UNITED STATES
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) January 27, 2009
First Cash Financial Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-19133 |
75-2237318 |
|
| (Commission File Number) | (IRS Employer Identification No.) |
690 East Lamar Blvd., Suite 400, Arlington, Texas |
76011 |
|
| (Address of principal executive offices) | (Zip Code) |
(817) 460-3947
Registrant's telephone number, including area code:
NA
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 2.02. Results of Operations and Financial Condition.
First Cash Financial Services, Inc. has issued a press release announcing its financial results for the three month and twelve month periods ended December 31, 2008. The Company's press release dated January 27, 2009 announcing the results is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety into this Item 2.02.
The information provided in this Item 2.02 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.
(d) Exhibits:
99.1 Press Release dated January 27, 2009 announcing the Company's financial results for the
three month and twelve month periods ended December 31, 2008.
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.
| First Cash Financial Services, Inc.
(Registrant) |
||
| January 29, 2009
(Date) |
/s/ R. DOUGLAS ORR
R. Douglas Orr Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
| Exhibit Index | ||
| 99.1 | Press release dated January 27, 2009 | |
EXHIBIT 99.1
First Cash Reports Fiscal 2008 EPS of $1.26; 35% Increase Over Prior Year
ARLINGTON, Texas, Jan. 27, 2009 (GLOBE NEWSWIRE) -- First Cash Financial Services, Inc. (Nasdaq:FCFS) today announced revenue, net income and earnings per share for both the three months and the year ended December 31, 2008. Earnings from continuing operations for the fiscal year were $1.26 per share, an increase of 35% over the prior year, as the Company's core pawn operations continued to post significant growth in revenue and operating profits. The Company also initiated earnings guidance for 2009.
Continuing Operations Highlights
* Diluted earnings per share from continuing operations for fiscal 2008 were $1.26, an increase of 35%, compared to $0.93 in fiscal 2007. These earnings were at the top of the range previously forecast by the Company and exceeded the consensus analysts' forecast by $0.02 per share. Net income from continuing operations for the year was $38.1 million, compared to $30.5 million in 2007. * Fourth quarter diluted earnings per share from continuing operations were $0.36, compared to $0.29 in the fourth quarter of 2007, an increase of 24%. Net income from continuing operations for the fourth quarter of 2008 was $10.7 million. * Year-to-date same-store revenue increased 13% over the comparable prior-year period, while same-store revenue for the current quarter increased 8%. * Total revenue from continuing operations for 2008 was $334 million, an increase of 19% over prior-year results, while fourth quarter revenue grew by 15% compared to 2007. Pawn-related revenue represented 79% of total revenue for fiscal 2008. * In Mexico, pawn revenue increased by 38% for the year and 31% for the quarter, a result of both continued new store expansion and strong same-store revenue growth in existing stores. In the U.S., which has a fully-mature store base, total pawn revenue, nonetheless, grew by 14% for the year and 13% during the fourth quarter of 2008. * Total pawn merchandise sales (retail and wholesale) increased by 27% for the year, with Mexico stores posting 41% growth and U.S. stores 15%. Fourth quarter merchandise sales increased by 27% in total, with Mexico increasing 38% and U.S. stores by 14%. * Pawn service fees grew 20% for the year, while short-term loan service fees were comparable to the prior year. In Mexico, pawn service fees increased by 28% for the year, while U.S. stores grew by 12%.
Key Operating Metrics
* Consolidated store-level operating margins improved to 28% in 2008, compared to a 26% margin in 2007. The pre-tax operating margin, which includes store-based and administrative expenses and net interest costs, improved from 17% to 18% during 2008 over 2007 results. * The retail pawn merchandise sales margin was 43% for the quarter, consistent with the prior-year quarter. For the year, retail margins were 45%, compared to 2007 results of 44%. The margin on wholesale scrap jewelry sales was 34% for the quarter and 37% for 2008 in total. * Year end pawn receivable balances in 2008 increased by 7% compared to 2007. The increase was comprised of a 9% increase in pawn balances in the Mexico stores and a 5% increase in the U.S. pawn stores. The Mexico loan growth was affected by the change in the peso/dollar exchange rate during the fourth quarter, as loans grew by 26% in Mexico on a constant currency conversion basis. * The short-term loan credit loss provision improved during the current quarter, decreasing to 30% of fees, compared to 33% in the fourth quarter of 2007. For the full year, the short-term loan credit loss provision was 28%, consistent with the prior year.
