Cash America International, Inc. (NYSE: CSH) announced today that its board of directors, at its regularly scheduled meeting, authorized the repurchase of up to 2,500,000 shares of the Company’s outstanding common stock, par value $0.10 per share. The share repurchase authorization does not have an expiration date, and the amount and prices paid for any future share purchases under the new authorization will be based on market conditions and other factors at the time of the purchase. Repurchases under the share repurchase program will be made through open market purchases or private transactions, in accordance with applicable federal securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended. This new authorization cancels and replaces a previous authorization to purchase up to 2,500,000 shares of common stock, under which approximately 40% of the authorized shares had been repurchased as of December 31, 2012.
Repurchased shares will be held as treasury stock for general corporate purposes. As of December 31, 2012, there were approximately 29 million shares of Cash America common stock issued and outstanding; therefore, the new authorization represents approximately 9% of the currently issued and outstanding shares of common stock.
About the Company
As of December 31, 2012, Cash America International, Inc. operated 969 total locations offering specialty financial services to consumers, which included the following:
- 831 lending locations in 22 states in the United States primarily under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday Advance,” and “Cashland;”
- 47 pawn lending locations in central and southern Mexico under the name “Cash America casa de empeño” (previously operated under the name “Prenda Fácil”); and
- 91 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 15 states in the United States under the name “Mr. Payroll.”
- in 32 states in the United States at http://www.cashnetusa.com and http://www.netcredit.com;
- in the United Kingdom at http://www.quickquid.co.uk and http://www.poundstopocket.co.uk;
- in Australia at http://www.dollarsdirect.com.au; and
- in Canada at http://www.dollarsdirect.ca.
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