Breaking News

Tweet TWEET

First Cash Reports Record Third Quarter Earnings Per Share of $0.79; Increases Store Opening Target and Projects Earnings in

First Cash Reports Record Third Quarter Earnings Per Share of $0.79; Increases
Store Opening Target and Projects Earnings in Upper Half of Guidance Range

ARLINGTON, Texas, Oct. 17, 2013 (GLOBE NEWSWIRE) -- First Cash Financial
Services, Inc. (Nasdaq:FCFS) today announced revenue, net income and earnings
per share for the three-month period ended September 30, 2013.

Earnings Highlights

  *Diluted earnings per share from continuing operations for the third
    quarter of 2013 were $0.79, an increase of 18% compared to earnings per
    share of $0.67 in the third quarter of 2012.
  *Third quarter earnings included a non-recurring estimated tax benefit of
    approximately $3.3 million, or $0.11 per share, related to the Company's
    election to strategically alter its U.S. tax reporting of its foreign
    operations.
  *Year-to-date diluted earnings per share from continuing operations
    increased 11% to $1.99, compared to $1.80 in the comparable prior-year
    period. The year-to-date earnings results include the estimated $0.11 per
    share non-recurring tax benefit, partially offset by approximately $0.04
    of non-recurring transaction costs associated with the previously
    announced acquisitions and tax restructuring expenses.

Revenue Highlights

  Revenue growth rates presented below on a constant currency basis are
  calculated by applying the currency exchange rate from the comparable
  prior-year period to the current year's Mexican peso-denominated revenue.
  The average exchange rate for the third quarter of 2013 was 12.9 Mexican
  pesos / U.S. dollar versus 13.2 Mexican pesos / U.S. dollar in the
  comparable prior-year period.

  *Total revenue for the third quarter was a Company record $174 million.
    Revenue from core pawn operations (retail merchandise sales and pawn loan
    fees) increased 25% for the third quarter and 28% year-to-date.
  *Core pawn revenue increased 35% in the U.S. and 19% in Mexico for the
    quarter, with Mexico accounting for 58% of core pawn revenue and 52% of
    total revenue for the quarter.
  *Consolidated retail merchandise sales increased by 28% for the third
    quarter, while revenue from pawn loan fees increased 19% for the quarter.
    U.S. third quarter retail sales increased 40% and pawn loan fees increased
    27%. In Mexico, third quarter retail sales and pawn loan fees increased
    22% and 14%, respectively.
  *Same-store core revenue in the Company's pawn stores (which excludes
    wholesale jewelry scrapping) increased 12% in Mexico, decreased 3% in the
    U.S. and increased 6% on a consolidated basis for the third quarter as
    compared to the prior-year period. Using the same measures on a constant
    currency basis, third quarter same-store revenue increased 10% in Mexico,
    and 5% overall. Year-to-date, same-store revenue (on a constant currency
    basis) increased 7% in total, 10% in Mexico and 1% in the U.S, compared to
    the prior-year period.
  *Reflecting the continued trends of lower gold prices and fewer gold buying
    transactions with customers, net revenue (gross profit) from non-core
    wholesale scrap jewelry operations in the third quarter decreased $4.1
    million, or 59%, compared to the same period last year. The average
    selling price of gold liquidated during the quarter was $1,343 per ounce
    and generated a gross profit margin of 11%, compared to the prior-year
    price and margin of $1,666 and 27%, respectively. The Company sold 17,300
    ounces of gold during the third quarter of 2013, including 7,700 ounces of
    inventory from second quarter operations. Year-to-date scrap gold
    production (in ounces) was down 18%, while scrap gross profit during the
    same period had decreased $10.8 million, or 57%, compared to the same
    period last year. Scrap jewelery accounted for only 3% of quarter and
    year-to-date net revenue.
  *Short-term loan and credit services revenue (collectively, payday loan
    products), primarily from the 63 U.S. stand-alone small format stores
    located in Texas, decreased 16% in the third quarter compared to the
    prior-year quarter. The Company considers its payday loan products to be
    non-core/non-growth revenue streams and comprised less than 7% of total
    revenue in the third quarter.

