0-19133 (Commission File Number) | 75-2237318 (IRS Employer Identification No.) |
• | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
• | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
• | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
• | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) Exhibits: | |||
99.1 | Press Release dated April 17, 2013 announcing the Company's financial results for the three month period ended March 31, 2013. |
Dated: April 17, 2013 | FIRST CASH FINANCIAL SERVICES, INC. |
(Registrant) | |
/s/ R. DOUGLAS ORR | |
R. Douglas Orr | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
Exhibit Number | Document |
99.1 | Press release dated: April 17, 2013 |
• | Diluted earnings per share from continuing operations increased 19% to $0.68, compared to $0.57 in the same quarter of the prior year. |
• | Net income from continuing operations for the first quarter of 2013 increased 16% to $20.3 million, compared to $17.5 million in the first quarter of 2012. |
• | Consolidated first quarter revenue totaled $161 million, representing an increase of 19% (or 18% on a constant currency basis) compared to the first quarter of 2012. |
• | Same-store revenue in the Company's pawn stores (excluding wholesale jewelry scrapping) increased 15% in Mexico, 2% in the U.S. and 9% on a consolidated basis. The same measures, on a constant currency basis, increased 12% in Mexico, 2% in the U.S. and 7% overall. The strength in same-store pawn revenues more than offset a 24% decrease in same-store wholesale jewelry scrapping revenue and a 6% decline in same-store revenues at freestanding payday/consumer loan stores. |
• | Consolidated retail merchandise sales from pawn operations increased by 31% for the quarter (28% on a constant currency basis), while revenue from pawn fees increased 24% versus the prior-year first quarter (22% on a constant currency basis). |
• | Revenue from wholesale scrap jewelry operations in the first quarter decreased 4% compared to the same period last year. While the volume of scrap jewelry sold increased 1% compared to the prior period (primarily due to store additions), the average selling price for gold decreased 4% compared to the prior-year quarter. Scrap jewelry operations accounted for only 5% of net revenue (gross profit) for the quarter, compared to 9% in the first quarter of the prior year. |
• | Short-term loan and credit services revenue (collectively, payday loan products) decreased 1% compared to the prior-year quarter, primarily the result of a 5% decrease in revenue from the Company’s U.S. stand-alone consumer loan stores that are all located in Texas. This decrease was partially offset by added revenue from acquired pawn stores that had existing payday operations. Payday loan-related products comprised less than 8% of total revenue for the first quarter. |
• | Consolidated pawn receivables at March 31, 2013 totaled $105 million, an increase of 29% over the prior year (26% on a constant currency basis). In Mexico, pawn receivables increased 25% (21% on a constant currency basis), driven by 11% same-store receivable growth and new stores. Pawn receivables in the U.S. increased by 34% versus the prior year, primarily driven by store count growth and same-store receivable growth of 3%. |
• | The consolidated gross margin on retail merchandise sales was 41% for both the first quarter of 2013 and the prior-year period. The consolidated gross margin on wholesale scrap jewelry was 20% for the quarter, compared to 28% in the prior-year period, reflecting lower spot gold selling prices and higher acquisition costs. |
• | Consolidated annualized inventory turns in the first quarter were 4.1 turns, representing the sixth consecutive quarter that turns for the trailing twelve months exceed four turns. |
