PawnMart, Inc. Reports 79% Revenue Increase for May; Comparable Store Revenues Increase 35%
Pawn Loans Increase 136% Over Prior Year
FORT WORTH, Texas, June 1 /PRNewswire/ -- PawnMart, Inc. (Nasdaq SmallCap: PMRT - news, PMRTW - news, PMRTZ - news; BSE: PWT - news, PWTA - news, PWTB - news) reported that total revenues increased 79 percent to $1,390,000 for the four weeks ended May 29, 1999 compared to $778,000 for the four weeks ended May 30, 1998. Comparable store revenues increased 35 percent for the four weeks ended May 29, 1999 for the 19 stores open for twelve full months or more. At May 29, 1999, total pawn loans were $5,369,000, a 136 percent increase over prior year, and comparable store pawn loans were $4,151,000, an 82 percent increase over prior year.
''For the fifth consecutive month, we have achieved comparable store revenue increases in excess of twenty percent,'' stated Carson R. Thompson, Chairman and Chief Executive Officer. ''Additionally, our May revenues were positively impacted by the addition of 18 stores during the last twelve months. We believe that our positive store performance validates our continued rapid expansion strategy during fiscal 1999.''
PawnMart, Inc. currently operates 37 specialty finance and retail stores that buy and sell pre-owned merchandise, and provide secured short-term loans. PAWNMART(SM) stores are positioned and merchandised similar to national discount store chains, and are located in Alabama, Georgia, North Carolina, South Carolina, and Texas.
Certain of the above information is forward-looking and as such, only reflects the Company's best assessment at this time. Investors are cautioned that forward-looking statements involve risks and uncertainty, that actual results may differ materially from such statements, and that investors should not place undue reliance on such statements. For a discussion of factors that may affect actual results, investors should refer to the Company's filings with the Securities and Exchange Commission.
SOURCE: PawnMart, Inc.
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