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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 15, 2004
First Cash Financial Services, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-19133 75-2237318
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(Commission File Number) (IRS Employer Identification No.)
690 East Lamar Blvd., Suite 400, Arlington, Texas 76011
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(Address of principal executive offices, including zip code)
(817) 460-3947
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(Registrant's telephone number, including area code)
Item 5. Other Events and Regulation FD Disclosure
First Cash Financial Services, Inc. issued a press release dated July 15, 2004
announcing that the Board of Directors had approved a stock repurchase program.
A copy of the release is furnished as Exhibit 99.1 to this report. All
information in the press release is furnished but not filed.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired. Inapplicable.
(b) Pro Forma Financial Information. Inapplicable.
(c) Exhibits
Exhibit Number Exhibit Description
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99.1 Press Release dated July 15, 2004
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: July 15, 2004 FIRST CASH FINANCIAL SERVICES, INC.
(Registrant)
/s/ R. DOUGLAS ORR
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R. Douglas Orr
Chief Accounting Officer
Exhibit 99.1
First Cash Financial Services Announces Share Repurchase Authorization
ARLINGTON, Texas, July 15 /PRNewswire-FirstCall/ -- First Cash Financial
Services, Inc. (Nasdaq: FCFS) today announced that its Board of Directors has
approved the repurchase of up to 1,600,000 shares of First Cash common stock
depending on prevailing market conditions. This is the only stock repurchase
currently authorized and represents approximately 10% of the Company's total
outstanding shares, at its maximum.
"With our growth, outstanding financial performance and strong balance
sheet, this repurchase program underscores our confidence in First Cash's
future," said Rick Powell, Chairman and Chief Executive Officer of First Cash.
"This provides us a tremendous opportunity to maximize the intrinsic value of
First Cash shares for our shareholders while maintaining the Company's
flexibility for strategic investment and expansion alternatives."
Purchases under the Company's stock repurchase program may be made from
time-to-time, in the open market, through block trades or otherwise, and in
privately negotiated transactions. Depending on market conditions and other
factors, these purchases may be commenced or suspended at any time or from
time-to-time without prior notice.
Business Description
First Cash Financial Services, Inc. is engaged in the operation of pawn
and check cashing/short-term advance stores, which lend money on the
collateral of pledged personal property, retail previously-owned merchandise
acquired through loan forfeitures, and provide short-term loans, check cashing
and other financial services. The Company currently owns and operates over
260 pawn and check cashing/short-term advance stores in eleven states and
Mexico. First Cash Financial Services is also an equal partner in Cash & Go,
Ltd., a joint venture, which owns and operates 40 financial services kiosks
located inside convenience stores. First Cash's common stock is traded on the
Nasdaq Stock Market under the ticker symbol "FCFS" and it is a component
company in the Russell 2000 Index.
First Cash was recently ranked 25th by Fortune Small Business magazine on
the "FSB 100: America's Fastest-Growing Small Public Companies." In addition,
First Cash has been recognized for two consecutive years by Forbes magazine as
one of the "200 Best Small Companies." The 2003 ranking, which is based on a
combination of profitability and growth performance measures over the most
current one and five year periods, placed First Cash 73rd out of
3,500 companies evaluated by Forbes.
Forward-Looking Statements
This release may contain forward-looking statements about the business,
financial condition and prospects of First Cash Financial Services, Inc.
Forward-looking statements can be identified by the use of forward-looking
terminology such as "believes," "projects," "expects," "may," "estimates,"
"should," "plans," "intends," or "anticipates" or the negative thereof, or
other variations thereon, or comparable terminology, or by discussions of
strategy. Forward-looking statements in this release include, without
limitation, intent to repurchase Company stock and continuation, suspension
and/or termination of the share repurchase plan. These statements are made to
provide the public with management's assessment of the Company's business.
Although the Company believes that the expectations reflected in forward-
looking statements are reasonable, there can be no assurances that such
expectations will prove to be accurate. Security holders are cautioned that
such forward-looking statements involve risks and uncertainties. The forward-
looking statements contained in this release speak only as of the date of this
statement, and the Company expressly disclaims any obligation or undertaking
to release any updates or revisions to any such statement to reflect any
change in the Company's expectations or any change in events, conditions or
circumstance on which any such statement is based. Certain factors may cause
results to differ materially from those anticipated by some of the statements
made in this release. Such factors are difficult to predict and many are
beyond the control of the Company, but may include changes in regional,
national or international economic conditions, the ability to open and
integrate new stores, the ability to maintain favorable banking relationships
as it relates to short-term lending products, changes in governmental
regulations, unforeseen litigation, changes in interest rates, changes in tax
rates or policies, changes in gold prices, changes in foreign currency
exchange rates, future business decisions, and other uncertainties.
SOURCE First Cash Financial Services, Inc.
-0- 07/15/2004
/CONTACT: Rick Wessel, President, or Doug Orr, Chief Financial Officer,
both of First Cash Financial Services, Inc., +1-817-460-3947, or
investorrelations@firstcash.com /
/Web site: http://www.firstcash.com /
(FCFS)
CO: First Cash Financial Services, Inc.
ST: Texas
IN: FIN REA
SU: ERN ERP