• | On a consolidated basis at March 31, 2013, 63% of total pawn loans were collateralized with hard goods (electronics, tools and appliances) with the remaining 37% collateralized by jewelry. In Mexico, 85% of the Company’s pawn loans were collateralized with hard goods, and only 15% were collateralized with jewelry, compared to 78% and 22%, respectively, one year ago. In the U.S. stores, jewelry comprised 65% of pawn collateral as of the quarter end, compared to a 67% jewelry mix last year. |
• | The Company’s return on equity for the trailing twelve months ended March 31, 2013, increased to 25% versus 23% in the comparable prior-year period. |
• | Consolidated net operating margin (pre-tax income) was 20% for the trailing twelve month period, while store-level operating profit margins were 29% for the trailing twelve month period. |
• | The Company added 22 pawn store locations during the first quarter of 2013, including 21 new stores in Mexico and one acquired store in the U.S. |
• | As of March 31, 2013, First Cash had 559 stores in Mexico, of which 506 are large format, full-service stores and 277 stores in the U.S., of which 185 are large format, full-service pawn stores. |
• | Over the past twelve months, the Company has added 63 stores in Mexico and 48 stores in the U.S., representing a 15% increase in the total store count. |
• | EBITDA from continuing operations for the trailing twelve months ended March 31, 2013, was $143 million, an increase of 18% versus the comparable prior twelve-month period. The EBITDA margin from continuing operations of 23% for the trailing twelve months equaled the prior-year period. Free cash flow for the trailing twelve months increased to $50 million. EBITDA from continuing operations and free cash flow are defined in the detailed reconciliation of these non-GAAP financial measures provided elsewhere in this release. |
• | The Company paid down the balance on its unsecured bank credit facility by $51 million during the first quarter of 2013, and as of March 31, 2013, had only $52 million outstanding on the facility. The Company has $123 million of availability under the $175 million facility, which bears interest at the prevailing LIBOR rate plus a fixed spread of 2.0% and matures in February 2015. The total interest rate on the facility is currently 2.25% annually. |
• | Over the past twelve months, the Company has invested $78 million in acquisitions, $23 million in stock repurchases, $22 million in capital expenditures and $42 million in net new loans and inventory. |
• | In the first quarter of 2013, the Board of Directors authorized a new program for the repurchase of up to 1,500,000 shares of its common stock. Under previously completed share repurchase programs, the Company has repurchased a total of 9,700,000 shares, representing 33% of the currently outstanding share count. |
• | Under its new share repurchase program, the Company can purchase common stock in open market transactions, block or privately negotiated transactions, and may from time to time purchase shares pursuant to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The number of shares to be purchased and the timing of the purchases are based on a variety of factors, including, but not limited to, the level of cash balances, credit availability, general business conditions, regulatory requirements, the market price of the Company's stock and the availability of alternative investment opportunities. No time limit was set for completion of repurchases under the new authorization and the program may be suspended or discontinued at any time. |
