|
0-19133
|
75-2237318
|
|
(Commission
File Number)
|
(IRS
Employer Identification
No.)
|
|
q
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
q
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
q
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
q
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
September
30,
|
September
30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
Revenue:
|
||||||||||||||||
|
Retail
merchandise sales
|
$ | 31,064 | $ | 26,925 | $ | 89,798 | $ | 79,538 | ||||||||
|
Wholesale
merchandise sales
|
16,750 | 12,043 | 47,574 | 27,878 | ||||||||||||
|
Pawn
service charges
|
18,565 | 15,114 | 52,137 | 42,229 | ||||||||||||
|
Short-term
loan and credit services fees
|
17,286 | 17,187 | 49,497 | 47,933 | ||||||||||||
|
Other
|
903 | 940 | 2,960 | 3,045 | ||||||||||||
| 84,568 | 72,209 | 241,966 | 200,623 | |||||||||||||
|
Cost
of revenue:
|
||||||||||||||||
|
Cost
of goods sold - retail
|
17,062 | 15,057 | 49,119 | 44,649 | ||||||||||||
|
Cost
of goods sold - wholesale
|
10,733 | 8,269 | 29,362 | 18,796 | ||||||||||||
|
Credit
loss provision
|
5,263 | 5,636 | 13,450 | 12,602 | ||||||||||||
|
Other
|
107 | 57 | 291 | 269 | ||||||||||||
| 33,165 | 29,019 | 92,222 | 76,316 | |||||||||||||
|
Net
revenue
|
$ | 51,403 | $ | 43,190 | $ | 149,744 | $ | 124,307 | ||||||||
|
September
30,
|
||||||||
|
2008
|
2007
|
|||||||
|
Customer
receivables
|
||||||||
|
Pawn
|
$ | 50,182 | $ | 40,399 | ||||
|
Short-term
loan
|
6,557 | 5,491 | ||||||
| 56,739 | 45,890 | |||||||
|
CSO
short-term loans held by independent third-party (1)
|
13,211 | 12,416 | ||||||
|
Allowance
for doubtful accounts
|
(968 | ) | (761 | ) | ||||
| $ | 68,982 | $ | 57,545 | |||||
|
(1)
|
CSO
loans outstanding are from an independent third-party lender and are not
included on the Company's balance
sheet.
|
|
Quarter
Ended
|
Year
Ended
|
Quarter
Ended
|
||||||||||||||||||||||||||||||
|
Mar.
31,
2007
|
June
30,
2007
|
Sept.
30,
2007
|
Dec.
31,
2007
|
Dec.
31,
2007
|
Mar.
31,
2008
|
June
30,
2008
|
Sept.
30,
2008
|
|||||||||||||||||||||||||
|
Diluted
EPS
|
||||||||||||||||||||||||||||||||
|
As
Previously Reported
|
||||||||||||||||||||||||||||||||
|
Continuing
Operations
|
$ | 0.28 | $ | 0.24 | $ | 0.29 | $ | 0.18 | $ | 1.00 | $ | 0.21 | $ | 0.23 | N/A | |||||||||||||||||
|
Discontinued
Operations (1)
|
0.03 | 0.03 | 0.03 | 0.02 | 0.10 | 0.01 | - | N/A | ||||||||||||||||||||||||
|
Loss
from disposal (1)
|
- | - | - | (0.02 | ) | (0.02 | ) | - | - | N/A | ||||||||||||||||||||||
|
Total
|
$ | 0.31 | $ | 0.27 | $ | 0.32 | $ | 0.18 | $ | 1.08 | $ | 0.22 | $ | 0.23 | N/A | |||||||||||||||||
|
Adjusted (Estimated,
Unaudited)
|
||||||||||||||||||||||||||||||||
|
Continuing
Operations
|
$ | 0.21 | $ | 0.19 | $ | 0.24 | $ | 0.29 | $ | 0.93 | $ | 0.31 | $ | 0.30 | $ | 0.30 | ||||||||||||||||
|
Discontinued
Operations (1)
|
0.03 | 0.03 | 0.03 | 0.02 | 0.10 | 0.01 | - | - | ||||||||||||||||||||||||
|
Discontinued
Operations (2)
|
0.07 | 0.05 | 0.05 | (0.11 | ) | 0.07 | (0.10 | ) | (0.07 | ) | (0.09 | ) | ||||||||||||||||||||
|
Loss
from disposal (1)
|
- | - | - | (0.02 | ) | (0.02 | ) | - | - | - | ||||||||||||||||||||||
|
Loss
from disposal (2)
|
- | - | - | - | - | - | - | (1.75 | ) | |||||||||||||||||||||||
|
Total
|
$ | 0.31 | $ | 0.27 | $ | 0.32 | $ | 0.18 | $ | 1.08 | $ | 0.22 | $ | 0.23 | $ | (1.54 | ) | |||||||||||||||
|
(1)
|
Reflects
previously reported discontinued short-term loan operations in the
District of Columbia.
