Cash America International, Inc. (NYSE: CSH) (“Cash America”) today announced that its board of directors has unanimously approved the withdrawal of Enova International, Inc.’s (“Enova”) Registration Statement on Form S-1, together with all exhibits and the amendments thereto (collectively, the “Registration Statement”). The Registration Statement was initially filed with the Securities and Exchange Commission (the “SEC”) on September 15, 2011 in connection with a proposed initial public offering (“IPO”) of Enova’s common stock. The Registration Statement has not been declared effective by the SEC, and no securities have been sold in connection with the offering pursuant to the Registration Statement. Enova filed its Application for Withdrawal of Registration Statement with the SEC on July 25, 2012.
Commenting on the withdrawal of Enova’s Registration Statement, Daniel R. Feehan, President and Chief Executive Officer of Cash America said, “While it is disappointing that the volatility in the IPO market did not provide us with the window of opportunity we desired to launch the Enova IPO, our Board is very happy continuing to operate Enova as a wholly-owned subsidiary of Cash America. Enova, which comprises our e-commerce segment, continues to grow at very impressive rates as it expands internationally and deploys innovative new consumer credit products in the U.S. We continue to believe this business has an exciting future.”
The Company also reported that it had deferred costs of $3.0 million directly related to the proposed Enova IPO as of the end of June 30, 2012. These expenses will be recognized in the third quarter and reflected in the Company’s third quarter results ended September 30, 2012. Management estimates that the after tax impact on earnings of these costs will be approximately $1.9 million, or 6 cents per share.
About the CompanyAs of June 30, 2012, Cash America International, Inc. had 1,086 total locations offering specialty financial services to consumers, which include 790 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 195 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 June 30, 2012. Additionally, as of June 30, 2012, the Company offered consumer loans over the Internet to customers in 32 states in the United States at http://www.cashnetusa.com and http://www.netcredit.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:
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