 31, 2011.

The following tables summarize the impact of the change in accounting policy on components of net revenue for each quarter of 2011 and for the year ended December 31, 2011.

During the first quarter of 2012, the Company changed the presentation of its operating segment information to report corporate operations separately from its retail services and e-commerce segment information. Corporate administrative expense, which was previously allocated to each segment based on personnel expense, is included under the “Corporate” heading in the following tables. For comparison purposes, operations and administration expenses for prior years have been conformed to the current presentation. Corporate operations include corporate expenses, such as personnel, legal, occupancy, and other costs related to corporate service functions, such as executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax, certain information systems and collections support and other similar services. Corporate income includes miscellaneous income not directly attributable to the Company’s segments. Corporate assets primarily include: corporate property and equipment, non-qualified savings plan assets, marketable securities, foreign exchange forward contracts and prepaid insurance.

The following tables present operating income for the Company’s segments for each quarter of 2011 and for the year ended December 31, 2011, as a result of the change in presentation described above.


	Retail Services							E-Commerce
	Domestic		Foreign			Total		Domestic		Foreign		Total		Corporate			Consolidated
Three Months Ended March 31, 2011
Revenue
Pawn loan fees and service charges	$	60,226	$	5,056		$	65,282	$	-	$	-	$	-	$	-		$	65,282
Proceeds from disposition of merchandise		160,661		11,266			171,927		-		-		-		-			171,927
Consumer loan fees		25,835		-			25,835		58,711		38,581		97,292		-			123,127
Other		3,725		102			3,827		233		308		541		160			4,528
Total revenue		250,447		16,424			266,871		58,944		38,889		97,833		160			364,864
Disposed merchandise		99,577		9,659			109,236		-		-		-		-			109,236
Consumer loan loss provision		3,183		-			3,183		17,158		19,159		36,317		-			39,500
Total cost of revenue		102,760		9,659			112,419		17,158		19,159		36,317		-			148,736
Net revenue		147,687		6,765			154,452		41,786		19,730		61,516		160			216,128
Expenses
Operations and administration		82,561		9,261			91,822		18,904		15,315		34,219		14,417			140,458
Depreciation and amortization		6,045		1,511			7,556		2,748		192		2,940		1,946			12,442
Total expenses		88,606		10,772			99,378		21,652		15,507		37,159		16,363			152,900
Income (loss) from operations	$	59,081	$	(4,007	)	$	55,074	$	20,134	$	4,223	$	24,357	$	(16,203	)	$	63,228
As of March 31, 2011
Total assets	$	741,075	$	126,750		$	867,825	$	304,071	$	72,054	$	376,125	$	133,826		$	1,377,776
Goodwill						$	335,383					$	210,282				$	545,665


	Retail Services						E-Commerce
	Domestic		Foreign		Total		Domestic		Foreign		Total		Corporate		Consolidated
Three Months Ended June 30, 2011
Revenue
Pawn loan fees and service charges	$	61,158	$	5,295	$	66,453	$	-	$	-	$	-	$	-	$	66,453
Proceeds from disposition of merchandise		130,264		13,582		143,846		29		-		29		-		143,875
Consumer loan fees		27,320		-		27,320		55,212		49,882		105,094		-		132,414
Other		2,521		174		2,695		110		229		339		163		3,197
Total revenue		221,263		19,051		240,314		55,351		50,111		105,462		163		345,939
Disposed merchandise		79,252		11,687		90,939		23		-		23		-		90,962
Consumer loan loss provision		4,756		-		4,756		16,504		23,869		40,373		-		45,129
Total cost of revenue		84,008		11,687		95,695		16,527		23,869		40,396		-		136,091
Net revenue		137,255		7,364		144,619		38,824		26,242		65,066		163		209,848
Expenses
Operations and administration		81,772		7,936		89,708		19,463		20,176		39,639		18,369		147,716
Depreciation and amortization		6,223		1,460		7,683		2,574		208		2,782		1,843		12,308
Total expenses		87,995		9,396		97,391		22,037		20,384		42,421		20,212		160,024
Income (loss) from operations	$	49,260	$	(2,032)	$	47,228	$	16,787	$	5,858	$	22,645	$	(20,049)	$	49,824
As of June 30, 2011
Total assets	$	836,555	$	135,852	$	972,407	$	304,586	$	92,342	$	396,928	$	134,902	$	1,504,237
Goodwill					$	336,392					$	210,282			$	546,674