New Locations
* A total of 31 new store locations were added during the fourth quarter of 2008, which included 15 new store openings and the previously reported December 2008 acquisition of 16 Presta Max pawn stores in Mexico. One U.S. short-term loan store was closed during the period. * For the full year, the Company added a total of 72 new locations, comprised of 64 pawn and short-term loan stores in Mexico, one new pawn store in the U.S. and seven short-term loan stores in the U.S. The Company closed four short-term loan stores in the U.S., two pawn stores in Mexico and one pawn store in the U.S. during the year. * The Company operated 525 pawn and short-term loan stores as of December 31, 2008, a net store-count increase of 14% over the prior year.
Financial Position & Liquidity
* Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations totaled $72 million for fiscal 2008, an increase of 25% over 2007. The EBITDA margin for 2008 was 22%. A detailed reconciliation of this non-GAAP financial measure to income from continuing operations is provided elsewhere in this release. * The outstanding balance at December 31, 2008 on the Company's long-term bank credit facility was $68.5 million, compared to $73.5 million at the end of the third quarter of 2008. The Company reduced its consolidated net debt position (outstanding debt less cash balances) by $6.8 million during the fourth quarter, including the cash payment on the Presta Max acquisition. * During 2008, the Company funded from operating cash flow approximately $7 million in net customer loan and inventory growth, $17 million of stock repurchases and approximately $17 million in capital expenditures, most of which was invested in new store locations.
2009 Outlook
* The Company is initiating its Fiscal 2009 guidance for diluted earnings per share from continuing operations; earnings are projected to be in a range of $1.36 to $1.38 per share, an 8% to 10% growth rate over 2008. The Company expects significant continued growth in customer traffic and transaction volumes in 2009, especially in Mexico. The projected growth rate in earnings for 2009 reflects the continuation of significant economic and currency volatility, which affects customer demand for the Company's products and services. In addition, the growth rate assumes relatively flat gold prices in 2009 compared to 2008. The Company expects most of its 2009 earnings and revenue growth will occur in the second half of the year, as the significant number of new stores added between June and December of 2008 become more accretive to earnings. The Company projects that 75% to 80% of 2009 earnings will be derived from pawn operations, while 20% to 25% of earnings will be from short-term loan and credit services operations. * In 2009, the Company anticipates opening 55 to 60 new stores in Mexico and a limited number of new pawn stores in the U.S. The Company does not anticipate opening any new U.S. short-term/payday loan stores in 2009.
Commentary & Analysis
Rick Wessel, Chief Executive Officer of First Cash, commented on the Company's 2008 operating results, "2008 was a pivotal year for the Company as we refocused our operations and future growth on our core pawn business, while exiting the auto sales operation. Through turbulent economic conditions in 2008, we posted solid growth in our mature U.S. pawn stores, continued rapid increases in revenue and profits across all of our expansion markets in Mexico and generated solid cash flow from operations. Same-store revenue grew at a record 13% pace in 2008, while other key operating metrics such as growth in operating margins and cash flow reflected the strength of our core business model. While the fourth quarter was a comparatively challenging retail environment and demand for short-term loans was soft compared to 2007, we nonetheless achieved our revenue and profitability targets for 2008 in our non-auto sales businesses. The fourth quarter was also challenging due to a significantly weaker Mexican peso exchang e rate, which negatively impacted net peso denominated earnings by approximately $0.01 per share in the fourth quarter. Despite these challenges, we were able to maintain merchandise sales margins at or above historical levels, while also reducing our bank debt during the fourth quarter."
In addition to the strong financial results, the Company achieved two significant store-opening milestones in the fourth quarter of 2008, surpassing 250 stores in Mexico and 500 stores overall. In addition, the Company completed, in December 2008, the acquisition of the 16-store chain of Presta Max pawn stores in Mexico. These established and profitable stores complement the Company's existing footprint in Mexico and provide an even stronger base for further expanding operations in central and southern Mexico.
The Company's balance sheet remains strong, with total assets of $265 million and less than $70 million outstanding on the bank line of credit; which is less than 1.0 times EBITDA. The Company expects to generate significant cash flow in 2009 from both operations and the further collection of outstanding Auto Master receivables. This cash will be used to fund continued growth in Mexico and reduce outstanding debt.
