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DFC Global Corp. Announces Fiscal Second 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 second quarter ended December 31, 2012.

Fiscal Year 2013 Second Quarter Highlights

  • Total consolidated revenue grew to a record $292.9 million for the quarter, an increase of 11.2%, or $29.5 million, compared to the prior-year period. On a constant currency basis, total consolidated revenue increased 9.1%.
  • Total unsecured consumer lending revenue increased to $189.5 million for the quarter, representing an increase of $26.0 million, or 16.3%, on a constant currency basis compared to the prior-year period. Revenue from internet-based loans grew to $78.2 million for the quarter, representing an increase of $15.0 million, or 24.2%, on a constant currency basis compared to the prior-year period.
  • Total revenue from pawn lending increased to $21.7 million for the three months ended December 31, 2012, representing an increase of 5.2% on a constant currency basis compared to the prior-year period.
  • Consolidated adjusted EBITDA was $77.2 million for the three months ended December 31, 2012, representing an increase of $2.6 million, or 3.5%, compared to the prior-year period. The total includes significant expenditures incurred during fiscal year 2013 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. On a constant currency basis, consolidated adjusted EBITDA increased by $0.8 million, or 1.1%, compared to the prior-year period.
  • Diluted operating earnings per share was $0.56 for the fiscal 2013 second quarter, an increase of 7.7% compared to $0.52 for the prior-year period.
  • Company narrows its fiscal 2013 diluted operating earnings guidance to between $2.35 to $2.45 per share from the Company’s previous estimate of $2.35 to $2.55 per share.
  • The Company repurchased 1.6 million shares of its common stock at an average share price of $16.89 during the three months ended December 31, 2012.

“I am pleased to announce another strong performance for our Company driven by the execution of our long-term strategy to diversify and expand our multi-country, multi-product and multi-platform business,” said Jeff Weiss, the Company’s Chairman and Chief Executive Officer. “We achieved solid gains in revenue and operating earnings per share, which is after incurring significant costs this fiscal year to bolster our credit and collections systems and technology platforms, as well as our management infrastructure, in support of the future expansion of our business into new product lines and countries. As a result of our continuing diversification strategy, revenue derived from new products and geographies accounted for approximately 40% of our total consolidated revenue this quarter.”

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