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Cash America Announces Third Quarter Net Income And Dividend Declared

Corporate operations primarily include corporate expenses, such as personnel, legal, occupancy, and other costs related to corporate service functions, such as executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax and information systems (except for online lending systems, which are included in the e-commerce segment). Corporate income includes miscellaneous income not directly attributable to the Company’s segments. Corporate assets primarily include: corporate property and equipment, nonqualified savings plan assets, marketable securities, foreign exchange forward contracts and prepaid insurance.

  Retail Services   E-Commerce    
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Three Months Ended September 30, 2012
Revenue
Pawn loan fees and service charges $ 73,209 $ 3,291 $ 76,500 $ - $ - $ - $ - $ 76,500
Proceeds from disposition of merchandise 141,088 12,405 153,493 - - - - 153,493
Consumer loan fees 31,445 - 31,445 89,342 84,307 173,649 - 205,094
Other   1,938     252     2,190     374     14     388     2,029     4,607
Total revenue   247,680     15,948     263,628     89,716     84,321     174,037     2,029     439,694
Cost of revenue
Disposed merchandise 96,315 10,603 106,918 - - - - 106,918
Consumer loan loss provision   8,061     -     8,061     42,877     33,361     76,238     -     84,299
Total cost of revenue   104,376     10,603     114,979     42,877     33,361     76,238     -     191,217
 
Net revenue   143,304     5,345     148,649     46,839     50,960     97,799     2,029     248,477
Expenses
Operations and administration 84,874 14,205 99,079 33,397 31,051 64,448 17,688 181,215
Depreciation and amortization   7,808     12,264     20,072     3,037     342     3,379     3,623     27,074
Total expenses   92,682     26,469     119,151     36,434     31,393     67,827     21,311     208,289
Income (loss) from operations $ 50,622   $ (21,124)   $ 29,498   $ 10,405   $ 19,567   $ 29,972   $ (19,282)   $ 40,188
As of September 30, 2012
Total assets $ 993,598 $ 111,610 $ 1,105,208 $ 382,459 $ 174,665 $ 557,124 $ 130,075 $ 1,792,407
Goodwill $ 388,965 $ 210,372 $ 599,337
  Retail Services   E-Commerce    
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Three Months Ended September 30, 2011
Revenue
Pawn loan fees and service charges $ 69,025 $ 5,374 $ 74,399 $ - $ - $ - $ - $ 74,399
Proceeds from disposition of merchandise 144,820 13,065 157,885 1 - 1 - 157,886
Consumer loan fees 32,677 - 32,677 67,320 62,984 130,304 - 162,981
Other   2,521     16     2,537     49     294     343     158     3,038
Total revenue   249,043     18,455     267,498     67,370     63,278     130,648     158     398,304
Cost of revenue
Disposed merchandise 91,863 10,411 102,274 - - - - 102,274
Consumer loan loss provision   7,513     -     7,513     25,472     27,591     53,063     -     60,576
Total cost of revenue   99,376     10,411     109,787     25,472     27,591     53,063     -     162,850
Net revenue   149,667     8,044     157,711     41,898     35,687     77,585     158     235,454
Expenses
Operations and administration 85,419 8,138 93,557 24,115 23,508 47,623 16,259 157,439
Depreciation and amortization   7,090     1,488     8,578     2,634     218     2,852     3,420     14,850
Total expenses   92,509     9,626     102,135     26,749     23,726     50,475     19,679     172,289
Income (loss) from operations $ 57,158   $ (1,582)   $ 55,576   $ 15,149   $ 11,961   $ 27,110   $ (19,521)   $ 63,165
As of September 30, 2011
Total assets $ 885,572 $ 121,326 $ 1,006,898 $ 323,699 $ 115,905 $ 439,604 $ 131,651 $ 1,578,153
Goodwill $ 327,887 $ 210,282 $ 538,169

