This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

QC Holdings, Inc. Reports Fourth Quarter Results

QC Holdings, Inc. (NASDAQ: QCCO) reported income from continuing operations of $3.2 million and revenues of $49.7 million for the quarter ended December 31, 2011. For the year ended December 31, 2011, income from continuing operations totaled $10.8 million and revenues were $187.5 million.

“Our fourth quarter results were slightly below our expectations,” said QC Chairman and Chief Executive Officer Don Early. “While we expected higher revenues and profit due to the inclusion of our new Canadian online lending subsidiary, we were disappointed with the ongoing drag associated with the change in the Illinois payday lending law that took effect in late first quarter 2011. Exclusive of Illinois, our US branch network generated a 3.9% improvement in revenues over prior year’s fourth quarter.

“Full year 2011 presented various challenges for the company and industry. For QC, we managed through higher losses and declining revenues in our financial services branches located in legislative-affected states. In our automotive division, escalating vehicle acquisition costs and higher losses offset the impressive increase in revenues year-to-year.

“From an industry perspective, the 2011 state legislative and regulatory activity was generally favorable, indicative of broader understanding and acceptance of short-term lending products. With respect to federal regulation, we expect that the Consumer Financial Protection Bureau will approach its oversight mandate through thoughtful research, reasoned judgment and pragmatism.”

For the three months and year ended December 31, 2010, income from continuing operations totaled $4.1 million and $13.8 million, respectively, and revenues were $47.8 million and $183.9 million, respectively.

The three months and year ended December 31, 2011 and 2010 include discontinued operations relating to branches that were closed during each period. Schedules reconciling adjusted EBITDA to income from continuing operations for the three months and year ended December 31, 2011 and 2010 are provided below.

** Fourth Quarter **

Revenues improved $1.9 million, or 4.0%, quarter-to-quarter, primarily due to the inclusion of fees and interest from the company’s Canadian online lending subsidiary (Direct Credit), which was acquired on September 30, 2011. The company’s automotive division reported a $284,000 increase in revenues over prior year’s fourth quarter. Payday and installment revenues in the company’s branches were down slightly during the three months ended December 31, 2011. This decline is attributable to the previously-noted change in the Illinois lending law, substantially offset by higher revenues in the majority of other states.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs