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First Cash Reports 42% Increase In Fourth Quarter Net Income



EBITDA is commonly used by investors to assess a company's leverage capacity, liquidity and financial performance. The following table provides a reconciliation of income from continuing operations to EBITDA (in thousands): 
  Twelve Months Ended
  December 31,
  2010 2009
Income from continuing operations $ 54,255 $ 41,156
Income taxes  30,374  24,588
Depreciation and amortization  10,506  10,067
Interest expense  391  765
Interest income  (97)  (67)
Earnings from continuing operations before interest, taxes,     
depreciation and amortization $ 95,429 $ 76,509
EBITDA margin calculated as follows:    
Total revenue from continuing operations $ 431,147 $ 363,058
Earnings from continuing operations before interest, taxes,     
depreciation and amortization  95,429  76,509
EBITDA as a percent of revenue 22% 21%

Constant Currency Results

Certain performance metrics discussed in this release are presented on a "constant currency" basis, which may be considered a non-GAAP measurement of financial performance under GAAP. The Company's management uses constant currency results to evaluate operating results of certain business operations in Mexico, which are transacted primarily in Mexican pesos. Pawn scrap jewelry in Mexico is sold in U.S. dollars and, accordingly, does not require a constant currency adjustment. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in Mexican pesos using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. For balance sheet items, the closing exchange rate at the end of the applicable prior-year period (December 31, 2009) of 13.1 to 1 was used, compared to the current end of period (December 31, 2010) exchange rate of 12.4 to 1. For income statement items, the average closing daily exchange rate for the appropriate period was used. The average exchange rate for the prior-year quarter ended December 31, 2009 was 13.1 to 1, compared to the current quarter rate of 12.4 to 1. The average exchange rate for the prior-year twelve-month period ended December 31, 2009 was 13.5 to 1, compared to the current year-to-date rate of 12.6 to 1. 
CONTACT: Rick Wessel, Chairman and Chief Executive Officer
         Doug Orr, Executive Vice President and Chief Financial Officer
         Phone:   (817) 505-3199

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