Pawn Metrics

  *Consolidated pawn loans outstanding at September 30, 2013 totaled a
    Company record at $121 million, an increase of 14% over the prior year on
    a constant currency basis. U.S. pawn loans increased 17% versus the prior
    year, while in Mexico pawn loans grew 11% on a constant currency basis.
    Pawn loans collateralized with non-jewelry hard good items (primarily
    electronics, tools and appliances) increased 16% in Mexico (constant
    currency basis), driven almost entirely by an increase in the number of
    loans outstanding.
  *At September 30, 2013, 65% of total pawn loans were collateralized with
    hard goods with the remaining 35% collateralized by jewelry. In Mexico,
    88% of the Company's pawn loans were collateralized with hard goods, and
    only 12% were collateralized with jewelry, compared to 83% and 17%,
    respectively, one year ago. In the Company's U.S. stores, jewelry
    comprised 60% of pawn collateral as of the quarter end, compared to 64%
    last year.
  *The consolidated gross margin on retail merchandise sales was 40% for both
    the third quarter of 2013 and year-to-date, compared to 43% and 42% for
    the comparable periods in 2012, respectively. The change in retail margins
    reflects the continued shift in the Company's consolidated retail product
    mix toward general merchandise inventory, especially in Mexico, that
    carries slightly lower margins than retail jewelry items.
  *Consolidated annualized inventory turns were 3.7 times per year. Aged
    inventories (items held for over a year) accounted for less than 3% of
    total inventories.

Acquisitions and New Store Openings

  *In total, the Company added 28 large format pawn store locations during
    the third quarter of 2013, composed of 18 new store openings in Mexico,
    two new stores in the U.S. and the eight-store acquisition in Mexico
    described below. Year-to-date, a total of 83 stores have been opened or
    acquired.
  *On September 30, 2013, the Company completed the acquisition of eight
    large format pawn stores in the Cabo/La Paz markets in Baja California
    Sur, Mexico. This acquisition was pursuant to an option provision
    associated with a previous acquisition of 29 pawn stores in western Mexico
    completed in January 2012. The assets, liabilities and operating results
    were included in the Company's consolidated results as of the closing
    date.
  *As of September 30, 2013, the Company had 300 stores in the U.S., of which
    210 are large format, full-service pawn stores, and 588 stores in Mexico,
    of which 542 are large format, full-service pawn stores. Year-over-year
    store growth has increased by 9% in the U.S. and 10% in Mexico.

Financial Metrics & Liquidity

  *Consolidated net operating margin (pre-tax income) was 19% for the
    trailing twelve month period, while store-level operating profit margins
    were 28% for the trailing twelve month period.
  *The Company's return on equity for the trailing twelve months ended
    September 30, 2013, was 23%, while its return on assets was 16%.
  *EBITDA from continuing operations for the trailing twelve months ended
    September 30, 2013, was $143 million, an increase of 14% versus the
    comparable prior twelve-month period. The EBITDA margin from continuing
    operations of 22% for the trailing twelve months equaled the prior-year
    period. Free cash flow for the trailing twelve months was $77 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.
  *In September 2013, the Company entered into an agreement to expand its
    existing bank credit facility, with the amount available for borrowings
    under the facility increased from $175 million to $205 million. The
    facility continues to bear interest at the prevailing 30-day LIBOR rate
    plus a fixed spread of 2.0% and matures in February 2015. At September 30,
    2013, the Company had $152.5 million outstanding and $52.5 million of
    availability on the facility.
  *Over the twelve months ended September 30, 2013, the Company has invested
    $97 million in acquisitions, $39 million in stock repurchases, $24 million
    in capital expenditures and $6 million in net new pawn receivables and
    inventory in existing stores. Even with the $12.4 million acquisition and
    20 store openings completed during the third quarter, net borrowings did
    not increase and the Company ended the quarter with $31 million in cash on
    its balance sheet.