	Retail Services						E-Commerce
	Domestic		Foreign		Total		Domestic		Foreign		Total		Corporate		Consolidated
Three Months Ended September 30, 2011
Revenue
Pawn loan fees and service charges	$	69,025	$	5,374	$	74,399	$	-	$	-	$	-	$	-	$	74,399
Proceeds from disposition of merchandise		144,820		13,065		157,885		1		-		1		-		157,886
Consumer loan fees		32,677		-		32,677		67,320		62,984		130,304		-		162,981
Other		2,521		16		2,537		49		294		343		158		3,038
Total revenue		249,043		18,455		267,498		67,370		63,278		130,648		158		398,304
Disposed merchandise		91,863		10,411		102,274		-		-		-		-		102,274
Consumer loan loss provision		7,513		-		7,513		25,472		27,591		53,063		-		60,576
Total cost of revenue		99,376		10,411		109,787		25,472		27,591		53,063		-		162,850
Net revenue		149,667		8,044		157,711		41,898		35,687		77,585		158		235,454
Expenses
Operations and administration		85,419		8,138		93,557		24,115		23,508		47,623		16,259		157,439
Depreciation and amortization		7,090		1,488		8,578		2,634		218		2,852		3,420		14,850
Total expenses		92,509		9,626		102,135		26,749		23,726		50,475		19,679		172,289
Income (loss) from operations	$	57,158	$	(1,582)	$	55,576	$	15,149	$	11,961	$	27,110	$	(19,521)	$	63,165
As of September 30, 2011
Total assets	$	885,572	$	121,326	$	1,006,898	$	323,699	$	115,905	$	439,604	$	131,651	$	1,578,153
Goodwill					$	327,887					$	210,282			$	538,169


	Retail Services						E-Commerce
	Domestic		Foreign		Total		Domestic		Foreign		Total		Corporate		Consolidated
Three Months Ended December 31, 2011
Revenue
Pawn loan fees and service charges	$	71,420	$	4,643	$	76,063	$	-	$	-	$	-	$	-	$	76,063
Proceeds from disposition of merchandise		200,953		14,243		215,196		-		-		-		-		215,196
Consumer loan fees		33,360		-		33,360		72,909		73,855		146,764		-		180,124
Other		2,402		253		2,655		201		(545)		(344)		263		2,574
Total revenue		308,135		19,139		327,274		73,110		73,310		146,420		263		473,957
Disposed merchandise		134,440		10,705		145,145		-		-		-		-		145,145
Consumer loan loss provision		8,549		-		8,549		31,401		40,533		71,934		-		80,483
Total cost of revenue		142,989		10,705		153,694		31,401		40,533		71,934		-		225,628
Net revenue		165,146		8,434		173,580		41,709		32,777		74,486		263		248,329
Expenses
Operations and administration		89,495		8,269		97,764		26,095		25,545		51,640		16,251		165,655
Depreciation and amortization		6,806		1,412		8,218		2,457		232		2,689		3,642		14,549
Total expenses		96,301		9,681		105,982		28,552		25,777		54,329		19,893		180,204
Income (loss) from operations	$	68,845	$	(1,247)	$	67,598	$	13,157	$	7,000	$	20,157	$	(19,630)	$	68,125
As of December 31, 2011
Total assets	$	941,801	$	117,470	$	1,059,271	$	352,244	$	135,774	$	488,018	$	126,960	$	1,674,249
Goodwill					$	352,439					$	210,282			$	562,721


	Retail Services						E-Commerce
	Domestic		Foreign		Total		Domestic		Foreign		Total		Corporate		Consolidated
Year Ended December 31, 2011
Revenue
Pawn loan fees and service charges	$	261,829	$	20,368	$	282,197	$	-	$	-	$	-	$	-	$	282,197
Proceeds from disposition of merchandise		636,698		52,156		688,854		30		-		30		-		688,884
Consumer loan fees		119,192		-		119,192		254,152		225,302		479,454		-		598,646
Other		11,170		545		11,715		593		286		879		743		13,337
Total revenue		1,028,889		73,069		1,101,958		254,775		225,588		480,363		743		1,583,064
Disposed merchandise		405,132		42,462		447,594		23		-		23		-		447,617
Consumer loan loss provision		24,001		-		24,001		90,535		111,152		201,687		-		225,688
Total cost of revenue		429,133		42,462		471,595		90,558		111,152		201,710		-		673,305
Net revenue		599,756		30,607		630,363		164,217		114,436		278,653		743		909,759
Expenses
Operations and administration		339,247		33,604		372,851		88,577		84,544		173,121		65,296		611,268
Depreciation and amortization		26,165		5,871		32,036		10,413		850		11,263		10,850		54,149
Total expenses		365,412		39,475		404,887		98,990		85,394		184,384		76,146		665,417
Income (loss) from operations	$	234,344	$	(8,868)	$	225,476	$	65,227	$	29,042	$	94,269	$	(75,403)	$	244,342

	March 31, 2012	March 31, 2011
United States	32	30
United Kingdom	Y	Y
Australia	Y	Y
Canada	Y	Y


As of March 31, 2011	As Reported		Adjustment			As Adjusted
Pawn loans	$	188,088	$	(1,151	)	$	186,937
Merchandise held for disposition, net		110,490		7,294			117,784
Prepaid expenses and other assets		37,709		(6,143	)		31,566

As of December 31, 2011	As Reported		Adjustment			As Adjusted
Merchandise held for disposition, net	$	151,274	$	10,610		$	161,884
Prepaid expenses and other assets		41,911		(10,610	)		31,301