• | The Company is maintaining its fiscal 2013 guidance for earnings per share to be in a range of $3.10 to $3.24 per share, which represents estimated growth of 14% to 19% over fiscal 2012. Should the recent negative volatility in the spot price of gold continue, the Company would anticipate earnings per share being at the lower end of the annual guidance range. |
• | The Company expects to open approximately 75 to 85 new stores in 2013, the majority of which will be in Mexico. All of the anticipated 2013 store openings will be large format pawn stores. |
• | Approximately 92% to 93% of 2013 revenues are expected to be derived from the Company's growing pawn operations, with the remainder expected to come from consumer loan and credit services operations. |
Pawn Locations | Consumer Loan Locations (3) | Total Locations | ||||||||||
Large Format (1) | Small Format (2) | |||||||||||
Domestic: | ||||||||||||
Total locations, beginning of period | 184 | 27 | 65 | 276 | ||||||||
Locations acquired | 1 | — | — | 1 | ||||||||
Total locations, end of period | 185 | 27 | 65 | 277 | ||||||||
International: | ||||||||||||
Total locations, beginning of period | 485 | 19 | 34 | 538 | ||||||||
New locations opened | 21 | — | — | 21 | ||||||||
Total locations, end of period | 506 | 19 | 34 | 559 | ||||||||
Total: | ||||||||||||
Total locations, beginning of period | 669 | 46 | 99 | 814 | ||||||||
New locations opened | 21 | — | — | 21 | ||||||||
Locations acquired | 1 | — | — | 1 | ||||||||
Total locations, end of period | 691 | 46 | 99 | 836 |
(1) | The large format locations include retail showrooms and accept a broad array of pawn collateral including electronics, appliances, tools, jewelry and other consumer hard goods. At March 31, 2013, 111 of the U.S. large format pawn stores also offered consumer loans or credit services products. |
(2) | The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral. At March 31, 2013, all of the Texas and Mexico small format pawn stores also offered consumer loans or credit services products. |
(3) | The Company’s U.S. free-standing, small format consumer loan locations offer a credit services product and are all located in Texas. The Mexico locations offer small, short-term consumer loans. In addition to stores shown on this chart, First Cash is also an equal partner in Cash & Go, Ltd., a joint venture, which owns and operates 38 check cashing and financial services kiosks located inside convenience stores in the state of Texas. The Company’s credit services operations also include an internet distribution channel for customers residing in the state of Texas. |
Three Months Ended | |||||||
March 31, | |||||||
2013 | 2012 | ||||||
(in thousands, except per share data) | |||||||
Revenue: | |||||||
Merchandise sales | $ | 104,994 | $ | 86,896 | |||
Pawn loan fees | 43,151 | 34,912 | |||||
Consumer loan and credit services fees | 12,473 | 12,516 | |||||
Other revenue | 221 | 302 | |||||
Total revenue | 160,839 | 134,626 | |||||
Cost of revenue: | |||||||
Cost of goods sold | 66,543 | 54,309 | |||||
Consumer loan and credit services loss provision | 2,190 | 2,241 | |||||
Other cost of revenue | 24 | 15 | |||||
Total cost of revenue | 68,757 | 56,565 | |||||
Net revenue | 92,082 | 78,061 | |||||
Expenses and other income: | |||||||
Store operating expenses | 43,476 | 36,089 | |||||
Administrative expenses | 13,113 | 12,306 | |||||
Depreciation and amortization | 3,625 | 3,026 | |||||
Interest expense | 719 | 77 | |||||
Interest income | (147 | ) | (81 | ) | |||
Total expenses and other income | 60,786 | 51,417 | |||||
Income from continuing operations before income taxes | 31,296 | 26,644 | |||||
Provision for income taxes | 11,032 | 9,192 | |||||
Income from continuing operations | 20,264 | 17,452 | |||||
