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First Cash Reports 35% Increase In Fourth Quarter Earnings Per Share To $0.93; Pawn Revenue Growth In Both The U.S. And Mexico Drives Record Earnings; Company Announces New Share Buyback Authorization

(2)     The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral. At December 31, 2012, all of the Texas and Mexico small format pawn stores also offered consumer loans or credit services products.

(3)     The Company's U.S. free-standing, small format consumer loan locations offer a credit services product and are all located in Texas. The Mexico locations offer small, short-term consumer loans. In addition to stores shown on this chart, First Cash is also an equal partner in Cash & Go, Ltd., a joint venture, which owns and operates 38 check cashing and financial services kiosks located inside convenience stores in the state of Texas.

FIRST CASH FINANCIAL SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

  Three Months Ended Twelve Months Ended
  December 31, December 31,
  2012 2011 2012 2011
  (in thousands, except per share amounts)
Revenue:        
Merchandise sales $ 121,958 $ 101,354 $ 391,162 $ 344,801
Pawn loan fees 43,625 31,043 152,237 122,320
Consumer loan and credit services fees 13,445 12,370 51,602 50,201
Other revenue 212 214 945 1,022
Total revenue 179,240 144,981 595,946 518,344
         
Cost of revenue:        
Cost of goods sold 75,785 63,133 243,997 213,411
Consumer loan and credit services loss provision 3,573 3,397 13,160 11,984
Other cost of revenue 47 43 127 190
Total cost of revenue 79,405 66,573 257,284 225,585
         
Net revenue 99,835 78,408 338,662 292,759
         
Expenses and other income:        
Store operating expenses 40,728 32,603 151,731 128,955
Administrative expenses 13,851 11,309 50,099 45,304
Depreciation and amortization 3,482 2,703 12,949 10,962
Interest expense 791 30 1,488 135
Interest income (69) (57) (216) (278)
Total expenses and other income 58,783 46,588 216,051 185,078
         
Income from continuing operations before income taxes 41,052 31,820 122,611 107,681
         
Provision for income taxes 13,368 10,604 41,506 37,158
         
Income from continuing operations 27,684 21,216 81,105 70,523
         
Income (loss) from discontinued operations, net of tax (75) 239 (746) 7,259
         
Net income $ 27,609 $ 21,455 $ 80,359 $ 77,782
         
Basic income per share:        
Income from continuing operations $ 0.96 $ 0.71 $ 2.81 $ 2.30
Income (loss) from discontinued operations (0.03) 0.23
Net income per basic share $ 0.96 $ 0.71 $ 2.78 $ 2.53
         
Diluted income per share:        
Income from continuing operations $ 0.93 $ 0.69 $ 2.73 $ 2.24
Income (loss) from discontinued operations 0.01 (0.03) 0.23
Net income per diluted share $ 0.93 $ 0.70 $ 2.70 $ 2.47
         
Weighted average shares outstanding:        
Basic 28,795 30,076 28,912 30,706
Diluted 29,666 30,854 29,713 31,498

  FIRST CASH FINANCIAL SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

  December 31,
  2012 2011
  (in thousands)
ASSETS    
Cash and cash equivalents $ 50,285 $ 70,296
Pawn loan fees and service charges receivable 15,367 10,842
Pawn loans 103,181 73,287
Consumer loans, net 1,879 858
Inventories 65,345 44,412
Other current assets 5,373 10,783
Total current assets 241,430 210,478
     
Property and equipment, net 93,304 73,451
Goodwill, net 166,429 69,695
Other non-current assets 6,529 3,472
Total assets $ 507,692 $ 357,096
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current portion of notes payable $ 3,212 $ —
Accounts payable and accrued liabilities 27,938 25,629
Income taxes payable and deferred taxes payable 9,776
Total current liabilities 31,150 35,405
     
Revolving unsecured credit facility 102,500
Notes payable, net of current portion 8,351
Deferred income tax liabilities 13,275 6,319
Total liabilities 155,276 41,724
     
Stockholders' equity:    
Preferred stock
Common stock 388 383
Additional paid-in capital 159,081 147,649
Retained earnings 413,882 333,523
Accumulated other comprehensive income (loss) from cumulative foreign currency translation adjustments (6,940) (13,463)
Common stock held in treasury, at cost (213,995) (152,720)
Total stockholders' equity 352,416 315,372
Total liabilities and stockholders' equity $ 507,692 $ 357,096

FIRST CASH FINANCIAL SERVICES, INC. OPERATING INFORMATION (UNAUDITED)

The following table details the components of revenue for the three months ended December 31, 2012, as compared to the three months ended December 31, 2011 (in thousands). Constant currency results exclude the effects of foreign currency translation and are calculated by translating current year results at prior year average exchange rates, which is more fully described elsewhere in this release. 

