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First Cash Reports 16% Increase In Third Quarter Earnings Per Share To $0.67; Pawn Growth In Mexico Drives Record Earnings; With Completed Fast Cash Acquisition, YTD Store Additions Total 139

(2) The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral. At September 30, 2012, 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. 

 
FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
         
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2012 2011 2012 2011
  (in thousands, except per share amounts)
Revenue:        
Merchandise sales  $ 96,006  $ 87,794  $ 269,204  $ 243,447
Pawn loan fees  39,768   31,741  108,612  91,277
Consumer loan and credit services fees  13,717  13,078  38,157  37,831
Other revenue  204  239  733  808
Total revenue  149,695  132,852  416,706  373,363
         
Cost of revenue:        
Cost of goods sold  59,328  53,164  168,212  150,278
Consumer loan and credit services loss provision  4,397  3,908  9,587  8,587
Other cost of revenue  32  54  80  147
Total cost of revenue  63,757   57,126  177,879  159,012
         
Net revenue  85,938  75,726  238,827  214,351
         
Expenses and other income:        
Store operating expenses  39,889  33,313  111,003  96,352
Administrative expenses  12,330  11,531  36,248  33,995
Depreciation and amortization  3,328  2,815  9,467  8,259
Interest expense  444  39  697  105
Interest income  (30)  (56)  (147)  (221)
Total expenses and other income  55,961   47,642  157,268  138,490
         
Income from continuing operations before income taxes  29,977  28,084  81,559  75,861
         
Provision for income taxes  10,341   9,832  28,138  26,554
         
Income from continuing operations  19,636  18,252  53,421  49,307
         
Income (loss) from discontinued operations, net of tax  (747)   181  (671)  7,020
Net income  $ 18,889  $ 18,433  $ 52,750  $ 56,327
         
Basic income per share:        
Income from continuing operations  $ 0.69  $ 0.60  $ 1.85  $ 1.59
Income (loss) from discontinued operations  (0.03)  --   (0.03)  0.23
Net income per basic share  $ 0.66  $ 0.60  $ 1.82  $ 1.82
         
Diluted income per share:        
Income from continuing operations  $ 0.67  $ 0.58  $ 1.80  $ 1.55
Income (loss) from discontinued operations  (0.03)   0.01  (0.03)  0.23
Net income per diluted share  $ 0.64  $ 0.59  $ 1.77  $ 1.78
         
Weighted average shares outstanding:        
Basic  28,616   30,348  28,951  30,915
Diluted  29,430  31,195  29,729  31,713
 
 
FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
       
  September 30, December 31,
  2012 2011 2011
  (in thousands)
ASSETS      
       
Cash and cash equivalents  $ 25,744  $ 48,410  $ 70,296
Pawn loan fees and service charges receivable  15,888  11,472  10,842
Pawn loans  107,714  77,973  73,287
Consumer loans, net  2,027  929   858
Inventories  65,692  54,916  44,412
Other current assets  12,441  6,745  10,783
Total current assets  229,506  200,445  210,478
       
Property and equipment, net  89,621  68,620  73,451
Goodwill, net  162,675  68,704  69,695
Other non-current assets  6,418  3,504   3,472
Total assets  $ 488,220  $ 341,273  $ 357,096
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
       
Current portion of notes payable  $ 3,184  $ 487  $ -- 
Accounts payable and accrued liabilities  35,707  31,140  25,629
Income taxes payable and deferred taxes payable  --   7,280  9,776
Total current liabilities  38,891  38,907  35,405
       
Revolving unsecured credit facility  111,000  --   -- 
Notes payable, net of current portion  9,165  1,018  -- 
Deferred income tax liabilities  12,278  5,461  6,319
Total liabilities  171,334  45,386  41,724
       
Stockholders' equity      
Preferred stock  --   --   -- 
Common stock  383  383  383
Additional paid-in capital  149,606  147,385  147,649
Retained earnings  386,273  312,068  333,523
Accumulated other comprehensive income (loss) from cumulative foreign currency translation adjustments  (5,381)  (11,229)  (13,463)
Common stock held in treasury, at cost  (213,995)  (152,720)  (152,720)
Total stockholders' equity  316,886  295,887  315,372
Total liabilities and stockholders' equity  $ 488,220  $ 341,273  $ 357,096

 

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