|
|
(2)
|
Estimate
to reflect Auto Master segment as a discontinued
operation.
|
|
|
99.1
|
Press
Release dated October 21, 2008 announcing the Company’s financial results
for the three month and nine month periods ended September 30,
2008.
|
|
Dated: October
21, 2008
|
FIRST CASH FINANCIAL SERVICES,
INC.
(Registrant)
|
|
/s/ R. DOUGLAS ORR
R.
Douglas Orr
Chief
Accounting Officer
|
|
Exhibit Number
|
Document
|
|
99.1
|
Press
release dated October 21,
2008
|
EXHIBIT 99.1
First Cash Reports 25% Increase in Third Quarter Earnings Per Share; Same-Store Revenue Up 15% YTD
ARLINGTON, Texas, Oct. 21, 2008 (GLOBE NEWSWIRE) -- First Cash Financial Services, Inc. (Nasdaq:FCFS) today announced revenue, net income and earnings per share for the three months ended September 30, 2008. Earnings from continuing operations for the quarter were $0.30 per share, an increase of 25% over the prior year, as the Company's core pawn operations continued to post significant growth in revenue and profitability. Year-to-date earnings per share from continuing operations were up 41% and same-store revenue was up 15%. As previously announced during the third quarter, the Company has classified its Auto Master automotive business unit as a discontinued operation "held for sale." Accordingly, the Company has increased its estimate of fiscal 2008 earnings from continuing operations to be in the range of $1.24 to $1.26 per share, which represents an increase of 33% to 35% over 2007 earnings from continuing operations.
Continuing Operations Highlights
-- Diluted earnings per share from continuing operations for the
third quarter of 2008 were $0.30, compared to $0.24 in the third
quarter of 2007, an increase of 25%. Net income from continuing
operations for the third quarter of 2008 was $8.9 million.
-- Year-to-date diluted earnings per share from continuing
operations were $0.90, an increase of 41%, compared to $0.64 in
the nine months ended September 30, 2007. Net income from
continuing operations for the nine months ended September 30,
2008 was $27.4 million.
-- Year-to-date same-store revenue in the Company's pawn and
short-term loan stores increased 15% over the comparable
prior-year period, while same-store revenue for the current
quarter increased 13%.
-- Total revenue from continuing operations year-to-date was $242
million, an increase of 21% over prior year-to-date results.
Total third quarter revenue grew by 17% compared to 2007.
-- Pawn revenue represented 78% of total current quarter and
year-to-date revenue. In Mexico, pawn revenue increased by 40%
year-to-date and 34% for the quarter, a result of both continued
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 grew by 12% year-to-date and 9% during the quarter.
-- All major components of pawn store revenue reflected strong
growth trends for both the quarter and year-to-date periods. Pawn
service charge revenue increased by 23% for both the quarter and
year-to-date periods, while pawn merchandise sales grew by 23%
and 28%, respectively.
-- Short-term loan service fees continue to grow, especially in the
Company's CashYa! stores in Mexico. The growth rate was lower in
the U.S., where the Company slowed new store openings in 2008. As
a result, year-to-date short-term loan revenue increased by a net
of 3%, while third quarter results were up 1%. The third quarter
results were impacted by Hurricane Ike, which significantly
reduced revenue and profitability in approximately 40 short-term
loan stores in Texas.