    Three Months Ended     Increase/(Decrease)
    December 31,     Constant Currency
    2012 2011 Increase/(Decrease) Basis
Domestic revenue:            
Retail merchandise sales   $ 32,226 $ 23,315 $ 8,911 38% 38%
Scrap jewelry sales   16,963 16,122 841 5% 5%
Pawn loan fees   19,246 14,232 5,014 35% 35%
Consumer loan and credit services fees   12,504 11,346 1,158 10% 10%
Other revenue   205 214 (9) (4)% (4)%
    81,144 65,229 15,915 24% 24%
International revenue:            
Retail merchandise sales   60,387 44,880 15,507 35% 28%
Scrap jewelry sales   12,382 17,037 (4,655) (27)% (27)%
Pawn loan fees   24,379 16,811 7,568 45% 38%
Consumer loan and credit services fees   941 1,024 (83) (8)% (13)%
Other revenue   7 7
    98,096 79,752 18,344 23% 18%
Total revenue:            
Retail merchandise sales   92,613 68,195 24,418 36% 31%
Scrap jewelry sales   29,345 33,159 (3,814) (12)% (12)%
Pawn loan fees   43,625 31,043 12,582 41% 37%
Consumer loan and credit services fees   13,445 12,370 1,075 9% 8%
Other revenue   212 214 (2) (1)% (1)%
    $ 179,240 $ 144,981 $ 34,259 24% 21%

FIRST CASH FINANCIAL SERVICES, INC. OPERATING INFORMATION (CONTINUED) (UNAUDITED)

The following table details the components of revenue for the twelve months ended December 31, 2012, as compared to the twelve months ended December 31, 2011 (in thousands). Constant currency results exclude the effects of foreign currency translation and are calculated by translating current year results at prior year average exchange rates, which is more fully described elsewhere in this release. 

  Year Ended     Increase/(Decrease)
  December 31,     Constant Currency
  2012 2011 Increase/(Decrease) Basis
Domestic revenue:          
Retail merchandise sales $ 104,289 $ 82,497 $ 21,792 26% 26%
Scrap jewelry sales 57,551 56,091 1,460 3% 3%
Pawn loan fees 63,640 52,085 11,555 22% 22%
Consumer loan and credit services fees 47,779 45,516 2,263 5% 5%
Other revenue 938 1,020 (82) (8)% (8)%
  274,197 237,209 36,988 16% 16%
International revenue:          
Retail merchandise sales 183,167 154,300 28,867 19% 26%
Scrap jewelry sales 46,155 51,913 (5,758) (11)% (11)%
Pawn loan fees 88,597 70,235 18,362 26% 34%
Consumer loan and credit services fees 3,823 4,685 (862) (18)% (14)%
Other revenue 7 2 5 250% 271%
  321,749 281,135 40,614 14% 20%
Total revenue:          
Retail merchandise sales 287,456 236,797 50,659 21% 26%
Scrap jewelry sales 103,706 108,004 (4,298) (4)% (4)%
Pawn loan fees 152,237 122,320 29,917 24% 29%
Consumer loan and credit services fees 51,602 50,201 1,401 3% 3%
Other revenue 945 1,022 (77) (8)% (7)%
  $ 595,946 $ 518,344 $ 77,602 15% 18%

FIRST CASH FINANCIAL SERVICES, INC. OPERATING INFORMATION (CONTINUED) (UNAUDITED)

The following table details customer loans and inventories held by the Company and active CSO credit extensions from an independent third-party lender as of December 31, 2012, as compared to December 31, 2011 (in thousands). Constant currency results exclude the effects of foreign currency translation and are calculated by translating current year balances at the prior year end-of-period exchange rate, which is more fully described elsewhere in this release.

          Increase/(Decrease)
  Balance at December 31,     Constant Currency
  2012 2011 Increase/(Decrease) Basis
Domestic:          
Pawn loans $ 55,040 $ 41,121 $ 13,919 34% 34%
CSO credit extensions held by independent third-party (1) 15,234 14,167 1,067 8% 8%
Other consumer loans 1,149 63 1,086 1,724% 1,724%
  71,423 55,351 16,072 29% 29%
International:          
Pawn loans 48,141 32,166 15,975 50% 39%
Other consumer loans 730 795 (65) (8)% (15)%
  48,871 32,961 15,910 48% 38%
Total:          
Pawn loans 103,181 73,287 29,894 41% 36%
CSO credit extensions held by independent third-party (1) 15,234 14,167 1,067 8% 8%
Other consumer loans 1,879 858 1,021 119% 113%
  $ 120,294 $ 88,312 $ 31,982 36% 32%
Pawn inventories:          
Domestic pawn inventories $ 32,664 $ 23,745 $ 8,919 38% 38%
International pawn inventories 32,681  20,667  12,014 58% 47%
  $ 65,345 $ 44,412 $ 20,933 47% 42%

(1)   CSO amounts outstanding are composed of the principal portion of active CSO extensions of credit by an independent third-party lender, which are not included on the Company's balance sheet, net of the Company's estimated fair value of its liability under the letters of credit guaranteeing the extensions of credit.

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