Fiscal 2013 Outlook

  *During the third quarter, the Company elected to modify its tax reporting
    structure in order to separate the results of foreign operations from its
    consolidated U.S. federal income tax returns. This change is expected to
    reduce the Company's overall effective tax rate from just over 35% to be
    in a range of 32% to 33% beginning with the third quarter of 2013. In
    addition to the expected long-term reduction in the Company's effective
    consolidated tax rate, the Company is recording, in the third quarter, a
    non-recurring estimated net tax benefit of approximately $3.3 million
    related to the change in the tax structure.
  *The Company expects full-year 2013 earnings to be in the upper half of its
    previously forecast range of $2.75 to $2.90 per fully-diluted share. The
    move to the upper half of the range includes the $0.11 per share
    non-recurring third quarter tax benefit, offset by the expected full-year
    non-recurring transaction costs of approximately $0.04 to $0.05 associated
    with the completed acquisitions and tax restructuring expenses.
    Additionally, the guidance range anticipates continued weakness from
    non-core scrap jewelry and payday lending revenues in the fourth quarter.
    The guidance is predicated on gold prices per ounce remaining in the
    $1,200 to $1,300 range and the Mexican peso to U.S. dollar exchange rate
    at approximately 13 to 1.
  *With 83 stores added year-to-date, the Company is increasing its fiscal
    2013 projected store additions, excluding any additional acquisitions, to
    the range of approximately 95 to 100 total locations.The majority of the
    de novo store openings will continue to be large format pawn stores in
    Mexico.This represents store growth of approximately 12% over the prior
    year.
  *Approximately 94% of 2013 revenues are expected to be derived from the
    Company's growing pawn operations, with the remainder expected to come
    from non-core consumer loan and credit services operations.

Commentary & Analysis

Mr. Rick Wessel, chief executive officer, commented on the third quarter
results, "We posted a record third quarter for revenue, net income and
earnings per share and continue to be pleased with the long-term growth of our
core pawn operations.New and acquired stores continued to drive pawn growth
and strong retail sales in existing stores contributed to the combined 25%
increase in pawn fees and retail sales.

"The overall growth in pawn loans was solid, despite somewhat softer consumer
demand for pawns collateralized by gold jewelry in both the U.S. and
Mexico.Although the number and average size of jewelry loans declined
slightly, demand for general merchandise loans increased in both markets.In
Mexico, with our differentiated large format pawn model, which is focused on
value-priced consumer electronics, appliances and tools, we were able to
significantly grow total general merchandise pawn loans and record double
digit same-store revenue growth.Revenue derived from our operations in Mexico
accounted for 52% of our total revenue for the quarter.

"We remain focused on quality unit growth driven by our consistent and proven
store-opening model in Mexico, along with accretive acquisitions in
strategically important markets in both Mexico and the U.S.During the third
quarter, we opened a total of 20 new stores, of which 18 were in Mexico.In
addition, we acquired eight stores in the Cabo/La Paz market, giving us our
first presence in the state of Baja California Sur, Mexico.With a total of 28
store additions in the third quarter and 83 year-to-date, we now have over 750
large format pawn locations, which represents a 13% increase over the past 12
months.

"Our cash flows and balance sheet remain strong, providing us the ability for
sustained investments in asset growth.We increased the size of our credit
facility to $205 million, which, along with operating cash flows, positions us
to fund continued store openings and acquisition activity.During the quarter,
we also implemented a strategic tax restructuring plan, which shouldlower our
long-term effective tax rate and better position us for further international
expansion.

"In summary, I'm proud of the team for being able to post record revenue
results when faced with the challenge to overcome the significant revenue
declines in non-core scrap sales and payday lending fees.We continue to
believe strongly in the long-term growth potential of First Cash.Given our
competitive strengths, international growth platform and expanding customer
base, we continue to be well-positioned to further increase our store count,
revenue and earnings.We believe that our business model, coupled with our
strong balance sheet, positions us to drive sustainable long-term growth in
shareholder value."

