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): December 12, 2006
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 8.01 Other Events
First Cash Financial Services, Inc. has issued a press release
announcing the opening of Auto Master dealerships in Little Rock and
Oklahoma. First Cash also announced that combined store and dealership
openings are expected to total 72 for 2006 and 78 to 85 for 2007. The
Company's press release dated December 12, 2006 is attached hereto as
Exhibit 99.1 and is incorporated by reference in its entirety into this
Item 8.01.
The information provided in this Item 8.01 shall not be deemed "filed"
for purposes of the Securities Act of 1934, as amended, or otherwise
subject to the liabilities of that section, nor shall such information
be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, except as shall be expressly set forth by the
specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
Exhibit 99.1 Press Release dated December 12, 2006 announcing the
opening of Auto Master dealerships in Little Rock and
Oklahoma City.
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: December 12, 2006 FIRST CASH FINANCIAL SERVICES, INC.
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(Registrant)
/s/ R. DOUGLAS ORR
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R. Douglas Orr
Chief Accounting Officer
Exhibit 99.1
First Cash Announces Opening of
Auto Master Dealerships in Little Rock and Oklahoma City
Combined Store & Dealership Openings Expected to Total 72 for 2006
ARLINGTON, Texas--(BUSINESS WIRE)--Dec. 12, 2006--First Cash Financial
Services, Inc. (Nasdaq:FCFS) today announced the opening of two Auto Master
automotive dealerships, one located in North Little Rock and the other in
Oklahoma City. The new dealerships represent the first opened by Auto Master
since First Cash acquired the buy-here/pay-here automotive retailer in August
and brings to 10 the total number of Auto Master locations in its three-state
operating area. Including the dealership openings and the projected opening of
70 pawn and short-term advance locations, First Cash expects to open 72 new
locations in Fiscal 2006, which is a record number of store-openings for the
Company.
"We are excited about launching Auto Master dealerships in two new
markets," stated Mr. Rick Wessel, Vice Chairman and Chief Executive Officer of
First Cash. "We look forward to capitalizing on Auto Master's name recognition
and outstanding reputation in nearby existing markets located in Arkansas,
Oklahoma and Missouri. Both of the new locations are managed by experienced Auto
Master sales professionals and feature a large inventory of quality used
vehicles with available financing options."
For the year ending December 31, 2006, the Company projects that it will
open a total of 72 new locations, which will be comprised of 26 pawn stores, 44
short-term advance stores and 2 Auto Master dealerships. Mr. Wessel noted, "The
72 store openings in 2006 will significantly exceed our previous record of 52
store openings in a single year. In addition, we were able to front-load a
significant percentage of the store openings during the first three quarters of
the year which should enhance these stores' aggregate profitability in 2007."
First Cash expects to be operating a total of 407 locations as of year end,
which will represent a 24% increase over the 328 locations open as of the end of
2005.
Looking ahead to 2007, the Company expects to open a combination of 75 to
80 pawn and short-term advance locations and 3 to 5 Auto Master dealerships. In
total, the Company projects 78 to 85 combined unit openings for 2007, an
increase of 19% to 21% over the current store base.
Forward-Looking Information
This release may contain forward-looking statements about the business,
financial condition and prospects of First Cash Financial Services, Inc. ("First
Cash" or the "Company"). Forward-looking statements, as that term is defined in
the Private Securities Litigation Reform Act of 1995, can be identified by the
use of forward-looking terminology such as "believes," "projects," "expects,"
"may," "estimates," "should," "plans," "intends," "could," or "anticipates," or
the negative thereof, or other variations thereon, or comparable terminology, or
by discussions of strategy. Forward-looking statements can also be identified by
the fact that these statements do not relate strictly to historical or current
matters. Rather, forward-looking statements relate to anticipated or expected
events, activities, trends or results. Because forward-looking statements relate
to matters that have not yet occurred, these statements are inherently subject
to risks and uncertainties. Forward-looking statements in this release include,
without limitation, the Company's expectations of store openings, and unit
counts and expected new store profitability. These statements are made to
provide the public with management's current 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
report any updates or revisions to any such statement to reflect any change in
the Company's expectations or any change in events, conditions or circumstances
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 and may include changes in regional, national or international
economic conditions, changes in consumer borrowing and repayment behaviors,
credit losses, changes or increases in competition, the ability to locate, open
and staff new stores and dealerships, the availability or access to sources of
inventory, inclement weather, the ability to successfully integrate
acquisitions, the ability to retain key management personnel, the ability to
operate with limited regulation as a credit services organization in Texas, new
legislative initiatives or governmental regulations (or changes to existing laws
and regulations) affecting short-term advance businesses, credit services
organizations, pawn businesses and buy-here/pay-here automotive retailers in
both the U.S. and Mexico, unforeseen litigation, changes in interest rates,
changes in tax rates or policies, changes in gold prices, changes in energy
prices, changes in used vehicle prices, cost of funds, changes in foreign
currency exchange rates, future business decisions, and other uncertainties.
These and other risks and uncertainties are indicated in the Company's 2005
Annual Report on Form 10-K (see "Item 1A. Risk Factors") and updated in
subsequent quarterly reports on Form 10-Q.
About First Cash
First Cash Financial Services, Inc. is a leading provider of specialty
consumer financial services and related retail products. Its pawn stores make
small loans secured by pledged personal property, retail pawned merchandise
acquired through loan forfeitures and in certain locations provide short-term
advances and credit services products. The Company's short-term advance
locations provide various combinations of short-term advance products,
check-cashing, credit services and other financial services products. First Cash
also operates automobile dealerships and related financing operations focused
exclusively on the "buy-here/pay-here" segment of the used vehicle market. The
Company owns and operates over 400 stores and buy-here/pay-here dealerships in
13 U.S. states and 8 states in Mexico. In addition, First Cash is an equal
partner in Cash & Go, Ltd., a joint venture, which owns and operates 40
check-cashing and financial services kiosks located inside convenience stores.
First Cash has been recognized for five consecutive years by Forbes magazine as
one of its "200 Best Small Companies." This annual ranking is based on a
combination of profitability and growth performance measures over the most
current one and five-year periods.
First Cash's common stock (ticker symbol "FCFS") is traded on the Nasdaq
Global Select Market, which has the highest initial listing standards of any
stock exchange in the world based on financial and liquidity requirements.
CONTACT: First Cash Financial Services, Inc.
Rick Wessel, 817-505-3199
Vice Chairman & Chief Executive Officer
or
Doug Orr, 817-505-3199
EVP & Chief Financial Officer
Email: investorrelations@firstcash.com
Website: www.firstcash.com