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DFC Global Corp. Announces Fiscal 2014 First Quarter Results

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 2014 first quarter ended September 30, 2013.

Fiscal Year 2014 First Quarter Highlights

  • Total consolidated revenue was $261.6 million for the quarter, a decrease of 5.5%, or $15.1 million, compared to the prior-year period. On a constant currency basis, total consolidated revenue decreased 3.6% compared to the prior-year period.
  • Total unsecured consumer lending revenue was $170.2 million for the quarter, representing a decrease of $4.8 million, or 2.7%, on a constant currency basis compared to the prior-year period, due primarily to the impact of the continued regulatory transition in the United Kingdom. Revenue from internet-based loans was $59.8 million, representing a decrease of $14.9 million, or 19.7%, on a constant currency basis compared to the prior-year period.
  • Total revenue from pawn lending for the quarter was $21.9 million, an increase of $2.0 million, or 10.3%, on a constant currency basis compared to the prior-year period. This increase in revenues was achieved despite pawn lending interest and the margin on the disposition of unredeemed pawn pledge inventory being unfavorably impacted by a year-over-year decline in gold prices.
  • Consolidated adjusted EBITDA was $48.9 million for the quarter compared to $72.9 million for the prior-year period. On a constant currency basis, consolidated adjusted EBITDA decreased by $21.9 million compared to the prior-year period.
  • Diluted pro forma operating earnings per share was $0.16 for the quarter compared to $0.47 for the prior-year period.
  • Diluted earnings per share on a GAAP basis was a loss of $0.02 for the quarter compared to a positive $0.19 for the prior-year period.
  • Company maintains its guidance range of adjusted EBITDA between $200.0 million and $240.0 million, and introduces diluted pro forma operating earnings per share guidance of between $0.65 and $1.27 for fiscal year 2014.

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 at the back of this news release.

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