In summary, Mr. Wessel said, "We believe that our core pawn business remains well-positioned for long-term growth and relative stability. Although the economy and financial markets are in a period of unprecedented volatility and uncertainty, we anticipate continued demand for our pawn loan and value-priced consumer retail products, particularly in light of the reduced availability of traditional consumer credit and purchasing power. Our new store expansion will continue to be self-funded from operating cash flows, and we remain confident in our ability to generate solid long-term growth and value for our shareholders."
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 inc lude, without limitation, the Company's expectations of earnings per share, earnings growth, charges related to discontinued operations, collections results, future tax benefits, expansion strategies, store openings, liquidity, cash flows, credit losses and related provisions, debt repayments, consumer demand for the Company's products and services, competition, and other performance results. 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 r eflect 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 the inflation rate, changes in the unemployment rate, changes in consumer purchasing, borrowing and repayment behaviors, changes in credit markets, credit losses, changes or increases in competition, the ability to locate, open and staff new stores, 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, new federal, state or local legislative initiatives or governmental regulat ions (or changes to existing laws and regulations) affecting short-term loan businesses, credit services organizations, pawn businesses and buy-here/pay-here automotive businesses 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, uncertainties and regulatory developments are further and more completely described in the Company's 2007 Annual Report on Form 10-K and updated in subsequent releases on Form 10-Q.
About First Cash
First Cash Financial Services, Inc. is a leading specialty retailer and provider of consumer financial services. Its pawn stores make small loans secured by pledged personal property, retail a wide variety of jewelry, electronics, tools and other merchandise, and in many locations, provide short-term loans and credit services products. The Company's short-term loan locations provide various combinations of short-term loan products, installment loans, check cashing, credit services and other financial services products. The Company owns and operates over 525 stores in twelve U.S. states and fifteen states in Mexico. First Cash is also an equal partner in Cash & Go, Ltd., a joint venture, which owns and operates 39 check cashing and financial services kiosks located inside convenience stores.
First Cash is a component company in both the Standard & Poor's SmallCap 600 Index(r) and the Russell 2000 Index(r). 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.
The First Cash Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3365
STORE COUNT ACTIVITY
The following table details store openings and closings for the three
months and twelve months ended December 31, 2008:
U.S. Mexico
Locations Locations
-------------------- --------------------
Pawn/
Short- Short-
Term Term
Pawn Loan Loan Total
Stores Stores Stores Locations
--------- --------- --------- ---------
Three Months Ended
December 31, 2008
------------------
Total locations, beginning
of period 95 159 241 495
New locations opened 1 2 12 15
Locations acquired -- -- 16 16
Locations closed
or consolidated -- (1) -- (1)
--------- --------- --------- ---------
Total locations, end
of period 96 160 269 525
========= ========= ========= =========
Twelve Months Ended
December 31, 2008
-------------------
Total locations, beginning
of period 96 157 207 460
New locations opened 1 7 48 56
Locations acquired -- -- 16 16
Locations closed
or consolidated (1) (4) (2) (7)
--------- --------- --------- ---------
Total locations, end
of period 96 160 269 525
========= ========= ========= =========
For the three and twelve months ended December 31, 2008, the Company's 50% owned joint venture, Cash & Go, Ltd., operated a total of 39 check cashing and short-term loan kiosks located inside convenience stores, which are not included in the above table.
FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
(unaudited)
(in thousands, except per share amounts)
Revenue:
Pawn merchandise sales $ 55,949 $ 44,210 $ 193,321 $ 151,626
Finance and service fees 34,697 34,475 136,331 124,637
Other 916 953 3,876 3,998
--------- --------- --------- ---------
91,562 79,638 333,528 280,261
--------- --------- --------- ---------
Cost of revenue:
Cost of goods sold 33,364 25,308 111,845 88,753
Short-term loan and
credit services loss
provision 5,104 6,056 18,554 18,658
Other 74 89 365 358
--------- --------- --------- ---------
38,542 31,453 130,764 107,769
--------- --------- --------- ---------
Net revenue 53,020 48,185 202,764 172,492
--------- --------- --------- ---------
Expenses and other income:
Store operating expenses 24,382 23,976 101,086 89,418
Administrative expenses 8,205 7,071 29,203 24,871
Depreciation 2,961 2,608 11,114 10,219
Interest expense 285 157 793 133
Interest income (16) (22) (55) (78)
--------- --------- --------- ---------
35,817 33,790 142,141 124,563
--------- --------- --------- ---------
Income from continuing
operations before
income taxes 17,203 14,395 60,623 47,929
Provision for
income taxes 6,499 5,240 22,503 17,446
--------- --------- --------- ---------
Income from continuing
operations 10,704 9,155 38,120 30,483
Income (loss) from
discontinued
operations, net of tax 770 (3,416) (59,656) 4,805
--------- --------- --------- ---------
Net income (loss) $ 11,474 $ 5,739 $(21,536) $ 35,288
========= ========= ========= =========
Basic income per share:
Income from continuing
operations $ 0.37 $ 0.30 $ 1.29 $ 0.97
Income (loss) from
discontinued operations 0.03 (0.11) (2.02) 0.15
--------- --------- --------- ---------
Net income (loss) per
basic share $ 0.40 $ 0.19 $ (0.73) $ 1.12
========= ========= ========= =========
Diluted income per share:
Income from continuing
operations $ 0.36 $ 0.29 $ 1.26 $ 0.93
Income (loss) from
discontinued operations 0.03 (0.11) (1.97) 0.15
--------- --------- --------- ---------
Net income (loss) per
diluted share $ 0.39 $ 0.18 $ (0.71) $ 1.08
========= ========= ========= =========
Weighted average
shares outstanding:
Basic 29,243 30,899 29,575 31,564
Diluted 29,909 31,815 30,216 32,824
FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31,
----------------------
2008 2007
--------- ---------
(unaudited)
(in thousands)
ASSETS
Cash and cash equivalents $ 29,006 $ 14,175
Service charges receivable 7,173 7,503
Pawn receivables 44,170 41,285
Short-term loan receivables, net
of allowance 5,865 5,762
Automotive finance receivables, net
of allowance 4,898 27,485
Inventories 28,738 26,870
Prepaid expenses and other current assets 6,071 7,469
Deferred tax assets 1,322 457
Current assets of discontinued operations 3,614 11,792
--------- ---------
Total current assets 130,857 142,798
Automotive finance receivables with
long-term maturities, net of allowance 5,306 31,218
Property and equipment, net 40,111 39,989
Goodwill, net 75,191 53,237
Deferred tax assets 12,501 --
Other 1,191 1,226
Long-term assets of discontinued operations -- 23,080
--------- ---------
Total assets $ 265,157 $ 291,548
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of notes payable $ 7,048 $ 2,250
Accounts payable 2,280 1,232
Accrued liabilities 21,380 14,109
Current liabilities of
discontinued operations 2,110 3,457
--------- ---------
Total current liabilities 32,818 21,048
Revolving credit facility 68,500 55,000
Notes payable, net of current portion 9,389 3,938
Deferred income taxes payable -- 10,353
--------- ---------
Total liabilities 110,707 90,339
Stockholders' equity:
Preferred stock -- --
Common stock 361 359
Additional paid-in capital 112,750 111,410
Retained earnings 148,319 169,855
Accumulated other comprehensive income
(loss) - Note 1 (9,568) --
Common stock held in treasury (97,412) (80,415)
--------- ---------
Total stockholders' equity 154,450 201,209
--------- ---------
Total liabilities and
stockholders' equity $ 265,157 $ 291,548
========= =========
Note 1 - The Company operates pawn and short-term loans stores in Mexico. In accordance with U.S. generally accepted accounting principles, beginning in the fourth quarter of 2008 the Mexican peso became the functional currency of the Company's Mexican-based subsidiaries due to the volume of Mexican peso-denominated revenue transactions being recorded in these stores. The peso-denominated balance sheet accounts at December 31, 2008 are therefore translated into U.S. dollars at the exchange rate in effect at year end, and income statement items are translated at the average exchange rate during the period; resulting translation adjustments are made directly to the "other comprehensive income (loss)" component of shareholders' equity. The Company's net peso-denominated assets are carried at a translated U.S. dollar amount of $46.9 million as of December 31, 2008.
FIRST CASH FINANCIAL SERVICES, INC.