Forward-Looking Information

This release may contain forward-looking statements about the business,
financial condition and prospects of the Company.Forward-looking statements,
as that term is defined in the Private Securities Litigation Reform Act of
1995, can be identified by the use of forward-looking terminology such as
"believes," "projects," "expects," "may," "estimates," "should," "plans,"
"targets," "intends," "could," or "anticipates," or the negative thereof, or
other variations thereon, or comparable terminology, or by discussions of
strategy or objectives.Forward-looking statements can also be identified by
the fact that these statements do not relate strictly to historical or current
matters.Rather, forward-looking statements relate to anticipated or expected
events, activities, trends or results.Because forward-looking statements
relate to matters that have not yet occurred, these statements are inherently
subject to risks and uncertainties.Forward-looking statements in this release
include, without limitation, the Company's expectations of earnings per share,
earnings growth, expansion strategies, regulatory exposures, store openings,
liquidity (including the availability of capital under existing credit
facilities), cash flow, consumer demand for the Company's products and
services, income tax rates, expected benefits and related expensesfrom tax
restructuring activities, currency exchange rates and the price of gold and
the impacts thereof, earnings and related transaction expensesfrom
acquisitions, the ability to successfully integrate acquisitions and other
performance results.These statements are made to provide the public with
management's current assessment of the Company's business.Although the
Company believes that the expectations reflected in forward-looking statements
are reasonable, there can be no assurances that such expectations will prove
to be accurate.Security holders are cautioned that such forward-looking
statements involve risks and uncertainties.The forward-looking statements
contained in this release speak only as of the date of this release, and the
Company expressly disclaims any obligation or undertaking to report any
updates or revisions to any such statement to reflect any change in the
Company's expectations or any change in events, conditions or circumstances on
which any such statement is based.Certain factors may cause results to differ
materially from those anticipated by some of the statements made in this
release.Such factors are difficult to predict and many are beyond the control
of the Company and may include changes in regional, national or international
economic conditions, changes in the inflation rate, changes in the
unemployment rate, changes in consumer purchasing, borrowing and repayment
behaviors, changes in credit markets, the ability to maintain, renew and/or
extend the Company's existing bank line of credit, the ability to maintain
banking relationships for treasury services, credit losses, changes in the
market value of pawn collateral and merchandise inventories, changes or
increases in competition, the ability to locate, open and staff new stores,
the availability or access to sources of inventory, inclement weather, the
ability to successfully integrate acquisitions, the ability to hire and retain
key management personnel, the ability to operate with limited regulation as a
credit services organization, new federal, state or local legislative
initiatives or governmental regulations (or changes to existing laws and
regulations) affecting consumer loan businesses, credit services organizations
and pawn businesses (in both the United States and Mexico), changes in
import/export regulations and tariffs or duties, changes in anti-money
laundering and gun control regulations, unforeseen litigation, changes in
interest rates, monetary inflation, changes in tax rates or policies, changes
in gold prices, changes in energy prices, cost of funds, changes in foreign
currency exchange rates, future business decisions, public health issues,
changes in demand for the Company's services and products, changes in the
Company's ability to satisfy its debt obligations or to obtain new capital to
finance growth, a prolonged interruption in the Company's operations of its
facilities, systems, and business functions, including its information
technology and other business systems, the implementation of new, or changes
in the interpretation of existing accounting principles or financial reporting
requirements, and other uncertainties.These and other risks, uncertainties
and regulatory developments are further and more completely described in the
Company's Annual Report on Form 10-K and updated in subsequent quarterly
reports on Form 10-Q, all filed with the Securities and Exchange
Commission.These risks and uncertainties are beyond the ability of the
Company to control, nor can the Company predict, in many cases, all of the
risks and uncertainties that could cause its actual results to differ
materially from those indicated by the forward-looking statements.

About First Cash

Founded in 1988,First Cash Financial Services, Inc. is celebrating 25 years
as a leading international operator of pawn stores.Its retail pawn locations
buy and sell a wide variety of jewelry, electronics, tools and other
merchandise, and make small customer loans secured by pledged personal
property.The Company's focus is serving cash and credit constrained consumers
through deep value retailing and offering small loans and other financial
products.Today, the Company owns and operates 889 stores in twelve U.S.
states and 26 states in Mexico.

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.

                             STORE COUNT ACTIVITY

The following table details store openings for the three months ended
September30, 2013:

                       Pawn Locations             Consumer        
                       Large         Small        Loan            Total
                       Format (1)    Format (2)   Locations (3)   Locations
Domestic:                                                       
Total locations,        208           27           64              299
beginning of period
New locations opened    2             —            —               2
Locations closed or     —             —            (1)             (1)
consolidated
Total locations, end of 210           27           63              300
period
                                                               
International:                                                  
Total locations,        516           18           34              568
beginning of period
New locations opened    18            —            —               18
Locations acquired      8             —            —               8
Locations closed or     —             (1)          (5)             (6)
consolidated (4)
Total locations, end of 542           17           29              588
period
                                                               