Income from discontinued operations, net of tax | — | 60 | |||||
Net income | $ | 20,264 | $ | 17,512 | |||
Basic income per share: | |||||||
Income from continuing operations | $ | 0.69 | $ | 0.59 | |||
Income from discontinued operations | — | — | |||||
Net income per basic share | $ | 0.69 | $ | 0.59 | |||
Diluted income per share: | |||||||
Income from continuing operations | $ | 0.68 | $ | 0.57 | |||
Income from discontinued operations | — | 0.01 | |||||
Net income per diluted share | $ | 0.68 | $ | 0.58 | |||
Weighted average shares outstanding: | |||||||
Basic | 29,313 | 29,580 | |||||
Diluted | 29,955 | 30,353 |
March 31, | December 31, | |||||||||||
2013 | 2012 | 2012 | ||||||||||
(in thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 38,339 | $ | 30,449 | $ | 50,285 | ||||||
Pawn loan fees and service charges receivable | 15,704 | 12,151 | 15,367 | |||||||||
Pawn loans | 104,636 | 80,996 | 103,181 | |||||||||
Consumer loans, net | 1,618 | 928 | 1,879 | |||||||||
Inventories | 64,771 | 47,106 | 65,345 | |||||||||
Other current assets | 8,298 | 4,529 | 5,373 | |||||||||
Total current assets | 233,366 | 176,159 | 241,430 | |||||||||
Property and equipment, net | 97,006 | 83,061 | 93,304 | |||||||||
Goodwill, net | 168,842 | 111,844 | 166,429 | |||||||||
Other non-current assets | 6,518 | 4,761 | 6,529 | |||||||||
Total assets | $ | 505,732 | $ | 375,825 | $ | 507,692 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current portion of notes payable | $ | 3,240 | $ | 1,593 | $ | 3,212 | ||||||
Accounts payable and accrued liabilities | 30,827 | 31,926 | 27,938 | |||||||||
Income taxes payable and deferred taxes payable | — | 8,184 | — | |||||||||
Total current liabilities | 34,067 | 41,703 | 31,150 | |||||||||
Revolving unsecured credit facility | 52,000 | 18,000 | 102,500 | |||||||||
Notes payable, net of current portion | 7,531 | 3,047 | 8,351 | |||||||||
Deferred income tax liabilities | 17,155 | 10,885 | 13,275 | |||||||||
Total liabilities | 110,753 | 73,635 | 155,276 | |||||||||
Stockholders' equity: | ||||||||||||
Preferred stock | — | — | — | |||||||||
Common stock | 393 | 383 | 388 | |||||||||
Additional paid-in capital | 175,144 | 148,149 | 159,081 | |||||||||
Retained earnings | 434,146 | 351,035 | 413,882 | |||||||||
Accumulated other comprehensive income (loss) from | ||||||||||||
cumulative foreign currency translation adjustments | (709 | ) | (5,906 | ) | (6,940 | ) | ||||||
Common stock held in treasury, at cost | (213,995 | ) | (191,471 | ) | (213,995 | ) | ||||||
Total stockholders' equity | 394,979 | 302,190 | 352,416 | |||||||||
Total liabilities and stockholders' equity | $ | 505,732 | $ | 375,825 | $ | 507,692 |
Three Months Ended | Increase/(Decrease) | |||||||||||||||||||
March 31, | Constant Currency | |||||||||||||||||||
2013 | 2012 | Increase/(Decrease) | Basis | |||||||||||||||||
Domestic revenue: | ||||||||||||||||||||
Retail merchandise sales | $ | 33,712 | $ | 25,062 | $ | 8,650 | 35 | % | 35 | % | ||||||||||
Scrap jewelry sales | 13,950 | 15,026 | (1,076 | ) | (7 | )% | (7 | )% | ||||||||||||
Pawn loan fees | 18,839 | 14,539 | 4,300 | 30 | % | 30 | % | |||||||||||||
Consumer loan and credit services fees | 11,597 | 11,515 | 82 | 1 | % | 1 | % | |||||||||||||
Other revenue | 218 | 302 | (84 | ) | (28 | )% | (28 | )% | ||||||||||||
78,316 | 66,444 | 11,872 | 18 | % | 18 | % | ||||||||||||||
International revenue: | ||||||||||||||||||||
Retail merchandise sales | 48,058 | 37,582 | 10,476 | 28 | % | 24 | % | |||||||||||||
Scrap jewelry sales | 9,274 | 9,226 | 48 | 1 | % | 1 | % | |||||||||||||
Pawn loan fees | 24,312 | 20,373 | 3,939 | 19 | % | 16 | % | |||||||||||||
Consumer loan and credit services fees | 876 | 1,001 | (125 | ) | (12 | )% | (15 | )% | ||||||||||||
