- Total third quarter 2013 revenue was $44.5 million, a 25.3% increase from the prior-year period.
- GAAP net income for the third quarter of 2013 was $7.6 million, a 9.1% increase from net income of $7.0 million in the prior-year period. Diluted earnings per share were $0.59 based on a diluted share count of 12.9 million. On a pro-forma basis, excluding $0.4 million of pre-tax expenses related to the secondary offering completed in September 2013, net income for the third quarter of 2013 was $7.9 million and diluted earnings per share were $0.61.
- Finance receivables as of September 30, 2013 were $512.1 million, an increase of 29.0% from the prior-year period. Annualized net charge-offs as a percentage of average finance receivables for the third quarter of 2013 was 6.5%, comparable with the prior-year period.
- Same-store revenue growth 1 for the third quarter of 2013 was 16.1%. Same-store finance receivables growth for the third quarter of 2013 was 16.5%.
- Opened one de novo branch in the third quarter of 2013; as of September 30, 2013, Regional Management’s branch network consisted of 264 locations.
- On September 25, 2013, Regional Management announced the closing of a secondary offering of 4,002,000 shares of its common stock, at a price of $27.50 per share, by Palladium Equity Partners III, L.P. and Parallel 2005 Equity Fund, LP, both existing stockholders of Regional Management and affiliates of Palladium Equity Partners and Parallel Investment Partners. Regional Management did not receive any proceeds from the offering, and the total number of shares of its outstanding common stock did not change as a result of the offering.
Regional Management Corp. Announces Third Quarter 2013 Results
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