Cash America Reports Second Quarter Net Income Increase Of 12% And Declares Dividend
Cash America International, Inc. (NYSE: CSH) reported today that its net
income for the second quarter ended June 30, 2012 was up 12% to
$29,820,000 (94 cents per share), which compares to the second quarter
Cash America International, Inc. (NYSE: CSH) reported today that its net income for the second quarter ended June 30, 2012 was up 12% to $29,820,000 (94 cents per share), which compares to the second quarter 2011 net income of $26,981,000 (84 cents per share). Earnings per share for the second quarter of 2012 were slightly below analysts’ consensus estimates of 96 cents per share, as reported by ThomsonReuters First Call. The Company’s outlook for earnings expectations has not been updated since July 21, 2011 due to the filing of a Registration Statement on Form S-1 with the Securities and Exchange Commission by the Company’s wholly-owned subsidiary that comprises its e-commerce segment, Enova International, Inc. (“Enova”), on September 15, 2011 for the proposed offering of Enova’s common stock in an initial public offering. However, in a separate press release today the Company announced that its Board of Directors unanimously approved the withdrawal of Enova’s Registration Statement, and the Company filed an application for withdrawal of the Registration Statement on July 25, 2012. Total revenue during the second quarter of 2012 was $411.6 million, up 19% from $345.9 million in the second quarter of 2011. Contributing to the increase in total revenue was a 37% increase in revenue on consumer loan balances and an 8% increase in fees and service charges on pawn loans during the second quarter of 2012 as compared to the second quarter of 2011. Consolidated net revenue increased 11%, to $233.6 million, which led to a 9% increase in income from operations in the second quarter of 2012 compared to the same period in 2011. Consolidated income from operations for the second quarter of 2012 was $54.2 million and included approximately $1.1 million of expenses in the second quarter of 2012 associated with due diligence conducted on an abandoned acquisition opportunity and expenses directly related to the proposed Enova initial public offering, which equated to approximately 2 cents per share after taxes.