Cash America International, Inc. (NYSE: CSH) reported today that its fourth quarter ended December 31, 2013 net income attributable to the Company was $27,284,000 (91 cents per share), which included the after-tax impact of unusual expense items of $2.8 million (10 cents per share). This compares to $24,480,000 (79 cents per share) for the fourth quarter ended 2012, which included the after-tax impact of unusual expense items of $15.4 million (50 cents per share).
The $2.8 million of after-tax expenses for unusual items in the 2013 fourth quarter included costs related to the closure of 28 locations in Texas, which offered unsecured consumer loans as the primary source of revenue, a regulatory penalty incurred during the period, an adjustment to the remaining expected liability for the voluntary refund to customers in Ohio and expenses related to the early extinguishment of debt. Excluding the effect of these expenses, fourth quarter 2013 adjusted net income attributable to the Company, a non-GAAP measure, would have been $30.1 million ($1.01 per share). During the prior year fourth quarter of 2012, the Company incurred unusual expense items related to a voluntary refund to customers in Ohio and the reorganization of its Mexico-based pawn lending business, including the closure of 115 locations in Mexico, which totaled $15.4 million after taxes (50 cents per share). Excluding these expenses, adjusted net income attributable to the Company, a non-GAAP measure, for the fourth quarter of 2012 would have been $39,887,000 ($1.29 per share).
Consolidated net revenue of the Company in the fourth quarter of 2013 was up 2% to $271.6 million compared to $267.1 million in the fourth quarter of 2012. The increase in net revenue was due to a 10% increase in net consumer loan fees after loan loss provision expense and a 6% increase in revenue from secured loans during the quarter, the combination of which offset the anticipated decrease in net proceeds from the sale of merchandise.
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