David-
I think the reference to earnings was to First Cash, and here are the earnings from last night.
ARLINGTON, Texas, Sept. 4 /PRNewswire/ -- First Cash, Inc. (Nasdaq: PAWN)
today announced record operating results for the quarter and fiscal year ended
July 31, 1997.
For the fourth quarter of its 1997 fiscal year, the Company's net income
reached $512,000, or $0.12 per share ($0.11 fully diluted), an increase of
$176,000 or 52% compared with $336,000, or $0.09 per share ($0.09 fully
diluted) in the prior-year period. The quarter ended July 31, 1997 is the
eleventh consecutive quarter of year-to-year increases in the Company's
earnings and earnings per share. Revenues during the three-month period ended
July 31, 1997 reached $12,404,000, approximately 30% above the prior year's
fourth quarter revenues of $9,563,000. Same store revenues for the most
recent quarter increased 14% to $10,426,000 versus $9,162,000 during the
fourth quarter of fiscal 1996. The thirteen stores added since May 1, 1996
contributed additional revenues of $1,978,000 in the fourth quarter of fiscal
1997.
For the year ended July 31, 1997, First Cash, Inc. earned $2,294,000, vs.
$1,440,000 in fiscal year 1996, a 59% gain in net income. Revenues increased
to $49,431,000 from $38,023,000, a 30% gain. On a per-share basis, the
Company earned $0.52 for the fiscal year ($0.47 fully diluted), which
represents a 33% gain compared to $0.39 per share ($0.39 fully diluted) in the
prior fiscal year. Both primary and fully diluted earnings per share consider
the effects of convertible securities, outstanding stock options and warrants.
Same-store revenues increased 12% during FY 1997, to $41,186,000, as
compared with $36,941,000 in the previous year. The Company added 15 stores
during FY 1996 and 1997 (net of one store consolidated in Fiscal 1996), which
provided additional revenues of $8,245,000 during the fiscal year just ended.
The Company's pawn loans increased 10%, to $12,877,000 at July 31, 1997
compared to $11,701,000 at July 31, 1996. Same-store loan portfolios expanded
by 4% to $12,137,000 (vs. $11,701,000), while the seven new stores added by
the Company during FY 1997 provided an additional $740,000 in pawn loans.
During the year just ended, the Company acquired five stores in its
Mid-Atlantic region, and one store each in its North Texas and South Texas
regions, bringing its total store count as of July 31, 1997 to 57 stores. The
Company also continues to manage seven independently owned pawnshops, which
provided First Cash with management fee revenues of approximately $270,000
during the fiscal year ended July 31, 1997.
Rick Powell, the Company's Chairman and Chief Executive Officer, commented
that, "Overall, management is very pleased with First Cash's revenue and
earnings performance during fiscal 1997. During the fiscal year just ended,
the Company completed the installation of its internally developed computer
system in every store. This system, which we consider the best in the
industry, provides an online connection to each and every store in our
network, and allows management to monitor store performance on a real-time
basis."
"In addition to operating improvements, the Company improved its capital
structure through the conversion of approximately $3.5 million of debentures
into stockholders' equity, as well as $176,000 of cash proceeds from the
exercise of 44,000 stock warrants. During Fiscal 1997, the Company retired
198,000 warrants to purchase common stock, while another 50,000 warrants to
purchase common stock expired on August 1, 1997. We added fourteen units to
our store base (managed and owned) during this fiscal year, for 28% unit
growth, and we remain committed to this high growth strategy."
First Cash, Inc. is engaged in the acquisition, establishment and
operation of pawn stores, which lend money on the collateral of pledged
personal property and retail previously-owned merchandise acquired through
loan forfeitures. As of September 4, 1997, the Company owns 58 stores and
manages an additional seven stores in Texas, Oklahoma, Maryland, and
Washington DC. Its common stock is traded on the Nasdaq Stock Market under
the ticker symbol "PAWN".
SELECTED OPERATING INFORMATION
(in thousands, except earnings per share)
Three Months Ended July 31
1997 1996
Revenues:
Merchandise sales $ 8,090 $ 5,939
Pawn service charges 4,249 3,616
Other 65 8
Total 12,404 9,563
Cost of goods sold 5,390 3,978
Operating expenses 6,172 5,029
Income before income taxes 842 556
Provision for income taxes 330 220
Net income $ 512 $ 336
Primary earnings per share $ 0.12 $ 0.09
Fully diluted earnings per share $ 0.11 $ 0.09
Year Ending July 31,
1997 1996
Revenues:
Merchandise sales $ 32,627 $ 24,823
Pawn service charges 16,517 13,149
Other 287 51
Total 49,431 38,023
Cost of goods sold 22,502 16,714
Operating expenses 23,298 18,952
Income before income taxes 3,631 2,357
Provision for income taxes 1,337 917
Net income $ 2,294 $ 1,440
Primary earnings per share $ 0.52 $ 0.39
Fully diluted earnings per share $ 0.47 $ 0.39 |
