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•	Diluted earnings per share from continuing operations for fiscal 2013 were $2.86 compared to $2.72 in fiscal 2012. Comparative earnings results for the year reflected a tax adjusted earnings drag of approximately $0.34 per share from non-core scrap jewelry operations and approximately $0.09 per share from stand-alone U.S. consumer lending locations.

•	Net income from continuing operations for fiscal 2013 totaled $84.5 million compared to $80.9 million in the prior year.

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Diluted earnings per share from continuing operations for the fourth quarter of 2013 were $0.87, compared to $0.93 in the fourth quarter of 2012. Fourth quarter earnings results for 2013 include tax adjusted non-recurring transaction costs of approximately $0.02 per share associated with the previously announced acquisitions, and reflected an approximate $0.12 per share tax adjusted earnings impact from non-core scrap jewelry sales compared to the fourth quarter of last year. Additionally, the U.S. stand-alone consumer lending locations caused approximately $0.03 per share of tax adjusted earnings drag compared to the fourth quarter last year.

•	Revenue from core pawn operations (retail merchandise sales and pawn loan fees) increased 25% in fiscal 2013 and 17% in the fourth quarter. Total revenue for fiscal 2013 was $661 million, an increase of 12% compared to the prior year. Total revenue in the fourth quarter was $185 million, compared to $178 million in fourth quarter of 2012.

•	Consolidated full year retail merchandise sales increased 28% compared to the prior year and increased by 21% for the fourth quarter. Retail sales in the U.S. increased 34% for the year and 26% for the quarter while in Mexico, fiscal 2013 and fourth quarter retail sales increased 24% and 18%, respectively.

•	Consolidated revenue from pawn loan fees increased 19% for fiscal 2013 and 10% for the fourth quarter compared to the prior-year periods. U.S. pawn loan fees increased 25% for the year and 15% for the fourth quarter, while increasing 15% and 6%, respectively, in Mexico.

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Same-store core revenue for fiscal 2013 for the Company's pawn stores (which excludes wholesale jewelry scrapping) increased 8% on a consolidated basis. Same-store core sales in Mexico increased 12% for the full year, offset by flat same-store sales in the U.S. as compared to the prior year. The Company believes that fewer holiday shopping days in 2013 and the highly promotional general retail environment adversely impacted the retail business in both the U.S. and Mexico, as did weather events in several key markets. As a result, consolidated fourth quarter same-store core revenues were up 3% and consisted of a 7% increase in Mexico offset by a 5% decrease in the U.S.

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Reflecting lower gold prices and fewer gold buying transactions, full year scrap gold production (in ounces) was down 22% in fiscal 2013. Gross profit from non-core wholesale scrap jewelry operations for the full year decreased $17.1 million, or 64%, compared to the prior year. During the fourth quarter of 2013, scrap gold production declined 30% versus the same prior-year period, while gross profit decreased $6.3 million, or 81%. The average selling price of gold liquidated during the quarter was $1,213 per ounce and generated a gross profit margin of 10%, compared to the prior-year price and margin of $1,723 and 27%, respectively. Scrap jewelry accounted for only 2% of fourth quarter and 3% of full year net revenue.

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Short-term loan and credit services revenue (collectively, payday loan products), from the U.S. stand-alone small format stores located in Texas, decreased 19% and 14% in the fourth quarter and fiscal 2013, respectively, compared to the comparable prior-year periods. The decline represents a continuation of regulatory and competitive pressures facing store-based payday lenders, especially in Texas. The Company considers its payday loan products to be non-core/non-growth revenue streams and comprised less than 7% of total revenue in fiscal 2013.

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Consolidated pawn loans outstanding at December 31, 2013, totaled $115 million, an increase of 12% over the prior year. U.S. pawn loans increased 19% versus the prior year, while in Mexico pawn loans grew 3%. While the number of outstanding loans increased by 29% in the U.S. and 8% in Mexico, growth in the value of pawn loans outstanding was dampened in part due to 8% and 5% decreases, respectively, in average loan sizes, primarily on loans secured by gold jewelry. Pawn loans collateralized with non-jewelry hard good items increased 8% in Mexico and 2% in the U.S. During the fourth quarter, the Company also experienced a more significant seasonal sequential pay-down of pawn loans in Mexico of 20%, compared to the historical average seasonal pay-down of approximately 14%.

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On a consolidated basis, 61% of total pawn loans were collateralized with non-jewelry hard goods (primarily electronics, tools and appliances) with the remaining 39% collateralized by jewelry at December 31, 2013. In Mexico, 87% of the Company’s pawns were collateralized with hard goods, and only 13% were collateralized with jewelry, compared to 83% and 17%, respectively, one year ago. In the Company's U.S. stores, jewelry comprised 60% of pawn collateral as of the quarter end, compared to a 65% jewelry mix last year.

