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Diluted earnings per share from continuing operations for the third quarter of 2014 totaled $0.68 compared to earnings per share of $0.79 in the third quarter of 2013. As a reminder, third quarter 2013 earnings per share included a non-recurring tax benefit of $0.11, while third quarter 2014 results include the impact of $0.05 of incremental interest expense from the Company's senior note offering in March 2014. Current quarter results also reflect a $0.03 reduction in earnings per share from the non-core scrap jewelry sales versus the prior year.

•	Year-to-date diluted earnings per share from continuing operations were $2.01 compared to $1.99 in the same prior-year period. Year-to-date earnings per share for 2014 include $0.08 of incremental interest expense related to the senior note offering and a $0.05 reduction in earnings from the non-core scrap jewelry sales compared to the prior year.

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EBITDA from continuing operations for the third quarter of 2014 totaled $36.2 million, an increase of 5% versus the prior-year period. Excluding gross profit from scrap jewelry sales, EBITDA from continuing operations for the third quarter of 2014 increased 10% compared to prior year. For the trailing twelve months, EBITDA totaled $143.0 million and net income was $83.0 million for the same period. A reconciliation of these non-GAAP financial measures to net income is provided elsewhere in this release.

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Revenue from core pawn activities (retail sales and pawn service fees) increased 13% during the third quarter of 2014. Total revenue for the third quarter, which reflects revenue decreases from non-core jewelry scrapping and payday lending operations, was $175 million, a 2% increase compared to the third quarter of 2013. Year-to-date total revenue increased 9% compared to the first nine months of 2013.

•	On a geographic basis, 56% of total third quarter revenue was generated in Mexico, while 44% was generated from U.S. operations.

•	Consolidated retail merchandise sales increased by 15% for the third quarter of 2014 compared to the prior-year period. Retail sales in Mexico remained particularly strong, increasing 19%, while retail sales in the U.S. increased by 9%.

•	Consolidated pawn loan fees increased 10% for the third quarter of 2014, with fees from Mexico up 13% and fees from the U.S. up 6% over the prior-year period.

•	Same-store core revenue in the Company's pawn stores (which excludes wholesale jewelry scrapping) increased 6% in Mexico and 2% overall, while decreasing 4% in the U.S in the third quarter, as compared to the prior-year period.

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Gross profit from non-core wholesale scrap jewelry operations in the third quarter of 2014 totaled $1.4 million, accounting for only 1% of net revenue for the quarter, compared to $2.8 million in the third quarter of 2013. The continued decline in the price of gold and continued downward trend in scrap gold volumes negatively impacted earnings during the third quarter by approximately $0.02 per share compared to the prior sequential quarter. The gross margin for scrap jewelry sales was 11% in the third quarter of 2014.

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Short-term loan and credit services revenue decreased 13% in the third quarter of 2014 compared to the prior-year period. The decline is primarily the result of additional regulatory restrictions in certain Texas markets and continued closings of payday loan-focused store locations in Texas. The non-core U.S. short-term loan business comprised only 5% of total revenue in the third quarter of 2014 and is anticipated to contribute less than 5% of total revenues in the fourth quarter. At quarter end, the Company operated 54 in-line payday-only stores in Texas versus 63 at the end of the prior-year period.

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Total pawn loans outstanding (receivable from customers) increased by 14% on a year-over-year basis at quarter end as pawn loans grew 18% in Mexico and 11% in the U.S. On a same-store basis, pawn loans outstanding increased 4% in Mexico, where loan growth was especially strong in the interior markets. Same-store pawn loans were down 3.5% in the U.S. where 56% of loans were collateralized with jewelry. The decline in U.S. same-store pawn loan receivables is largely attributable to the impact of lower gold prices on the dollar amount of loans collateralized with gold jewelry. On a consolidated basis, same-store pawn loans outstanding were up slightly for the quarter.

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The consolidated gross margin on retail merchandise sales was 38% during the third quarter of 2014 compared to 40% in the third quarter of 2013, reflecting the continued shift to general merchandise inventories from higher margin jewelry. The average monthly pawn loan portfolio yield was unchanged at 13% for both the third quarter this year and last year, reflecting consistent pawn redemption trends.

•	Consolidated annualized inventory turns for the trailing twelve months ended September 30, 2014 remained strong at 3.7 times per year and aged inventory (items held for over a year) accounted for only 3% of total inventory. Total inventories at September 30, 2014 increased 16% over the prior year, largely as a result of the 56 recently acquired stores.

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Operating efficiency improved during the third quarter, as the store-level operating margin was 26% during the third quarter of 2014 compared to 25% in the third quarter of 2013, reflecting a 13% increase in core revenues compared to a smaller 6% increase in total operating expenses. While the number of stores increased 11%, total operating and administrative expenses increased only 5% during the third quarter of 2014 compared to the same period last year.