OPERATING INFORMATION
The following table details the revenue and cost of revenue from
continuing operations for the three months and twelve months ended
December 31, 2008 and 2007 (unaudited, in thousands):
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
2008 2007 2008 2007
-------- -------- -------- --------
Revenue:
Pawn retail merchandise
sales $ 38,899 $ 32,778 $128,697 $112,316
Pawn scrap jewelry sales 17,050 11,432 64,624 39,310
Pawn service fees 17,733 16,142 69,870 58,371
Short-term loan and
credit services fees 16,964 18,333 66,461 66,266
Other 916 953 3,876 3,998
-------- -------- -------- --------
91,562 79,638 333,528 280,261
-------- -------- -------- --------
Cost of revenue:
Cost of goods sold -
pawn retail merchandise 22,039 18,580 71,158 63,229
Cost of goods sold -
pawn scrap jewelry 11,325 6,728 40,687 25,524
Short-term loan and
credit services
loss provision 5,104 6,056 18,554 18,658
Other 74 89 365 358
-------- -------- -------- --------
38,542 31,453 130,764 107,769
-------- -------- -------- --------
Net revenue $ 53,020 $ 48,185 $202,764 $172,492
======== ======== ======== ========
The following table details selected assets as of December 31, 2008
and December 31, 2007 (unaudited, in thousands):
December 31,
2008 2007
-------- --------
Customer receivables
Pawn $ 44,170 $ 41,285
Short-term loan 6,148 6,088
-------- --------
50,318 47,373
CSO short-term loans held by independent
third-party (1) 13,667 15,536
Allowance for doubtful accounts (1,032) (1,137)
-------- --------
$ 62,953 $ 61,772
======== ========
(1) CSO loans outstanding are from an independent third-party lender
and are not included on the Company's balance sheet.
DISCONTINUED OPERATIONS
In September 2008, the Company announced that it planned to dispose
of the Auto Master buy-here/pay-here automotive operation.
Associated with this decision, a non-cash charge of $1.75 per share,
net of tax, was included as a component of discontinued operations
for the quarter ending September 30, 2008. Under the terms of an
agreement announced on December 8, 2008 with Interstate Auto Group,
Inc. (dba "CarHop"), CarHop purchased Auto Master's automobile
inventories, assumed leases at all existing dealership locations and
hired a significant number of Auto Master's personnel. In addition,
CarHop is managing the collection of Auto Master's outstanding
portfolio of customer notes receivable under a fee-based agreement.
As a result, the Company recorded a gain from discontinued
operations of $0.03 in the fourth quarter, primarily due to gains
on the sale of inventory and lower than expected disposition costs.
All revenue, expenses and income reported in this release for the
three- and twelve-month periods ended December 31, 2008 and 2007
have been adjusted to reflect reclassification of the discontinued
Auto Master operation.
UNAUDITED NON-GAAP FINANCIAL INFORMATION - EBITDA
EBITDA is commonly used by investors to assess a company's leverage
capacity, liquidity and financial performance. EBITDA is not
considered a measure of financial performance under U.S. generally
accepted accounting principles ("GAAP"), and the items excluded from
EBITDA are significant components in understanding and assessing the
Company's financial performance. Since EBITDA is not a measure
determined in accordance with GAAP and is thus susceptible to
varying calculations, EBITDA, as presented, may not be comparable to
other similarly titled measures of other companies. EBITDA should
not be considered as an alternative to net income, cash flows
provided by or used in operating, investing or financing activities
or other financial statement data presented in the Company's
consolidated financial statements as an indicator of financial
performance or liquidity. Non-GAAP measures should be evaluated in
conjunction with, and are not a substitute for, GAAP financial
measures. The following table provides a reconciliation of income
from continuing operations to EBITDA (unaudited, in thousands):
Twelve Months Ended
December 31,
-----------------------
2008 2007
--------- ---------
Income from continuing operations $ 38,120 $ 30,483
Adjustments:
Income taxes 22,503 17,446
Depreciation 11,114 10,219
Interest expense 793 133
Interest income (55) (78)
--------- ---------
Earnings from continuing operations before
interest, income taxes, depreciation
and amortization $ 72,475 $ 58,203
========= =========
EBITDA margin calculated as follows:
Total revenue from continuing operations $ 333,528 $ 280,261
Earnings from continuing operations
before interest, income taxes,
depreciation and amortization 72,475 58,203
--------- ---------
EBITDA as a percent of revenue 22% 21%
========= =========
CONTACT: First Cash Financial Services, Inc.
Rick Wessel, Vice Chairman & Chief Executive Officer
Doug Orr, Executive Vice President & Chief Financial Officer
(817) 505-3199
investorrelations@firstcash.com
www.firstcash.com