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The consolidated gross margin on retail sales was 39% for the fourth quarter and 40% for fiscal 2013, compared to 41% and 42%, respectively, in the prior-year periods. The change in retail margins reflects both the continued shift in the Company's consolidated retail product mix toward general merchandise inventories, which carry slightly lower margins than retail jewelry items, and an increase in promotional pricing by general retailers this holiday season versus last year's holiday season.

•	Consolidated annualized inventory turns were 3.6 times per year. Aged inventories (items held for over a year) accounted for 3% of total inventories.

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•	A total of 112 stores were added in fiscal 2013, bringing the total store count to 906. In total, the Company added 28 large format pawn store locations during the fourth quarter of 2013, composed of 11 new store openings in Mexico and 17 store additions in the U.S.

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During fiscal 2013, a total of 68 large format, full-service stores were added in Mexico, composed of 60 new store openings and an eight-store acquisition in September 2013. As a result, the Company has increased the number of large format pawn stores in Mexico by 14% over the past year. As of December 31, 2013, the Company had 597 stores in Mexico, of which 552 are large format, full-service locations.

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In December 2013, the Company completed the acquisition of a 12-store chain of large format pawn stores located in the Charleston, South Carolina area. The Charleston area represents a new market in South Carolina for First Cash and will complement the Company's six existing locations in the state. Fourth quarter earnings results include non-recurring transaction costs of approximately $0.02 per share associated with acquisition activities.

•	Fourth quarter store additions in the U.S. also included five de novo openings and one conversion of a small format store into a large format location. For the full year of 2013, a total of 43 domestic stores were opened or acquired. As of December 31, 2013, First Cash had 227 large format, full-service pawn stores in the U.S., an increase of 23% over the prior year.

•	Consolidated net operating margin (pre-tax income) for fiscal 2013 was 18% while the store-level operating profit margin was 27% for fiscal 2013.

•	The Company’s return on equity for fiscal 2013 was 22% while its return on assets was 14%.

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EBITDA from continuing operations totaled $139 million for fiscal 2013, an increase of 2% versus the comparable prior-year period despite a $19 million decrease in EBITDA from scrap jewelry and payday lending operations. The EBITDA margin from continuing operations was 21% for fiscal 2013, compared to 23% in the prior year. Free cash flow for fiscal 2013 increased 60% to $80 million, compared to $50 million in the prior year. EBITDA from continuing operations and free cash flow are defined in the detailed reconciliation of these non-GAAP financial measures provided elsewhere in this release.

•	During fiscal 2013, the Company utilized operating cash flows and availability on its long-term credit facility to invest $114 million in acquisitions, $39 million in stock repurchases and $27 million in capital expenditures.

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As of December 31, 2013, the Company had $182 million outstanding and $23 million of availability under its $205 million bank credit facility. The Company's credit facility bears interest at the prevailing 30-day LIBOR rate plus a fixed spread of 2.0% and matures in February 2015. The Company ended the quarter with $71 million in cash on the balance sheet, of which $8 million has been used to reduce the amount of outstanding debt subsequent to year end.

•	In January 2013, the Board of Directors of the Company authorized a program for the repurchase of up to 1,500,000 shares of its common stock. During fiscal 2013, the Company repurchased 729,000 shares of its common stock at an average price per share of $53.07. At December 31, 2013, a total of 771,000 shares remain available for repurchase under the current authorization.

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•	Effective January 23, 2014, Mr. Gabriel Guerra Castellanos was appointed to the Company's Board of Directors. Mr. Guerra will fill the position previously held by Ambassador Jorge Montaño, who recently resigned to become the Permanent Representative of Mexico to the United Nations.

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Mr. Guerra is the founder and President of Guerra Castellanos & Asociados, one of Mexico's leading public relations firms. He previously served as President and CEO of Edelman Public Relations for Mexico and Latin America, and as Managing Director of the Mexico office for Ray & Berndtson. Mr. Guerra has an extensive background in the Mexican Public Service, having served in various international diplomatic assignments, such as Consul General of Mexico in Toronto, Canada, and as Press Counselor in the Mexican embassy in Germany. He served as Director of International Media at the office of the President of Mexico from 1992 to 1995 and was active in the political scene. Mr. Guerra is also an op-ed writer and comments on national and international politics for various media outlets in Mexico, including El Universal and Televisa.

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In December 2013, the Company initiated a plan to discontinue the Cash & Go, Ltd. joint venture operations ("Cash & Go"), which owns and operates 37 check cashing and financial services kiosks located inside convenience stores in the state of Texas. As a result, the Company recorded a non-recurring charge of approximately $844,000, net of tax, or $0.03 per share for the quarter ended December 31, 2013, which was reported as a loss from discontinued operations. During fiscal 2013, Cash & Go generated approximately $3.3 million in non-core payday revenues and tax adjusted earnings from operations of approximately $0.01 per share. The Company expects to wind down operations and liquidate the assets of Cash & Go over the next six months. This disposition will have an immaterial effect on future consolidated earnings and closing these stores further reduces the Company’s regulatory exposure to payday lending/credit services products.

