ARLINGTON, Texas, Oct. 25 /PRNewswire/ --
First Cash Financial Services, Inc. (Nasdaq: FCFS) today announced revenues, net income and earnings per share for the three months ended September 30, 2000. During the quarter ended September 30, 2000, the Company's revenues rose 16% to approximately $25.7 million, compared with pro forma revenues of $22.2 million in the third quarter of 1999. On a diluted earnings per share basis, First Cash Financial Services earned $0.13 in the most recent three-month period, which is the same as the $0.13 pro forma diluted earnings per share reported for the prior year period.
For the nine months ended September 30, 2000, First Cash Financial Services, Inc. reported an 18% increase in revenues, which reached approximately $78.0 million, compared with $66.2 million (pro forma) in the nine month period ending September 30, 1999. Diluted earnings per share before the effect of a change in accounting principle reported in the first quarter of this year declined 13% to $0.39, compared with $0.45 in the first nine months of the prior-year.
Rick Powell, Chairman and Chief Executive Officer of First Cash Financial Services, Inc., summarized the Company's major accomplishments and operating results during the past year as follows. Overall, he said, our focus has been on diversification of the product lines in our stores to enhance their earnings potential and reduce vulnerability to general economic conditions and other factors, implementing efficiencies that improve earnings and management control over operations, and a rigid focus on cash flow to minimize our cost of capital and improve our return on investment.
-- Strong Earnings: The Company's pro forma diluted earnings per share
before the effect of a change in accounting principle was $0.57 for the
trailing twelve months ending September 30, 2000. The Company
continues to experience strong earnings during its historically slowest
two quarters of the year, the second and third quarters, with high
expectations for the upcoming Christmas sales and loan seasons. The
Company believes that its operating results for the future will
continue to improve, because of a solid, profitable store base and a
now diversified product line.
-- Sound Cash Flows: During the twelve months ended September 30, 2000,
the Company generated net earnings before income taxes, interest,
depreciation and amortization ("EBITDA") of $1.67 per share before the
effect of the change in accounting. This has allowed the Company to
repay more than $5.2 million of its revolving credit facility and other
long-term debt obligations, and fund an investment of over $4 million
for development and operations of its convenience store joint venture,
during the first nine months of 2000. This positive trend in our cash
flows should continue to improve; as we enter what have historically
been our two strongest cash flow quarters, the fourth quarter of 2000
and the first quarter of 2001.