Total:                                                          
Total locations,        724           45           98              867
beginning of period
New locations opened    20            —            —               20
Locations acquired      8             —            —               8
Locations closed or     —             (1)          (6)             (7)
consolidated
Total locations, end of 752           44           92              888
period
                                                               
(1) The large format locations include retail showrooms and accept a broad
array of pawn collateral including electronics, appliances, tools, jewelry and
other consumer hard goods. At September30, 2013, 115 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. At
September30, 2013, all but one of the small format pawn stores also offered
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. In addition to stores shown
on this chart, the Company is also an equal partner in Cash & Go, Ltd., a
joint venture, which owns and operates 37 check cashing and financial services
kiosks located inside convenience stores in the state of Texas. The Company's
credit services operations also include an internet distribution channel for
customers residing in the state of Texas.
                                                               
(4) The operations of the consumer loan locations were consolidated with
adjacent or nearby large format pawn locations.

The following table details store openings for the nine months ended
September30, 2013:

                       Pawn Locations             Consumer        
                       Large         Small        Loan            Total
                       Format (1)    Format (2)   Locations (3)   Locations
Domestic:                                                       
Total locations,        184           27           65              276
beginning of period
New locations opened    4             —            —               4
Locations acquired      22            —            —               22
Locations closed or     —             —            (2)             (2)
consolidated
Total locations, end of 210           27           63              300
period
                                                               
International:                                                  
Total locations,        485           19           34              538
beginning of period
New locations opened    49            —            —               49
Locations acquired      8             —            —               8
Locations closed or     —             (2)          (5)             (7)
consolidated (4)
Total locations, end of 542           17           29              588
period
                                                               
Total:                                                          
Total locations,        669           46           99              814
beginning of period
New locations opened    53            —            —               53
Locations acquired      30            —            —               30
Locations closed or     —             (2)          (7)             (9)
consolidated
Total locations, end of 752           44           92              888
period
                                                               
(1) The large format locations include retail showrooms and accept a broad
array of pawn collateral including electronics, appliances, tools, jewelry and
other consumer hard goods. At September30, 2013, 115 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. At
September30, 2013, all but one of the small format pawn stores also offered
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. In addition to stores shown
on this chart, the Company is also an equal partner in Cash & Go, Ltd., a
joint venture, which owns and operates 37 check cashing and financial services
kiosks located inside convenience stores in the state of Texas. The Company's
credit services operations also include an internet distribution channel for
customers in the state of Texas.
                                                               
(4) The operations of the consumer loan locations were consolidated with
adjacent or nearby large format pawn locations.


FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
                                                                
                                    Three Months Ended  Nine Months Ended
                                    September30,       September30,
                                    2013      2012      2013       2012
                                    (in thousands, except per share data)
Revenue:                                                         
Retail merchandise sales             $89,772 $69,938 $255,442 $194,843
Pawn loan fees                       47,455    39,768    133,658    108,612
Consumer loan and credit services    11,726    13,921    35,286     38,890
fees
Wholesale scrap jewelry revenue      25,234    26,068    53,775     74,361
Total revenue                        174,187   149,695   478,161    416,706
                                                                
Cost of revenue:                                                 
Cost of retail merchandise sold      53,546    40,187    152,677    112,895
Consumer loan and credit services    3,694     4,429     8,601      9,667
loss provision
Cost of wholesale scrap jewelry sold 22,394    19,141    45,498     55,317
Total cost of revenue                79,634    63,757    206,776    177,879
                                                                
Net revenue                          94,553    85,938    271,385    238,827
                                                                
Expenses and other income:                                       
Store operating expenses             47,302    39,889    134,778    111,003
Administrative expenses              12,738    12,330    38,513     36,248
Depreciation and amortization        3,988     3,328     11,346     9,467
Interest expense                     1,122     444       2,474      697
Interest income                      (69)      (30)      (267)      (147)
Total expenses and other income      65,081    55,961    186,844    157,268
                                                                
Income from continuing operations    29,472    29,977    84,541     81,559
before income taxes
                                                                
Provision for income taxes           6,331     10,341    25,473     28,138
                                                                
Income from continuing operations    23,141    19,636    59,068     53,421
                                                                
Loss from discontinued operations,   —         (747)     —          (671)
net of tax
Net income                           $23,141 $18,889 $59,068  $52,750
                                                                
Basic income per share:                                          
Income from continuing operations    $0.80   $0.69   $2.03    $1.85
Loss from discontinued operations    —         (0.03)    —          (0.03)
Net income per basic share           $0.80   $0.66   $2.03    $1.82
                                                                
Diluted income per share:                                        
Income from continuing operations    $ 0.79    $ 0.67    $ 1.99     $ 1.80
Loss from discontinued operations    —         (0.03)    —          (0.03)
Net income per diluted share         $ 0.79    $ 0.64    $ 1.99     $ 1.77
                                                                
Weighted average shares outstanding:                             
Basic                                28,904    28,616    29,128     28,951
Diluted                              29,353    29,430    29,637     29,729


FIRST CASH FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
                                                               
                                           September30,         December 31,
                                           2013       2012       2012
                                           (in thousands)
ASSETS                                                          
Cash and cash equivalents                   $30,539  $25,744  $50,285
Pawn loan fees and service charges          17,835     15,888     15,367
receivable
Pawn loans                                  121,187    107,714    103,181
Consumer loans, net                         1,375      2,027      1,879
Inventories                                 82,569     65,692     65,345
Other current assets                        7,966      12,441     5,373
Total current assets                        261,471    229,506    241,430
                                                               
Property and equipment, net                 102,029    89,621     93,304
Goodwill, net                               230,520    162,675    166,429
Other non-current assets                    8,634      6,418      6,529
Total assets                                $602,654 $488,220 $507,692
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY                            
Current portion of notes payable            $3,297   $3,184   $3,212
Accounts payable and accrued liabilities    35,446     35,707     27,938
Income taxes payable                        9,718      —          —
Total current liabilities                   48,461     38,891     31,150
                                                               
Revolving unsecured credit facility         152,500    111,000    102,500
Notes payable, net of current portion       5,868      9,165      8,351
Deferred income tax liabilities             8,313      12,278     13,275
Total liabilities                           215,142    171,334    155,276
                                                               
Stockholders' equity:                                           
Preferred stock                             —          —          —
Common stock                                393        383        388
Additional paid-in capital                  176,018    149,606    159,081
Retained earnings                           472,950    386,273    413,882
Accumulated other comprehensive income
(loss) from cumulative foreign currency     (9,162)    (5,381)    (6,940)
translation adjustments
Common stock held in treasury, at cost      (252,687)  (213,995)  (213,995)
Total stockholders' equity                  387,512    316,886    352,416
Total liabilities and stockholders' equity  $602,654 $488,220 $507,692

                     FIRST CASH FINANCIAL SERVICES, INC.
                            OPERATING INFORMATION
                                 (UNAUDITED)

The following table details the components of revenue for the three months
ended September30, 2013, as compared to the three months ended September30,
2012 (in thousands).Constant currency results exclude the effects of foreign
currency translation and are calculated by translating current year results at
prior year average exchange rates, which is more fully described elsewhere in
this release.

                Three Months Ended                      Increase/(Decrease)
                September30,                           Constant Currency
                2013       2012       Increase/(Decrease) Basis
Domestic                                               
revenue:
Retail
merchandise      $36,134  $25,801  $10,333   40%     40%
sales
Pawn loan fees   21,241     16,747     4,494       27%     27%
Consumer loan
and credit       10,894     12,989     (2,095)     (16)%   (16)%
services fees
Wholesale scrap  15,344     13,822     1,522       11%     11%
jewelry revenue
                83,613     69,359     14,254      21%     21%
International                                          
revenue:
Retail
merchandise      53,638     44,137     9,501       22%     19%
sales
Pawn loan fees   26,214     23,021     3,193       14%     12%
Consumer loan
and credit       832        932        (100)       (11)%   (13)%
services fees
Wholesale scrap  9,890      12,246     (2,356)     (19)%   (19)%
jewelry revenue
                90,574     80,336     10,238      13%     11%
Total revenue:                                         
Retail
merchandise      89,772     69,938     19,834      28%     27%
sales
Pawn loan fees   47,455     39,768     7,687       19%     18%
Consumer loan
and credit       11,726     13,921     (2,195)     (16)%   (16)%
services fees
Wholesale scrap  25,234     26,068     (834)       (3)%    (3)%
jewelry revenue
                $174,187 $149,695 $24,492   16%     15%

                     FIRST CASH FINANCIAL SERVICES, INC.
                      OPERATING INFORMATION (CONTINUED)
                                 (UNAUDITED)

The following table details the components of revenue for the nine months
ended September30, 2013, as compared to the nine months ended September30,
2012 (in thousands).Constant currency results exclude the effects of foreign
currency translation and are calculated by translating current year results at
prior year average exchange rates, which is more fully described elsewhere in
this release.

