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
February 8, 2016
(Date of Report - Date of Earliest Event Reported)
First Cash Financial Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-19133 (Commission File Number) | 75-2237318 (IRS Employer Identification No.) |
690 East Lamar Blvd., Suite 400, Arlington, Texas 76011
(Address of principal executive offices, including zip code)
(817) 460-3947
(Registrant's telephone number, including area code)
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 8.01 Other Events.
On February 8, 2016, First Cash Financial Services, Inc. (the “Company”) announced additional details about the Company’s dividend program, which was approved by the Board of Directors on January 27, 2016 and announced on January 28, 2016. The Company intends to pay common shareholders an annual cash dividend of $0.50 per share paid quarterly. The first quarterly $0.125 dividend will be paid on March 15, 2016 to stockholders of record on March 1, 2016.
In addition, the Company announced that on February 2, 2016, it completed its 211 store acquisition in Latin America by finalizing the purchase of the operating assets of 13 pawn stores located in El Salvador. The Company had previously completed the purchases of 32 stores in Guatemala on December 31, 2015 and 166 stores in Mexico on January 6, 2016.
On February 8, 2016, the Company issued a press release announcing the first quarter cash dividend and the completion of its 211 store acquisition in Latin America. The full text of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information provided in this Item 8.01 shall not be deemed “filed” for purposes of the Securities Exchange 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 February 8, 2016, announcing additional details about the Company's cash dividend program and the completion of its 211 store Latin American acquisition. | ||
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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: February 8, 2016 | FIRST CASH FINANCIAL SERVICES, INC. |
(Registrant) | |
/s/ R. DOUGLAS ORR | |
R. Douglas Orr | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial and Accounting Officer) | |
EXHIBIT INDEX
Exhibit Number | Document |
99.1 | Press Release, dated February 8, 2016, announcing additional details about the Company's cash dividend program and the completion of its 211 store Latin American acquisition. |
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EXHIBIT 99.1
First Cash Announces Payment Date of First Quarterly Dividend;
Completes Acquisition of 211 Stores in Latin America
_____________________________________________________________
ARLINGTON, Texas (February 8, 2016) -- First Cash Financial Services, Inc. (NASDAQ: FCFS) today announced details regarding payment of the Company’s newly initiated cash dividend program and the completion of the previously announced 211 store acquisition in Latin America.
The Company’s first quarterly cash dividend of $0.125 per common share will be paid on March 15, 2016 to stockholders of record as of March 1, 2016. On an annualized basis, the dividend is currently projected at $0.50 per common share.
Mr. Rick Wessel, chief executive officer, stated, “Our Board of Directors’ decision to initiate a cash dividend reflects the strength of our cash flows and balance sheet along with its continued confidence in our growth strategy. The Company expects the dividend to be funded primarily from operating cash flows generated in the U.S., while operating cash flows generated in Latin America should continue to be available for opening new stores and funding future potential acquisitions in those markets.”
The Company also announced that on February 2, 2016, it completed its 211 store acquisition in Latin America by finalizing the purchase of 13 pawn stores located in El Salvador. The Company had previously completed the purchases of 32 stores in Guatemala on December 31, 2015 and 166 stores in Mexico on January 6, 2016. El Salvador and Guatemala are new markets for First Cash.
Mr. Wessel continued, “We are excited to complete this significant acquisition which launches our expansion into Guatemala and El Salvador, our first Latin American markets outside of Mexico. Combining this acquisition of 211 pawn stores with the opening of 12 new stores in Mexico thus far in 2016, now gives us 928 stores in Latin America and 1,266 stores in total, and further strengthens our leadership position in the pawn industry.”
Forward-looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 relating to future events of First Cash. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performances will differ materially from such predictions.
About First Cash
With over 1,250 stores located in the U.S., Mexico, Guatemala and El Salvador, First Cash Financial Services, Inc, is a leading international operator of retail pawn stores. First Cash focuses on serving cash and credit constrained consumers through its retail pawn locations, which buy and sell a wide variety of jewelry, electronics, tools and other merchandise, and make small consumer pawn loans secured by pledged personal property.
First Cash is a component company in both the Standard & Poor’s SmallCap 600 Index® and the Russell 2000 Index®. 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.
For further information, please contact:
Gar Jackson
Global IR Group
Phone: (949) 873-2789
Email: gar@globalirgroup.com
Doug Orr, Executive Vice President and Chief Financial Officer
Phone: (817) 505-3199
Email: investorrelations@firstcash.com
Website: www.firstcash.com
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