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Cash America Announces Third Quarter Net Income And Dividend Declared

Stocks in this article: CSH

The following table provides a reconciliation between net income attributable to the Company and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted earnings per share, respectively, which are shown net of tax (dollars in thousands, except per share data):

  Three Months Ended   Nine Months Ended
September 30, September 30,
  2012   2011 2012   2011
$   Per Diluted


$   Per Diluted


$   Per Diluted


$   Per Diluted



Net income attributable to Cash America International, Inc.



$ 0.37 $ 34,777 $ 1.08 $ 82,990 $ 2.62 $ 98,136 $ 3.07


Charges related to withdrawn Enova IPO (a) 1,941 0.06 - - 2,461 0.08 - -

Charges related to Mexico Reorganization, net of noncontrolling interest (b)

    18,456     0.59     -    


    18,456     0.58     -     -
Subtotal     32,100     1.02     34,777     1.08     103,907     3.28     98,136     3.07
Other adjustments:
Intangible asset amortization 639 0.02 939 0.03 2,042 0.06 3,024 0.09
Non-cash equity-based compensation 564 0.02 842 0.03 2,481 0.08 2,448 0.08

Convertible debt non-cash interest and issuance cost amortization

601 0.02 559 0.02 1,766 0.06 1,650 0.05
Foreign currency transaction (gain) loss     (58)     -     483     0.01     45     -     658     0.02
Adjusted earnings   $ 33,846   $ 1.08   $ 37,600   $ 1.17   $ 110,241   $ 3.48   $ 105,916   $ 3.31


Represents charges directly related to the proposed Enova IPO that was withdrawn in July 2012. For the three months ended September 30, 2012, represents $3.1 million of charges, net tax benefit of $1.2 million. For the nine months ended September 30, 2012, represents $3.9 million of charges, net tax benefit of $1.2 million.



Represents charges related to the reorganization of the Company’s Mexico-based pawn operations. For the three and nine months ended September 30, 2012, represents $21.9 million of charges, net tax benefit of $1.2 million and noncontrolling interest of $2.2 million.




Adjusted EBITDA

The table below shows adjusted EBITDA, a non-GAAP measure that the Company defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, equity in earnings or loss of unconsolidated subsidiary, taxes and including the net income or loss attributable to noncontrolling interests. Management believes adjusted EBITDA is used by investors to analyze operating performance and evaluate the Company’s ability to incur and service debt and its capacity for making capital expenditures. Adjusted EBITDA is also useful to investors to help assess the Company’s liquidity and estimated enterprise value. The computation of adjusted EBITDA as presented below may differ from the computation of similarly-titled measures provided by other companies (dollars in thousands):

  Trailing 12 Months Ended
September 30,
2012     2011  
Net income attributable to Cash America

International, Inc.

  $ 120,817   $ 132,841
Depreciation and amortization expenses 71,431 52,172
Interest expense, net 28,182 24,078
Foreign currency transaction loss 279 1,421
Equity in loss of unconsolidated subsidiary 243 145
Provision for income taxes 90,570 79,401
Net loss attributable to the noncontrolling interest       (5,539 )       (479 )
Adjusted EBITDA     $ 305,983       $ 289,579  
Adjusted EBITDA margin calculated as follows:
Total revenue $ 1,782,783 $ 1,489,105
Adjusted EBITDA       305,983         289,579  
Adjusted EBITDA as a percentage of total revenue       17.2 %       19.4 %

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