                Nine Months Ended                       Increase/(Decrease)
                September 30,                           Constant Currency
                2013       2012       Increase/(Decrease) Basis
Domestic                                               
revenue:
Retail
merchandise      $98,940  $72,063  $26,877   37%     37%
sales
Pawn loan fees   57,289     44,394     12,895      29%     29%
Consumer loan
and credit       32,667     36,008     (3,341)     (9)%    (9)%
services fees
Wholesale scrap  30,850     40,588     (9,738)     (24)%   (24)%
jewelry revenue
                219,746    193,053    26,693      14%     14%
International                                          
revenue:
Retail
merchandise      156,502    122,780    33,722      27%     22%
sales
Pawn loan fees   76,369     64,218     12,151      19%     14%
Consumer loan
and credit       2,619      2,882      (263)       (9)%    (13)%
services fees
Wholesale scrap  22,925     33,773     (10,848)    (32)%   (32)%
jewelry revenue
                258,415    223,653    34,762      16%     11%
Total revenue:                                         
Retail
merchandise      255,442    194,843    60,599      31%     28%
sales
Pawn loan fees   133,658    108,612    25,046      23%     20%
Consumer loan
and credit       35,286     38,890     (3,604)     (9)%    (10)%
services fees
Wholesale scrap  53,775     74,361     (20,586)    (28)%   (28)%
jewelry revenue
                $478,161 $416,706 $61,455   15%     12%

                     FIRST CASH FINANCIAL SERVICES, INC.
                      OPERATING INFORMATION (CONTINUED)
                                 (UNAUDITED)

The following table details customer loans and inventories held by the Company
and active CSO credit extensions from an independent third-party lender as of
September30, 2013, as compared to September30, 2012 (in thousands).Constant
currency results exclude the effects of foreign currency translation and are
calculated by translating current year balances at the prior year
end-of-period exchange rate, which is more fully described elsewhere in this
release.

                                                      Increase/(Decrease)
                Balance at September                    Constant Currency
                 30,
                2013       2012       Increase/(Decrease) Basis
Domestic:                                              
Pawn loans       $60,619  $51,875  $8,744    17%     17%
CSO credit
extensions held  12,926     14,048     (1,122)     (8)%    (8)%
by independent
third-party (1)
Other consumer   697        1,194      (497)       (42)%   (42)%
loans
                74,242     67,117     7,125       11%     11%
International:                                         
Pawn loans       60,568     55,839     4,729       8%      11%
Other consumer   678        833        (155)       (19)%   (17)%
loans
                61,246     56,672     4,574       8%      11%
Total:                                                 
Pawn loans       121,187    107,714    13,473      13%     14%
CSO credit
extensions held  12,926     14,048     (1,122)     (8)%    (8)%
by independent
third-party (1)
Other consumer   1,375      2,027      (652)       (32)%   (31)%
loans
                $135,488 $123,789 $11,699   9%      11%
Pawn                                                   
inventories:
Domestic pawn    $37,514  $29,649  $7,865    27%     27%
inventories
International    45,055     36,043     9,012       25%     28%
pawn inventories
                $82,569  $65,692  $16,877   26%     27%
                                                      

(1) CSO amounts 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 loans.

                     FIRST CASH FINANCIAL SERVICES, INC.
                   UNAUDITED NON-GAAP FINANCIAL INFORMATION

The Company uses certain financial calculations, such as free cash flow,
EBITDA from continuing operations and constant currency results, which are not
considered measures of financial performance under U.S. generally accepted
accounting principles ("GAAP").Items excluded from the calculation of free
cash flow, EBITDA from continuing operations and constant currency results are
significant components in understanding and assessing the Company's financial
performance.Since free cash flow, EBITDA from continuing operations and
constant currency results are not measures determined in accordance with GAAP
and are thus susceptible to varying calculations, free cash flow, EBITDA from
continuing operations and constant currency results, as presented, may not be
comparable to other similarly titled measures of other companies.Free cash
flow, EBITDA from continuing operations and constant currency results should
not be considered as alternatives to net income, cash flow provided by or used
in operating, investing or financing activities or other financial statement
data presented in the Company's consolidated financial statements as
indicators of financial performance or liquidity.Non-GAAP financial measures
should be evaluated in conjunction with, and are not a substitute for, GAAP
financial measures.

Earnings from Continuing Operations Before Interest, Taxes, Depreciation and
Amortization

EBITDA from continuing operations is commonly used by investors to assess a
company's leverage capacity, liquidity and financial performance.The
following table provides a reconciliation of net income to EBITDA from
continuing operations (in thousands):

                                                 Trailing Twelve Months Ended
                                                 September30,
                                                 2013           2012
Net income                                        $86,677      $74,205
Loss from discontinued operations, net of tax     75             432
Income from continuing operations                 86,752         74,637
Adjustments:                                                    
Income taxes                                      38,841         38,742
Depreciation and amortization                     14,828         12,170
Interest expense                                  3,265          727
Interest income                                   (336)          (204)
Earnings from continuing operations before        $143,350     $126,072
interest, taxes, depreciation and amortization
                                                               
EBITDA from continuing operations margin                        
calculated as follows:
Total revenue from continuing operations          $657,401     $561,687
Earnings from continuing operations before        143,350        126,072
interest, taxes, depreciation and amortization
EBITDA from continuing operations as a percentage 22%            22%
of revenue

                     FIRST CASH FINANCIAL SERVICES, INC.
             UNAUDITED NON-GAAP FINANCIAL INFORMATION (CONTINUED)

Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free
cash flow, which is defined as cash flow from the operating activities of
continuing and discontinued operations reduced by purchases of property and
equipment and net cash outflow from loan receivables.Free cash flow is
commonly used by investors as a measure of cash generated by business
operations that will be used to repay scheduled debt maturities and can be
used to invest in future growth through new business development activities or
acquisitions, repurchase stock, or repay debt obligations prior to their
maturities.These metrics can also be used to evaluate the Company's ability
to generate cash flow from business operations and the impact that this cash
flow has on the Company's liquidity.The following table reconciles "net cash
flow from operating activities" to "free cash flow" (in thousands):

                                                 Trailing Twelve Months Ended
                                                 September30,
                                                 2013           2012
Cash flow from operating activities, including    $108,335     $80,233
discontinued operations
Cash flow from investing activities:                            
Loan receivables                                  (8,260)        (13,793)
Purchases of property and equipment               (23,546)       (24,079)
Free cash flow                                    $76,529      $42,361

Constant Currency

Certain performance metrics discussed in this release are presented on a
"constant currency" basis, which may be considered a non-GAAP financial
measurement of financial performance under GAAP.The Company's management uses
constant currency results to evaluate operating results of certain business
operations in Mexico, which are transacted primarily in Mexican pesos.Pawn
scrap jewelry in Mexico is sold in U.S. dollars and, accordingly, does not
require a constant currency adjustment.Constant currency results reported
herein are calculated by translating certain balance sheet and income
statement items denominated in Mexican pesos using the exchange rate from the
prior-year comparable period, as opposed to the current comparable period, in
order to exclude the effects of foreign currency rate fluctuations for
purposes of evaluating period-over-period comparisons.For balance sheet
items, the closing exchange rate at the end of the applicable prior-year
period (September30, 2012) of 12.9 to 1 was used, compared to the current end
of period (September30, 2013) exchange rate of 13.1 to 1.For income
statement items, the average closing daily exchange rate for the appropriate
period was used.The average exchange rate for the prior-year quarter ended
September30, 2012 was 13.2 to 1, compared to the current-quarter rate of 12.9
to 1.The average exchange rate for the prior-year nine-month period ended
September30, 2012 was 13.2 to 1, compared to the current year-to-date rate of
12.7 to 1.

CONTACT: For further information, please contact: 
         Gar Jackson
         Phone: (949) 873-2789
         Email: gar@irsense.com
        
         Rick Wessel, Chairman and Chief Executive Officer
         Doug Orr, Executive Vice President and Chief Financial Officer
         Phone: (817) 505-3199
         Email: investorrelations@firstcash.com
         Website: www.firstcash.com

company logo