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Advance America, Cash Advance Centers' CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: AEA

In this regard, please keep in mind that our actual future results could differ materially from our expectations and are subject to risks, uncertainties and other factors, many of which are not within our control or may not be predicted.

For a more detailed discussion of some of these factors, please refer to the risk factors section of our annual report on Form 10-K for the year ended December 31, 2010 and our quarterly report on Form 10-Q for the quarter end June 30, 2011, copies of which are available from the SEC, upon request from us or by going to our website at www.advanceamerica.net.

Now, I’d like to turn the call over to our Chief Executive Officer, Patrick O’Shaughnessy.

Patrick O Shaughnessy

Good morning. And welcome to our third quarter 2011 earnings call. Also joining me today is Jim Ovenden, our company’s Chief Financial Officer.

Yesterday we were pleased to report the results of the quarter ended September 30, 2011. Our third consecutive quarter of center gross profit and earnings growth. Before we discuss the financial results in detail, I would like to briefly update you on the few developments since our last call.

Yesterday, our Board of Directors approved Advance America’s 28th consecutive dividend since becoming a public company. This dividend of $6.25 per share is payable on December 2, 2011 to shareholders of record as of November 22, 2011.

On October 10, we completed our largest acquisition in over 10 years by closing on the purchase of CompuCredit Holdings, 300 retail store front lending locations. These centers are located in nine states where Advance America already operates and we are excited to add them to our existing national network.

The purchase price is approximately $46.7 million and was comprised of the $45.6 million contract amount and a working capital adjustment of $1.1 million. It is subject to possible post closing adjustments and indemnities.

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