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

INCOME FROM OPERATIONS BY OPERATING SEGMENT

(in thousands)
    Retail Services   E-Commerce    
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Nine Months Ended September 30, 2012
Revenue
Pawn loan fees and service charges $ 210,807 $ 10,643 $ 221,450 $ - $ - $ - $ - $ 221,450
Proceeds from disposition of merchandise 481,558 36,274 517,832 - - - - 517,832
Consumer loan fees 89,396 - 89,396 232,268 236,992 469,260 - 558,656
Other   7,085     512     7,597     827     19     846     2,445     10,888
Total revenue   788,846     47,429     836,275     233,095     237,011     470,106     2,445     1,308,826
Cost of revenue
Disposed merchandise 318,788 32,090 350,878 - - - - 350,878
Consumer loan loss provision   19,130     -     19,130     95,474     104,475     199,949     -     219,079
Total cost of revenue   337,918     32,090     370,008     95,474     104,475     199,949     -     569,957
 
Net revenue   450,928     15,339     466,267     137,621     132,536     270,157     2,445     738,869
Expenses
Operations and administration 264,337 30,221 294,558 82,986 85,552 168,538 52,464 515,560
Depreciation and amortization   22,454     14,513     36,967     8,376     905     9,281     10,634     56,882
Total expenses   286,791     44,734     331,525     91,362     86,457     177,819     63,098     572,442
Income (loss) from operations $ 164,137   $ (29,395)   $ 134,742   $ 46,259   $ 46,079   $ 92,338   $ (60,653)   $ 166,427
    Retail Services   E-Commerce    
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Nine Months Ended September 30, 2011
Revenue
Pawn loan fees and service charges $ 190,409 $ 15,725 $ 206,134 $ - $ - $ - $ - $ 206,134
Proceeds from disposition of merchandise 435,745 37,913 473,658 30 - 30 - 473,688
Consumer loan fees 85,832 - 85,832 181,243 151,447 332,690 - 418,522
Other   8,768     292     9,060     392     831     1,223     480     10,763
Total revenue   720,754     53,930     774,684     181,665     152,278     333,943     480     1,109,107
Cost of revenue
Disposed merchandise 270,692 31,757 302,449 23 - 23 - 302,472
Consumer loan loss provision   15,452     -     15,452     59,134     70,619     129,753     -     145,205
Total cost of revenue   286,144     31,757     317,901     59,157     70,619     129,776     -     447,677
 
Net revenue   434,610     22,173     456,783     122,508     81,659     204,167     480     661,430
Expenses
Operations and administration 249,752 25,335 275,087 62,482 58,999 121,481 49,045 445,613
Depreciation and amortization   19,359     4,459     23,818     7,956     618     8,574     7,208     39,600
Total expenses   269,111     29,794     298,905     70,438     59,617     130,055     56,253     485,213
Income (loss) from operations $ 165,499   $ (7,621)   $ 157,878   $ 52,070   $ 22,042   $ 74,112   $ (55,773)   $ 176,217

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

LOCATION INFORMATION

Retail Services Segment

The following table sets forth the number of domestic and foreign Company-owned and franchised locations in the Company’s retail services segment offering pawn lending, consumer lending, and other services as of September 30, 2012 and 2011. The Company’s domestic retail services locations operate under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday Advance,” “Cashland” and “Mr. Payroll.” The Company’s foreign retail services locations operate under the name “Prenda Fácil.”

  As of September 30,
2012     2011
Domestic (a)(b)   Foreign (a)   Total Domestic (a)(b)   Foreign (a)   Total
Retail services locations offering:
Both pawn and consumer lending 577 - 577 571 - 571
Pawn lending only 155 160 315 125 186 311
Consumer lending only 83 - 83 86 - 86
Other (c) 99 - 99   115 - 115
Total retail services 914 160 1,074   897 186 1,083
(a) Except as described in (c) below, includes locations that operate in 23 states in the United States as of both September 30, 2012 and 2011, respectively.
(b) Includes unconsolidated franchised locations as follows: one location operating under the name “Cash America Pawn” as of September 30, 2012 and eight locations operating under the names “Cash America Pawn” and “SuperPawn” as of September 30, 2011.
(c) As of September 30, 2012 and 2011, includes six and six consolidated Company-owned check cashing locations, respectively, and 93 and 109 unconsolidated franchised check cashing locations, respectively. As of September 30, 2012 and 2011, includes locations that operate in 15 and 18 states in the United States, respectively.

E-Commerce Segment

As of September 30, 2012 and 2011, the Company’s e-commerce segment operated in 32 states in the United States and in three other foreign countries.

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

NON-GAAP DISCLOSURE

Non-GAAP Disclosure

In addition to the financial information prepared in conformity with GAAP the Company provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company’s operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Stock quotes in this article: CSH 

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