This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Share

$   Per Diluted

Share

$   Per Diluted

Share

$   Per Diluted

Share

 

Net income attributable to Cash America International, Inc.

$

11,703

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

 

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Charges related to withdrawn Enova IPO (a) 1,941 0.06 - - 2,461 0.08 - -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

(a)

Represents charges directly related to the proposed Enova IPO that was withdrawn in July 2012.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.

 

(b)

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.

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

NON-GAAP DISCLOSURE

ADJUSTED EBITDA

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
 
Adjustments:
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 %




9 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,254.15 +62.78 0.37%
S&P 500 2,000.74 -1.42 -0.07%
NASDAQ 4,629.48 -8.5140 -0.18%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs