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Cash America Announces Fourth Quarter And Fiscal Year-End Earnings And Declares Dividend

Corporate operations primarily include corporate expenses, such as personnel, legal, occupancy, and other costs related to corporate service functions, such as executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax and information systems (except for online lending systems, which are included in the e-commerce segment). Corporate income includes miscellaneous income not directly attributable to the Company’s segments. Corporate assets primarily include: corporate property and equipment, nonqualified savings plan assets, marketable securities, foreign exchange forward contracts and prepaid insurance.

  Retail Services   E-Commerce    
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Three Months Ended December 31, 2012
Revenue
Pawn loan fees and service charges $ 77,354 $ 2,125 $ 79,479 $ - $ - $ - $ - $ 79,479
Proceeds from disposition of merchandise 175,546 10,389 185,935 - - - - 185,935
Consumer loan fees 32,496 - 32,496 100,484 89,884 190,368 - 222,864
Other   1,943     697     2,640     499     14     513     173     3,326
Total revenue   287,339     13,211     300,550     100,983     89,898     190,881     173     491,604
Cost of revenue
Disposed merchandise 118,311 8,990 127,301 - - - - 127,301
Consumer loan loss provision   10,095     -     10,095     47,532     39,588     87,120     -     97,215
Total cost of revenue   128,406     8,990     137,396     47,532     39,588     87,120     -     224,516
 
Net revenue   158,933     4,221     163,154     53,451     50,310     103,761     173     267,088
Expenses
Operations and administration 104,837 14,066 118,903 33,216 32,604 65,820 14,331 199,054
Depreciation and amortization   8,524     2,121     10,645     3,611     380     3,991     3,910     18,546
Total expenses   113,361     16,187     129,548     36,827     32,984     69,811     18,241     217,600
Income (loss) from operations $ 45,572   $ (11,966)   $ 33,606   $ 16,624   $ 17,326   $ 33,950   $ (18,068)   $ 49,488

As of December 31, 2012

Total assets $ 1,031,431 $ 85,607 $ 1,117,038 $ 391,068 $ 179,554 $ 570,622 $ 130,598 $ 1,818,258
Goodwill $ 397,845 $ 210,371 $ 608,216
  Retail Services   E-Commerce    
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Three Months Ended December 31, 2011
Revenue
Pawn loan fees and service charges $ 71,420 $ 4,643 $ 76,063 $ - $ - $ - $ - $ 76,063
Proceeds from disposition of merchandise 200,953 14,243 215,196 - - - - 215,196
Consumer loan fees 33,360 - 33,360 72,909 73,855 146,764 - 180,124
Other   2,402     253     2,655     201     (545)     (344)     263     2,574
Total revenue   308,135     19,139     327,274     73,110     73,310     146,420     263     473,957
Cost of revenue
Disposed merchandise 134,440 10,705 145,145 - - - - 145,145
Consumer loan loss provision   8,549     -     8,549     31,401     40,533     71,934     -     80,483
Total cost of revenue   142,989     10,705     153,694     31,401     40,533     71,934     -     225,628
Net revenue   165,146     8,434     173,580     41,709     32,777     74,486     263     248,329
Expenses
Operations and administration 89,495 8,269 97,764 26,095 25,545 51,640 16,251 165,655
Depreciation and amortization   6,806     1,412     8,218     2,457     232     2,689     3,642     14,549
Total expenses   96,301     9,681     105,982     28,552     25,777     54,329     19,893     180,204
Income (loss) from operations $ 68,845   $ (1,247)   $ 67,598   $ 13,157   $ 7,000   $ 20,157   $ (19,630)   $ 68,125

As of December 31, 2011

Total assets $ 941,801 $ 117,470 $ 1,059,271 $ 352,244 $ 135,774 $ 488,018 $ 126,960 $ 1,674,249
Goodwill $ 352,439 $ 210,282 $ 562,721

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

INCOME FROM OPERATIONS BY OPERATING SEGMENT

(dollars in thousands)

       
Retail Services E-Commerce
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Year Ended December 31, 2012
Revenue
Pawn loan fees and service charges $ 288,161 $ 12,768 $ 300,929 $ - $ - $ - $ - $ 300,929
Proceeds from disposition of merchandise 657,104 46,663 703,767 - - - - 703,767
Consumer loan fees 121,892 - 121,892 332,752 326,876 659,628 - 781,520
Other   9,028     1,209     10,237     1,326     33     1,359     2,618     14,214
Total revenue   1,076,185     60,640     1,136,825     334,078     326,909     660,987     2,618     1,800,430
Cost of revenue
Disposed merchandise 437,099 41,080 478,179 - - - - 478,179
Consumer loan loss provision   29,225     -     29,225     143,006     144,063     287,069     -     316,294
Total cost of revenue   466,324     41,080     507,404     143,006     144,063     287,069     -     794,473
 
Net revenue   609,861     19,560     629,421     191,072     182,846     373,918     2,618     1,005,957
Expenses
Operations and administration 369,174 44,287 413,461 116,202 118,156 234,358 66,795 714,614
Depreciation and amortization   30,978     16,634     47,612     11,987     1,285     13,272     14,544     75,428
Total expenses   400,152     60,921     461,073     128,189     119,441     247,630     81,339     790,042
Income (loss) from operations $ 209,709   $ (41,361)   $ 168,348   $ 62,883   $ 63,405   $ 126,288   $ (78,721)   $ 215,915
  Retail Services   E-Commerce    
Domestic   Foreign   Total Domestic   Foreign   Total Corporate Consolidated
 
Year Ended December 31, 2011
Revenue
Pawn loan fees and service charges $ 261,829 $ 20,368 $ 282,197 $ - $ - $ - $ - $ 282,197
Proceeds from disposition of merchandise 636,698 52,156 688,854 30 - 30 - 688,884
Consumer loan fees 119,192 - 119,192 254,152 225,302 479,454 - 598,646
Other   11,170     545     11,715     593     286     879     743     13,337
Total revenue   1,028,889     73,069     1,101,958     254,775     225,588     480,363     743     1,583,064
Cost of revenue
Disposed merchandise 405,132 42,462 447,594 23 - 23 - 447,617
Consumer loan loss provision   24,001     -     24,001     90,535     111,152     201,687     -     225,688
Total cost of revenue   429,133     42,462     471,595     90,558     111,152     201,710     -     673,305
 
Net revenue   599,756     30,607     630,363     164,217     114,436     278,653     743     909,759
Expenses
Operations and administration 339,247 33,604 372,851 88,577 84,544 173,121 65,296 611,268
Depreciation and amortization   26,165     5,871     32,036     10,413     850     11,263     10,850     54,149
Total expenses   365,412     39,475     404,887     98,990     85,394     184,384     76,146     665,417
Income (loss) from operations $ 234,344   $ (8,868)   $ 225,476   $ 65,227   $ 29,042   $ 94,269   $ (75,403)   $ 244,342

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

LOCATION INFORMATION

Retail Services Segment

The following table sets forth the number of domestic and foreign Company-owned and franchised locations in the Company’s retail services segment offering pawn lending, consumer lending, and other services as of December 31, 2012 and 2011. The Company’s domestic retail services locations operate under the names “Cash America Pawn,” “SuperPawn,” “Cash America Payday Advance,” “Cashland” and “Mr. Payroll.” In addition, certain recently acquired domestic retail services locations operate under various names that are expected be changed to “Cash America Pawn” during 2013. The Company’s foreign retail services locations operate under the name “Cash America casa de empeño” (previously operated under the name “Prenda Fácil”).

  As of December 31,
2012   2011
Domestic (a)   Foreign   Total   Domestic (a)(b)   Foreign   Total
Retail services locations offering:        
Both pawn and consumer

lending

581 - 581 572 - 572
Pawn lending only 167 47 214 126 190 316
Consumer lending only 83 - 83 86 - 86
Other (c)   91   -   91   110   -   110
Total retail services   922   47   969   894   190   1,084
(a) Except as described in (c) below, includes locations that operate in 22 and 23 states in the United States as of December 31, 2012 and 2011, respectively.
(b) Includes one unconsolidated franchised location operating under the name “Cash America Pawn” at December 31, 2011.
(c) As of December 31, 2012 and 2011, includes zero and six consolidated Company-owned check cashing locations, respectively, and 91 and 104 unconsolidated franchised check cashing locations, respectively. As of December 31, 2012 and 2011, includes locations that operate in 15 and 18 states in the United States, respectively.




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