Other revenue | 3 | — | 3 | — | % | — | % | |||||||||||||
82,523 | 68,182 | 14,341 | 21 | % | 18 | % | ||||||||||||||
Total revenue: | ||||||||||||||||||||
Retail merchandise sales | 81,770 | 62,644 | 19,126 | 31 | % | 28 | % | |||||||||||||
Scrap jewelry sales | 23,224 | 24,252 | (1,028 | ) | (4 | )% | (4 | )% | ||||||||||||
Pawn loan fees | 43,151 | 34,912 | 8,239 | 24 | % | 22 | % | |||||||||||||
Consumer loan and credit services fees | 12,473 | 12,516 | (43 | ) | — | % | (1 | )% | ||||||||||||
Other revenue | 221 | 302 | (81 | ) | (27 | )% | (27 | )% | ||||||||||||
$ | 160,839 | $ | 134,626 | $ | 26,213 | 19 | % | 18 | % |
Increase/(Decrease) | ||||||||||||||||||||
Balance at March 31, | Constant Currency | |||||||||||||||||||
2013 | 2012 | Increase/(Decrease) | Basis | |||||||||||||||||
Domestic: | ||||||||||||||||||||
Pawn loans | $ | 46,094 | $ | 34,295 | $ | 11,799 | 34 | % | 34 | % | ||||||||||
CSO credit extensions held by independent third-party (1) | 11,184 | 10,898 | 286 | 3 | % | 3 | % | |||||||||||||
Other consumer loans | 838 | 46 | 792 | 1,722 | % | 1,722 | % | |||||||||||||
58,116 | 45,239 | 12,877 | 28 | % | 28 | % | ||||||||||||||
International: | ||||||||||||||||||||
Pawn loans | 58,542 | 46,701 | 11,841 | 25 | % | 21 | % | |||||||||||||
Other consumer loans | 780 | 882 | (102 | ) | (12 | )% | (15 | )% | ||||||||||||
59,322 | 47,583 | 11,739 | 25 | % | 20 | % | ||||||||||||||
Total: | ||||||||||||||||||||
Pawn loans | 104,636 | 80,996 | 23,640 | 29 | % | 26 | % | |||||||||||||
CSO credit extensions held by independent third-party (1) | 11,184 | 10,898 | 286 | 3 | % | 3 | % | |||||||||||||
Other consumer loans | 1,618 | 928 | 690 | 74 | % | 71 | % | |||||||||||||
$ | 117,438 | $ | 92,822 | $ | 24,616 | 27 | % | 24 | % | |||||||||||
Pawn inventories: | ||||||||||||||||||||
Domestic pawn inventories | $ | 28,044 | $ | 19,676 | $ | 8,368 | 43 | % | 43 | % | ||||||||||
International pawn inventories | 36,727 | 27,430 | 9,297 | 34 | % | 29 | % | |||||||||||||
$ | 64,771 | $ | 47,106 | $ | 17,665 | 38 | % | 35 | % |
(1) | CSO amounts are comprised of the principal portion of active CSO extensions of credit by an independent third-party lender, which are not included on the Company's balance sheet, net of the Company's estimated fair value of its liability under the letters of credit guaranteeing the loans. |
Trailing Twelve Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
Net income | $ | 83,111 | $ | 72,738 | ||||
(Income) loss from discontinued operations, net of tax | 806 | (639 | ) | |||||
Income from continuing operations | 83,917 | 72,099 | ||||||
Adjustments: | ||||||||
Income taxes | 43,346 | 37,801 | ||||||
Depreciation and amortization | 13,548 | 11,354 | ||||||
Interest expense | 2,130 | 186 | ||||||
Interest income | (282 | ) | (260 | ) | ||||
Earnings from continuing operations before interest, taxes, depreciation and amortization | $ | 142,659 | $ | 121,180 | ||||
EBITDA from continuing operations margin calculated as follows: | ||||||||
Total revenue from continuing operations | $ | 622,159 | $ | 532,597 | ||||
Earnings from continuing operations before interest, taxes, depreciation and amortization | 142,659 | 121,180 | ||||||
EBITDA from continuing operations as a percentage of revenue | 23 | % | 23 | % |
Trailing Twelve Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
Cash flow from operating activities, including discontinued operations | $ | 84,885 | $ | 84,386 | ||||
Cash flow from investing activities: | ||||||||
Loan receivables | (12,357 | ) | (7,591 | ) | ||||
Purchases of property and equipment | (22,319 | ) | (27,497 | ) | ||||
Free cash flow | $ | 50,209 | $ | 49,298 |
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