Operating Metrics
-- Consolidated store-level operating margins in the pawn and
short-term loan stores were 27% year-to-date, a slight increase
over the 26% margin for the comparable prior-year period.
-- Pawn receivable balances increased by 24% compared to 2007, which
represented an acceleration of growth when compared to a 21%
growth rate in the prior sequential quarter ending June 30, 2008.
The increase in September quarter-end balances was comprised of a
38% increase in pawn balances in the Mexico stores and a 14%
increase in the fully-mature U.S. pawn stores.
-- The gross margin on retail pawn merchandise sales increased to
45% for both the quarter and year-to-date, compared to the
prior-year margin of 44% for both the quarter and year-to-date.
The margin on wholesale scrap jewelry sales was 36% for the
quarter and 38% year-to-date, compared to the prior-year margin
of 31% for the quarter and 33% year-to-date.
-- The short-term loan credit loss provision improved during the
current quarter, decreasing to 30% of fees, compared to 33% in
the prior-year quarter. Sales of charged-off accounts, which
reduce the credit loss provision, were approximately $200,000 for
the quarter compared to $300,000 in the prior-year quarter.
New Locations
-- A total of 18 new stores were opened during the third quarter of
2008, which included 16 pawn and short-term loan stores in Mexico
and two short-term loan stores in the U.S. The Company has opened
41 new stores year-to-date.
-- The Company operated 495 pawn and short-term loan stores as of
September 30, 2008, a net increase of 55 stores over the prior
year. In addition, the Company operates 39 convenience store
kiosks through a joint venture.
Financial Position & Liquidity
-- Earnings before interest, taxes, depreciation and amortization
(EBITDA) from continuing operations for the trailing twelve
months ended September 30, 2008 totaled $69 million, an increase
of 26% over the comparative prior-year period. The EBITDA margin
for the trailing twelve months ended September 30, 2008 was 22%.
A detailed reconciliation of this non-GAAP financial measure to
income from continuing operations is provided elsewhere in this
release.
-- Outstanding interest-bearing debt as of September 30, 2008, was
$78 million, which is approximately 1.1 times EBITDA from
continuing operations.
-- Year-to-date, the Company has funded over $19 million in net
customer loan and inventory growth, $17 million of stock
repurchases and approximately $11 million in capital
expenditures, almost all of which was invested in new store
locations.
2008 Outlook
-- The Company is increasing its 2008 earnings per share guidance
from continuing operations to an estimated range of $1.24 to
$1.26 per share, representing an increase of 33% to 35% over 2007
earnings from continuing operations. The Company's previous
guidance was $1.17 to $1.20 per share.
-- Total new store openings for 2008 are expected to be in the range
of 60 to 65 stores. The current plan for future new store
openings will be focused primarily in Mexico, where the Company
expects to open 50 to 55 new locations in 2008. Next year, the
Company anticipates opening 70 to 80 new stores in Mexico and a
limited number of new pawn stores in the U.S. The Company does
not currently anticipate opening any new U.S. short-term/payday
loan stores in 2009 or thereafter.
Discontinued Operations
In September 2008, the Company announced that it would discontinue the Auto Master buy-here/pay-here automotive operation and focus on its core pawn and consumer lending operations in the U.S. and Mexico. It is anticipated that the Auto Master operation, including its customer receivables, inventories and other assets, will be sold or liquidated over the next twelve months. Associated with this decision, a non-cash charge of $1.75 per share, net of tax, or $52.6 million, is included as a component of discontinued operations for the quarter ending September 30, 2008. All revenue, expenses and income reported in this release for the three- and nine-month periods ended September 30, 2008 and 2007 have been adjusted to reflect reclassification of the discontinued Auto Master operation. In addition, the assets and liabilities of Auto Master have been classified as "held for sale" in the consolidated balance sheets.
