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TheStreet Open House

Cash America Announces Third Quarter Results And Dividend Declared

Stocks in this article: CSH

Cash America International, Inc. (NYSE: CSH) announced today that reported net income attributable to the Company for the third quarter ended September 30, 2013 was $46,186,000 ($1.52 per share) compared to the third quarter of 2012 net income of $11,703,000 (37 cents per share). Both the current period third quarter financial results and the prior year third quarter financial results include significant unusual items. In the third quarter of 2013, the Company recognized a tax benefit of $33.2 million ($1.09 per share) related to the reorganization of its Mexico-based pawn operations, which was completed in the first quarter of 2013. In addition, the Company incurred an $18 million pre-tax expense (37 cents per share after taxes) associated with a negotiated settlement of a class-action lawsuit. These two items combined to create a net benefit to after tax income of $21.9 million (72 cents per share) for the period ended September 30, 2013. The third quarter of 2012 included unusual items of $18.5 million in after-tax costs (59 cents per share) associated with the Company’s reorganization of its Mexico-based pawn operations and $1.9 million after taxes (6 cents per share) related to the write-off of deferred costs and transition expenses associated with the withdrawal of the proposed initial public offering of its wholly-owned subsidiary, Enova International, Inc., during that period. These two items combined to create a total expense after taxes of $20.4 million (65 cents per share) for the period ended September 30, 2012.

Excluding the impact of the 2013 unusual items mentioned above, third quarter 2013 adjusted earnings, a non-GAAP measure, would have been $24.3 million (80 cents per share), which is in line with management’s publicly released earnings per share guidance of between 75 cents per share and 85 cents per share as reported in the Company’s press release dated July 25, 2013. Excluding the impact of the 2012 unusual expenses mentioned above, third quarter 2012 adjusted earnings, a non-GAAP measure, would have been $32.1 million ($1.02 per share).

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