•	Including the impact of the Cash & Go disposal, the Company projects that revenues from U.S. based payday lending/credit services products will be less than 5% of total revenue in fiscal 2014.

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The Company is initiating its fiscal 2014 guidance for earnings from continuing operations to be in a range of $3.00 to $3.15 per diluted share. The earnings guidance assumes that revenue from core pawn fees and merchandise sales will increase 15% to 18%, primarily driven by contributions from new and acquired stores in both the U.S. and Mexico. The projected core revenue growth rates in fiscal 2014 will continue to be partially tempered by expectations for the size and number of pawn loans collateralized with gold jewelry. The earnings guidance also reflects anticipated further revenue declines in 2014 from non-core scrap gold sales and payday lending fees. Additionally, comparative earnings results in the first quarter of 2014 are expected to be flat to down slightly versus the same period last year, as the Company will not begin to anniversary the 2013 decline in gold prices until the second quarter.

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The Company expects to open approximately 75 to 85 new stores in 2014. It anticipates that a majority of the de novo store openings will continue to be large format pawn stores in Mexico, but also includes 10 to 15 new builds and small acquisitions in the U.S. Additionally, the Company will continue to look opportunistically for sizable large format pawn acquisitions in strategic markets, which could further increase store additions for 2014.

•	Revenue growth in 2014 is expected to be generated exclusively from core pawn operations that will be partially offset by the continued de-emphasis of payday lending operations. Approximately 95% of total 2014 revenues are expected to be derived from growing pawn operations.

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The guidance assumptions reflect the continued impact of lower gold prices and reduced scrap volumes on revenues, the projected pawn loan fees anticipated from the currently outstanding pawn loans that have been impacted by the reduction in gold prices on the underlying collateral, the continued contraction of the Company's non-core payday lending revenues and the anticipated weaker Mexican peso versus 2013. Earnings guidance estimates for 2014 are based on an average exchange rate of 13.0 Mexican pesos / U.S. dollar, the price of gold in the range of $1,200 to $1,300 per ounce and the anticipated 2014 tax rate between 32% and 33%.

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•	changes in regional, national or international economic conditions, including inflation rates, unemployment rates and energy prices;

•	changes in consumer demand, including purchasing, borrowing and repayment behaviors;

•	changes in pawn forfeiture rates and credit loss provisions;

•	changes in the market value of pawn collateral and merchandise inventories, including gold prices and the value of consumer electronics and other products;

•	changes or increases in competition;

•	the ability to locate, open and staff new stores and successfully integrate acquisitions;

•	the availability or access to sources of used merchandise inventory;

•	changes in credit markets, interest rates and the ability to establish, renew and/or extend the Company’s debt financing;

•	the ability to maintain banking relationships for treasury services;

•	the ability to hire and retain key management personnel;

•	new federal, state or local legislative initiatives or governmental regulations (or changes to existing laws and regulations) affecting pawn businesses, consumer loan businesses and credit services organizations (in both the United States and Mexico);

•	risks and uncertainties related to foreign operations in Mexico;

•	changes in import/export regulations and tariffs or duties;

•	changes in anti-money laundering and gun control regulations;

•	unforeseen litigation;

•	changes in tax rates or policies in the U.S. and Mexico;

•	changes in foreign currency exchange rates;

•	inclement weather, natural disasters and public health issues;

•	security breaches, cyber attacks or fraudulent activity;

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•	a prolonged interruption in the Company’s operations of its facilities, systems, and business functions, including its information technology and other business systems;

•	the implementation of new, or changes in, the interpretation of existing accounting principles or financial reporting requirements;

•	future business decisions; and

•	other uncertainties.

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(1)	The large format locations include retail showrooms and accept a broad array of pawn collateral including electronics, appliances, tools, jewelry and other consumer hard goods. At December 31, 2013, 120 of the U.S. large format pawn stores also offered consumer loans or credit services products.

(2)	The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral and also offer consumer loans or credit services products.

(3)	The Company’s U.S. free-standing, small format consumer loan locations offer a credit services product and are all located in Texas. The Mexico locations offer small, short-term consumer loans. The Company’s credit services operations also include an internet distribution channel for customers in the state of Texas.

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(1)	The large format locations include retail showrooms and accept a broad array of pawn collateral including electronics, appliances, tools, jewelry and other consumer hard goods. At December 31, 2013, 120 of the U.S. large format pawn stores also offered consumer loans or credit services products.

(2)	The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral and also offer consumer loans or credit services products.

(3)	The Company’s U.S. free-standing, small format consumer loan locations offer a credit services product and are all located in Texas. The Mexico locations offer small, short-term consumer loans. The Company’s credit services operations also include an internet distribution channel for customers in the state of Texas.

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