Commentary & Analysis
Rick Wessel, Chief Executive Officer, commented on the Company's third quarter results, "Our operating results in our core pawn and short-term loan business units continue to be outstanding, as evidenced by the 41% increase in year-to-date earnings per share from continuing operations. Same-store revenue increases continue to grow at a record pace, while other key metrics such as loan growth, margins and operating cash flows reflect the strength of our core business model.
"The decision to discontinue the Auto Master operation allows us to focus all of our resources and energies on our core historical competencies. Our pawn operations continue to be highly and consistently profitable across changing economic cycles, and the potential for continued growth remains excellent. The primary driver for our future growth will be in Mexico, where we have operated successfully since 1999. We have a robust development and management infrastructure in Mexico, which will support continued aggressive expansion into new and existing market areas, where we have a significant first-mover advantage over our competitors."
The Company's balance sheet remains strong, as total assets related to continuing operations were in excess of $240 million at September 30, 2008. The pawn operations generate significant excess cash flow, as evidenced by our EBITDA margin of 22%, and are more than sufficient to fund future growth opportunities in Mexico and elsewhere. In addition, the substantial cash flows that would otherwise have been allocated to Auto Master will be utilized to further reduce debt, repurchase stock and/or finance other growth and acquisition opportunities in the Company's core business.
In summary, Mr. Wessel said, "Although the current economy is in a period of tremendous volatility and uncertainty, we believe that our core pawn business is particularly well-positioned for long-term growth and stability. We see continued demand for pawn and short-term consumer loans despite the tightening availability of consumer credit elsewhere. In addition, our new store expansion can continue to be self-funded from operating cash flows. We remain extremely confident in our ability to generate both short- and 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 include, without limitation, the Company's expectations of earnings per share, earnings growth, charges related to discontinued operations, 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 obli gation 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 the inflation rate, changes in the unemployment rate, changes in consumer 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 in Te xas, new legislative initiatives or governmental regulations (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. In total, the Company owns and operates almost 500 stores in twelve U.S. states and thirteen 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 nine months ended September 30, 2008:
Mexico
U.S. Locations Locations
------------------- ---------
Pawn/
Short- Short-
Term Term
Pawn Loan Loan Total
Stores Stores Stores Locations
--------- --------- --------- ---------
Three Months Ended
September 30, 2008
-------------------
Total locations, beginning
of period 95 159 225 479
New locations opened -- 2 16 18
Locations closed or
consolidated (2) -- -- (2)
--------- --------- --------- ---------
Total locations, end of
period 93 161 241 495
========= ========= ========= =========
Nine Months Ended
September 30, 2008
-------------------
Total locations, beginning
of period 96 157 207 460
New locations opened -- 5 36 41
Locations closed or
consolidated (3) (1) (2) (6)
--------- --------- --------- ---------
Total locations, end of
period 93 161 241 495
========= ========= ========= =========
FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- -------------------
2008 2007 2008 2007
---- ---- ---- ----
(unaudited)
(in thousands, except per share amounts)
Revenue:
Merchandise sales $ 47,814 $ 38,968 $ 137,372 $ 107,416
Finance and service
charges 35,851 32,301 101,634 90,162
Other 903 940 2,960 3,045
--------- --------- --------- ---------
84,568 72,209 241,966 200,623
--------- --------- --------- ---------
Cost of revenue:
Cost of goods sold 27,795 23,326 78,481 63,445
Credit loss provision 5,263 5,636 13,450 12,602
