ARLINGTON, Texas, Nov. 20 /PRNewswire/ -- First Cash, Inc. (Nasdaq: PAWN) today reported record operating results for the first quarter of its 1999 fiscal year, which ended October 31, 1998. The first quarter of fiscal 1999 is the Company's sixteenth consecutive quarter of increases in net income and earnings per share on a comparable-period basis.

For the quarter ended October 31, 1998, the Company's total revenues increased 40% to a record $18,449,000, compared with $13,179,000 in the corresponding period of the previous fiscal year. Net income increased 77% to $1,339,000, versus $758,000 in the prior-year period. The Company's diluted earnings per share increased 23% to $0.16 ($0.17 basic), versus $0.13 ($0.17 basic) in the prior-year period.

The Company's total receivables balance (pawn loans plus payday advances) increased 34%, from $13,651,000 at October 31, 1997 to $18,295,000 at October 31, 1998. On a comparable-store basis, receivable portfolios increased by 2% to $13,857,000 (vs. $13,652,000) at the 64 stores open at both October 31, 1997 and 1998. The 45 new pawnshops and check cashing stores added to the Company's store network since October 31, 1997 accounted for the remaining $4,438,000 increase in outstanding receivables.

Comparable-store operating income increased 4% during the first quarter of fiscal 1999 due to a 3% increase in same-store annualized yield on average pawn balance, combined with a 5% decrease in same-store expenses. Comparable- store revenues totaled $12,397,000 for the current year's first quarter compared to $13,027,000 in the first quarter of last fiscal year for the 58 stores open throughout both periods, due primarily to lower retail sales during the quarter just ended. The 5l stores added since August 1, 1997 contributed additional revenues of $6,052,000 in the August-October 1998 period.

During the quarter ended October 31, 1998, the Company acquired or opened 8 pawnshops and 4 check cashing stores. The Company ended the first quarter of fiscal 1999 with 109 stores, an increase of 12% from the beginning of the quarter. On November 14, 1998, First Cash's acquisition of 12 additional pawnshops in South Carolina was completed, which brought the Company's store count to 121 units.

Rick Powell, Chairman and Chief Executive Officer of First Cash, Inc., commented that "Management was satisfied with the earnings gains achieved during the first quarter of fiscal 1999. The rapid pace of store acquisitions during last fiscal year continued during and after the first quarter of fiscal 1999. Our check cashing division continued to grow as planned and its operating performance met management's expectations. We successfully entered the El Paso, Texas pawnshop market during the quarter, and we recently increased our line of credit with our commercial lender to $40 million, which will facilitate our continued expansion."

First Cash, Inc. is engaged in the operation of pawn stores which lend money on the collateral of pledged personal property, and which retail previously-owned merchandise acquired through loan forfeitures. The Company also operates check cashing stores, and provides software to third-party operators in the check cashing industry. Its common stock is traded on the Nasdaq Stock Market under the ticker symbol "PAWN".