•	In total, the Company added 68 large format pawn store locations during the third quarter of 2014, composed of 12 new store openings and 56 acquired stores. Year-to-date, a total of 93 stores have been opened or acquired.

•	In August 2014, the Company completed the acquisition of a 47-store chain of large format pawn stores located in 13 states in Mexico. Additionally, in the U.S., the Company acquired five stores in Colorado and four stores in Texas. Third quarter earnings results include non-recurring transaction and integration costs of approximately $0.01 per share associated with these acquisition activities.

•	As of September 30, 2014, the Company operated 988 stores composed of 672 stores in Mexico, of which 627 are large format, full-service pawn stores and 316 stores in the U.S., of which 240 are large format, full-service pawn stores.

•	Return on equity for the trailing twelve months ended September 30, 2014 was 19%, while return on assets was 12% for the same period.

•	Consolidated net operating margin (pre-tax income) was 17% for the trailing twelve months ended September 30, 2014, while the store-level operating profit margin was 26% for the same period.

•	The EBITDA margin from continuing operations was 21% for the trailing twelve months ended September 30, 2014. EBITDA from continuing operations is defined in the detailed reconciliation of these non-GAAP financial measures provided elsewhere in this release.

•	As of September 30, 2014, the Company had $43 million in cash on its balance sheet and $143 million of availability under its revolving bank credit facility.

•	The leverage ratio at September 30, 2014 (outstanding indebtedness divided by trailing twelve months EBITDA from continuing operations) was 1.5 to 1. Net debt, defined as funded debt less invested cash, was $199 million at September 30, 2014 and the ratio of net debt to equity was 0.46 to 1.

•	Total EBITDA from continuing operations for the trailing twelve months ended September 30, 2014 was $143 million, while free cash flow totaled $67 million. 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 the third quarter of 2014, the Company funded $28 million in acquisitions and repurchased 536,000 shares of its common stock at an aggregate cost of $31 million. The stock repurchases completed the existing 1.5 million share repurchase authorization at a total cost of $83 million and at an average price of $55.09 per share.

•	For the trailing twelve months ended September 30, 2014, the Company utilized operating cash flows, availability under its credit facility and the proceeds from the March 2014 $200 million senior unsecured note offering to invest $64 million in acquisitions, $27 million in capital expenditures and $44 million in stock repurchases.

•	As previously reported, the impact of the incremental borrowing costs from the March 2014 issuance of the Company's senior unsecured notes will keep expected full year earnings at the low end of the initial guidance range of $3.00 to $3.15 per diluted share.

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•	The Company added 93 pawn stores year-to-date through September 30, 2014 and expects to end the year with at least 100 to 105 new stores. The Company will continue to look opportunistically for large format pawn acquisitions in strategic markets, which could further increase store additions for 2014.

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The Company's guidance assumptions continue to reflect the impact of lower gold prices and reduced scrap volumes on scrap jewelry revenues and pawn loan balances and the continued contraction of non-core payday lending revenues. Earnings guidance estimates for 2014 are based on an average Mexican peso exchange rate of 13.4 to 1, gold prices in the range of $1,200 to $1,300 per ounce, and an anticipated income tax rate of approximately 30% to 31% for the remainder of fiscal 2014.

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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 and processing of certain consumer lending transactions;

•	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;

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

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

•	future business decisions.

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(1)	The large format locations include retail showrooms and accept a broad array of pawn collateral including consumer electronics, appliances, power tools, jewelry and other general merchandise items. At September 30, 2014, 129 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 residing 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 consumer electronics, appliances, power tools, jewelry and other general merchandise items. At September 30, 2014, 129 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 residing in the state of Texas.

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(1)

Wholesale scrap jewelry revenue during the three months ended September 30, 2014 consisted primarily of gold sales, of which approximately 8,400 ounces were sold at an average price of $1,224 per ounce, compared to approximately 17,300 ounces of gold sold at $1,343 per ounce in the prior-year period, which included the sale of approximately 7,700 ounces of gold produced in the second quarter of 2013, the sale of which was deferred to the third quarter of 2013.

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(1)	Wholesale scrap jewelry revenue during the nine months ended September 30, 2014 consisted primarily of gold, of which approximately 25,400 ounces sold at an average selling price of $1,282 per ounce, compared to approximately 32,000 ounces of gold sold at $1,491 per ounce in the prior-year period.

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(1)	CSO amounts outstanding are composed of the principal portion of active CSO extensions of credit by an independent third-party lender, which are not included on the Company's balance sheet, net of the Company's estimated fair value of its liability under the letters of credit guaranteeing the extensions of credit.

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