Other 107 57 291 269
--------- --------- --------- ---------
33,165 29,019 92,222 76,316
--------- --------- --------- ---------
Net revenue 51,403 43,190 149,744 124,307
--------- --------- --------- ---------
Expenses and other
income:
Store operating
expenses 27,516 22,477 76,704 65,442
Administrative
expenses 7,080 5,523 20,998 17,800
Depreciation 2,705 2,585 8,153 7,611
Interest expense 82 147 508 --
Interest income (9) (18) (39) (80)
--------- --------- --------- ---------
37,374 30,714 106,324 90,773
--------- --------- --------- ---------
Income from continuing
operations before
income taxes 14,029 12,476 43,420 33,534
Provision for income
taxes 5,155 4,479 16,004 12,206
--------- --------- --------- ---------
Income from continuing
operations 8,874 7,997 27,416 21,328
Income (loss) from
discontinued
operations, net of
tax (2,670) 2,388 (7,815) 8,221
Loss from disposal of
Auto Master, net of
tax (52,611) -- (52,611) --
--------- --------- --------- ---------
Net income (loss) $ (46,407) $ 10,385 $ (33,010) $ 29,549
========= ========= ========= =========
Basic income per share:
Income from continuing
operations $ 0.30 $ 0.25 $ 0.92 $ 0.67
Income (loss) from
discontinued
operations (0.09) 0.08 (0.26) 0.26
Loss from disposal of
Auto Master (1.80) -- (1.77) --
--------- --------- --------- ---------
Net income (loss) per
basic share $ (1.59) $ 0.33 $ (1.11) $ 0.93
========= ========= ========= =========
Diluted income per
share:
Income from continuing
operations $ 0.30 $ 0.24 $ 0.90 $ 0.64
Income (loss) from
discontinued
operations (0.09) 0.08 (0.26) 0.25
Loss from disposal of
Auto Master (1.75) -- (1.73) --
--------- --------- --------- ---------
Net income (loss) per
diluted share $ (1.54) $ 0.32 $ (1.09) $ 0.89
========= ========= ========= =========
Weighted average shares
outstanding:
Basic 29,235 31,637 29,685 31,786
Diluted 30,010 32,880 30,315 33,160
FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
--------------------- ---------
2008 2007 2007
---- ---- ----
(unaudited)
(in thousands)
ASSETS
Cash and cash equivalents $ 15,309 $ 11,811 $ 14,175
Finance and service charges
receivable 8,205 6,476 7,503
Customer receivables, net of
allowance 56,456 45,684 47,047
Inventories 33,781 27,460 26,870
Prepaid expenses and other
current assets 5,435 5,961 7,469
Deferred income taxes 28,528 2,267 457
Assets held for sale 24,481 39,821 39,277
--------- --------- ---------
Total current assets 172,195 139,480 142,798
Property and equipment, net 39,458 36,436 36,978
Goodwill, net 53,237 53,237 53,237
Other 1,371 1,250 1,226
Non-current assets held for
sale -- 55,559 57,309
--------- --------- ---------
Total assets $ 266,261 $ 285,962 $ 291,548
========= ========= =========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current portion of notes
payable $ 2,250 $ 2,250 $ 2,250
Accounts payable 2,874 1,205 1,232
Accrued liabilities 12,455 8,412 14,109
Accrued income taxes 6,195 1,642 --
Liabilities associated with
assets held for sale 5,998 3,352 3,457
--------- --------- ---------
Total current liabilities 29,772 16,861 21,048
Revolving credit facility 73,500 46,800 55,000
Notes payable, net of current
portion 2,250 5,500 3,938
Deferred income taxes payable 8,336 8,059 10,353
--------- --------- ---------
Total liabilities 113,858 77,220 90,339
Stockholders' equity 152,403 208,742 201,209
--------- --------- ---------
Total liabilities and
stockholders' equity $ 266,261 $ 285,962 $ 291,548
========= ========= =========
FIRST CASH FINANCIAL SERVICES, INC.
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):
Trailing Twelve
Months Ended
September 30,
--------------------
2008 2007
---- ----
Income from continuing operations $ 36,571 $ 28,628
Adjustments:
Income taxes 21,244 16,058
Depreciation 10,761 9,840
Interest expense 665 358
Interest income (61) (92)
--------- ---------
Earnings from continuing operations before
interest, income taxes, depreciation and
amortization $ 69,180 $ 54,792
========= =========
EBITDA margin calculated as follows:
Total revenue from continuing operations $ 321,604 $ 268,924
Earnings from continuing operations before
interest, income taxes,
depreciation and amortization 69,180 54,792
--------- ---------
EBITDA as a percent of revenue 22% 20%
========= =========
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