ARLINGTON, Texas -- First Cash Financial Services, Inc. today announced revenues, net income and earnings per share for the three months and the year ended December 31, 2001.
Highlights
-- Fiscal 2001 diluted earnings per share from continuing operations
increased 38% to $0.87 compared to $0.63 diluted earnings per share
from continuing operations for fiscal 2000.
-- Fourth quarter diluted earnings per share from continuing operations
increased 42% to $0.27, compared to $0.19 diluted earnings per share
from continuing operations for the fourth quarter of 2000.
-- Fiscal 2001 income from continuing operations increased 41% to
$8,012,000, compared with $5,667,000 for the fiscal year ended
December 31, 2000.
-- Fourth quarter income from continuing operations increased 48% to
$2,510,000, compared with $1,695,000 for the three months ended
December 31, 2000.
-- During the fourth quarter the Company sold its check cashing software
business unit. The revenues, expenses and costs have been segregated
in the accompanying operating results and reported as a "Loss From
Discontinued Operations", which resulted in $0.02 per share charge to
the fourth quarter of 2001. The Company made the strategic decision
to exit the third party check cashing software business to utilize its
staff and resources in its core lending business, which should further
enhance future profitability. The software and staff continue to
support and enhance other aspects of the Company's operations.
-- Fiscal 2001 revenues increased 6.5% to $110.4 million, compared with
$103.7 million for fiscal 2000.
-- Fourth quarter revenues rose 9.2% to approximately $29.8 million,
compared with revenues of $27.3 million in the fourth quarter of 2000.
-- First Cash's net earnings from continuing operations before income
taxes, interest, depreciation and amortization ("EBITDA"), a non-
generally accepted accounting principles measure, for the year ended
December 31, 2001 were $2.02 per outstanding share.
-- During the first quarter of 2001, the Company repurchased
129,340 shares of its common stock at an average price per share of
$3.87.
-- The Company retired $8.7 million of interest bearing debt during the
year ended December 31, 2001. The Company's line-of-credit balance
outstanding at December 31, 2001 was $32 million, which bears interest
at the rate of LIBOR plus 1%, with current LIBOR rates at
approximately 1.9%.
-- The Company added 37 operating units, net of 8 existing store
closings, during 2001, including 27 joint venture check cashing and
short-term loan kiosks located inside convenience stores. All the
costs of these new store start-ups were expensed when incurred and are
reflected in reported 2001 earnings results.
-- The Company's retail margins increased from 35% during fiscal 2000 to
36% during fiscal 2001.
-- During fiscal 2001, the Company reduced its inventory balances
approximately $4.5 million, or 26%, with no disruption in earnings.
In addition, the Company increased its inventory turnover ratio from
1.8 times during fiscal 2000 to 2.3 times during fiscal 2001.
-- The volume of short-term loans originated in the Company's pawnshops
continues to grow rapidly and is a significant driving force behind
the Company's strong fourth quarter 2001 earnings.
