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DFC Global Corp. Announces Fiscal First Quarter Results

Stocks in this article: DLLR

DFC Global Corp. (NASDAQ: DLLR), a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, today announced its results for the fiscal first quarter ended September 30, 2012.

Fiscal Year 2013 First Quarter Highlights

  • Total consolidated revenue grew to a record $276.7 million for the quarter, an increase of $15.1 million, or 5.8%, compared to the three months ended September 30, 2011. On a constant currency basis, total consolidated revenue increased by $21.2 million, or 8.1%.
  • Total unsecured consumer lending revenue increased to $178.6 million for the quarter, representing an increase of $25.5 million, or 16.2%, on a constant currency basis compared to the prior year period. Revenue from internet-based loans grew to $75.5 million for the quarter, representing an increase of $18.6 million, or 31.4%, on a constant currency basis compared to the prior year period.
  • Total revenue from pawn lending decreased by 1.3% to $19.7 million for the three months ended September 30, 2012, on a constant currency basis compared to the prior year period, due to a decline in the price of gold which resulted in lower auction and scrap margins on un-redeemed pawn pledges during the quarter.
  • Reflecting significant investments incurred during the quarter to support future period expansion and growth, as well as additional operating expenses related to a large number of recently opened de novo stores in the United Kingdom, consolidated adjusted EBITDA was $72.9 million for the three months ended September 30, 2012, representing a decrease of $1.6 million, or 2.1%, compared to the prior year period. On a constant currency basis, consolidated adjusted EBITDA increased by $0.1 million during the same period.
  • Diluted operating earnings per share was $0.47 for the fiscal 2013 first quarter compared to $0.52 for the first quarter of the previous fiscal year.
  • The Company opened 23 de novo stores during the quarter across the United Kingdom, Canada, Poland and Spain, and acquired 19 competitor stores in the United Kingdom and 2 franchise stores in Canada.

Discussion on Currency Exchange Rates

The U.S. Dollar strengthened during the quarter compared to the prior year period with the average values of the Canadian Dollar and British Pound Sterling decreasing approximately 2% relative to the U.S. currency. In addition, the average value of the Euro declined by 11% compared to the U.S. Dollar during the same period. Consequently, fluctuations in currency rates had an unfavorable effect on year-over-year U.S. Dollar comparisons of the Company’s consolidated financial results. As a result, the Company is providing some country comparisons on a constant currency basis.

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