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DFC Global Corp. Announces Fiscal Fourth Quarter And Full-Year 2013 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 fourth quarter and full year ended June 30, 2013.

Fiscal Year 2013 Financial Highlights

  • Total consolidated revenue was $1.1 billion for the fiscal year, an increase of 5.7%, or $60.6 million, compared to the prior-year period. On a constant currency basis, total consolidated revenue increased 6.4%.
  • Total unsecured consumer lending revenue was $728.3 million for the fiscal year, representing an increase of $87.4 million, or 13.5%, on a constant currency basis compared to the prior-year period. Revenue from internet-based loans was $298.4 million for the fiscal year, representing an increase of $42.2 million, or 16.2%, on a constant currency basis compared to the prior-year period.
  • Total revenue from pawn lending for the fiscal year was $81.9 million, an increase of $1.5 million, or 1.9%, on a constant currency basis. Pawn lending interest and the margin on the disposition of unredeemed pawn pledge inventory was unfavorably impacted by a year-over-year decline in gold prices.
  • Consolidated adjusted EBITDA was $274.5 million for the twelve months ended June 30, 2013 compared to $303.7 million for the prior-year period. On a constant currency basis, consolidated adjusted EBITDA decreased by $27.8 million compared to the prior-year period.
  • Diluted pro forma operating earnings per share was $1.76 for fiscal year 2013 compared to $2.16 for the prior-year period.
  • Diluted earnings per share on a GAAP basis was a loss of $0.02 for fiscal year 2013 compared to a positive $1.16 for the prior-year period
  • The Company repurchased 3.5 million shares of its common stock at an average share price of $15.53 during the twelve months ended June 30, 2013. Since June 30, the Company repurchased an additional 0.4 million shares at an average price of $15.49 .

A table reconciling pro forma income before income taxes and diluted pro forma operating earnings per share to GAAP basis income before income taxes and adjusted EBITDA is presented on pages 11 and 12 of this news release.

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