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Cash America Announces Third Quarter Net Income And Dividend Declared

Cash America International, Inc. (NYSE: CSH) announced today that net income attributable to the Company for the third quarter of 2012 was $11,703,000 (37 cents per share), compared to the third quarter of 2011 net income of $34,777,000 ($1.08 per share). The third quarter results included unusual items which reduced net income and earnings per share by $20.4 million and 65 cents per share, respectively. Excluding the impact of these unusual expenses, third quarter adjusted earnings, a non-GAAP measure, would have been $32.1 million ($1.02 per share), which is at the high end of management’s publicly released earnings per share guidance of between 95 cents per share and $1.05 per share as reported in the Company’s press release dated July 26, 2012 and above analysts’ consensus estimates of 95 cents per share as reported by Thomson Reuters. The unusual items included $18.5 million (59 cents per share) in after tax costs associated with the Company’s previously announced reorganization of its Mexico-based pawn operations that operate under the name Prenda Fácil and $1.9 million (6 cents per share) after taxes related to the write off of deferred costs and transition expenses associated with the announced withdrawal of the proposed initial public offering of Enova International, Inc. in late July of 2012.

Consolidated total revenue increased 10% during the third quarter of 2012 to $439.7 million, up from $398.3 million during the same period in 2011. Contributing to the increase in total revenue was an increase in consumer loan fees from the Company’s E-Commerce segment. Revenue from online consumer loan fees rose 33% during the third quarter of 2012, to $173.6 million, due to higher demand in the United States and continued growth in foreign markets during the quarter.

For the nine-month period ended September 30, 2012, the Company reported net income of $82,990,000 ($2.62 per share) compared to $98,136,000 ($3.07 per share) for the same period in 2011. When adding back the unusual items discussed above, adjusted earnings, a non-GAAP measure, would have been $103.4 million and adjusted earnings per share, a non-GAAP measure, would have been $3.27 per share for the nine-month period ended September 30, 2012, up 7% for the period. Total revenue increased 18% to $1.3 billion for the nine-month period ended September 30, 2012, up from $1.1 billion for the same period in 2011.

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