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Last $25.99 USD
Change Today +0.41 / 1.60%
Volume 459.2K
CSH On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

cash america intl inc (CSH) Key Developments

Cash America International, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015 and Year Ending December 31, 2015

Cash America International, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. The company reported that net income from continuing operations for the second quarter of 2015 was $2,071,000 or 8 cents per share compared to a net loss from continuing operations of $11,746,000 or loss of 41 cents per share for the second quarter of 2014. After adjusting for non-operating items in both the current and the prior year second quarter, adjusted net income from continuing operations, a non-GAAP measure, was $1,761,000 or 6 cents per share for the second quarter of 2015 compared to a net loss of $2,050,000 or loss of 8 cents per share for the second quarter of 2014. Consolidated total revenue was $236.5 million for the second quarter of 2015 compared to $253.6 million for the second quarter of 2014. Consolidated net revenue was $134.0 million for the second quarter of 2015, compared to $141.2 million for the second quarter of 2014. Income from operations was $6.327 million against $3.357 million a year ago. Net income attributable to company was $2.071 million or $0.08 per diluted share against $20.971 million or $0.72 per diluted share a year ago. Adjusted earnings were $3,832,000 or $0.14 per share against $97,000 a year ago. For the six months ended June 30, 2015, the Company reported net income from continuing operations of $9.9 million or 35 cents per share compared to a net loss of $8.5 million or a loss of 30 cents per share for the same period in 2014. Included in the reported net income for the six months ended June 30, 2015 is a gain on the disposition of equity securities, a loss on early extinguishment of debt and severance expenses related to administrative and operations staff reductions, which in aggregate reduced net income from continuing operations by $0.2 million before taxes or 1 cent per share after taxes. When excluding these items, adjusted net income from continuing operations, a non-GAAP measure, was $10.1 million or 36 cents per share for the six months ended June 30, 2015. This compares to adjusted net income from continuing operations, a non-GAAP measure, of $2.3 million or 7 cents per share for the six-months ended June 30, 2014, which adds back to the reported results the expense for the early extinguishment of debt of $10.4 million after taxes and litigation settlement expenses of $0.4 million after taxes, for a total of $10.8 million or 37 cents per share for the six months ended June 30, 2014. Consolidated total revenue was $508.2 million for the six months ended June 30, 2015 compared to $538.2 million for the same period in 2014, which included the Company’s Mexico-based pawn lending business in 2014. Income from operations was $22.561 million against $17.268 million a year ago. Net income attributable to company was $9.916 million or $0.35 per diluted share against $66.708 million or $2.27 per diluted share a year ago. Adjusted earnings were $14,147,000 or $0.50 per share against $6,822,000 or $0.23 per share a year ago. Based on its views on the preceding factors, management expects net income per share for the third quarter of 2015 to be between 17 cents and 20 cents per share compared to a net loss from continuing operations of 32 cents per share in the third quarter of 2014. During the third quarter of 2014, management implemented actions that generated $14.1 million in after-tax expenses (48 cents per share) related to the sale of non-strategic operations in Mexico and Colorado, the early extinguishment of long-term debt and a corporate reorganization to create expense efficiencies. Excluding the $14.1 million in expenses related to these items incurred in the third quarter of 2014, adjusted net income from continuing operations, a non-GAAP measure, would have been $4.7 million or 16 cents per share for the third quarter of 2014. At this time, management modifies and increases its previously reported expectations for its fiscal year 2015 adjusted EBITDA to an anticipated range of between $117 million to $125 million, which management estimates will generate between $0.95 and $1.10 in adjusted net income per share from continuing operations, a non-GAAP measure, which excludes the disposition of equity securities, a loss on early extinguishment of debt and severance expenses related to administrative and operations staff reductions, which in aggregate reduced income for the six months ended June 30, 2015 by 1 cent per share. This compares to a reported net loss from continuing operations of 36 cents per share for fiscal year 2014, which included expense items totaling 87 cents per share related to the early extinguishment of debt, a loss on divestitures and the severance expenses related to administrative and operations staff reductions. Adding back the expense per share of 87 cents incurred during 2014, adjusted net income from continuing operations, a non-GAAP measure, for the year ended December 31, 2014 would have been 51 cents per share. The company estimated net income from continuing operations in the range of $0.94 to $1.09 and free cash flow per share in the range of $2.28 to $2.43. The company assumes approximately $23.4 million of capital expenditures for the year ended December 31, 2015.

Cash America International, Inc. Declares Dividend for the Second Quarter Ended June 30, 2015 Payable on August 26, 2015

Cash America International, Inc. announced that the board of directors, at its regularly scheduled quarterly meeting, declared a $0.05 (5 cents) per share cash dividend on common stock outstanding for the second quarter ended June 30, 2015. The dividend will be paid at the close of business on August 26, 2015 to shareholders of record on August 12, 2015.

Cash America International, Inc. Engages Grant Thornton LLP as Independent Registered Public Accounting Firm Replacing PricewaterhouseCoopers LLP

On June 11, 2015, Cash America International, Inc. dismissed PricewaterhouseCoopers LLP as an Independent Registered Public Accounting Firm and appointed Grant Thornton LLP as the company's new independent registered public accounting firm effective immediately.

Cash America International, Inc. Declares Cash Dividend, Payable on May 27, 2015; Announces Unaudited Consolidated Earnings Results for the Three Months Ended March 31, 2015; Provides Unaudited Earnings Guidance for the Second Quarter and Full Year Ending December 31, 2015

Cash America International, Inc. announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.05 per share cash dividend on common shares outstanding. The dividend will be paid at the close of business on May 27, 2015 to shareholders of record on May 13, 2015. This dividend per share is consistent with the dividend amount per share paid in February 2015 and represents an increase of 43% from the dividend paid last year in May of $0.035. The company announced unaudited consolidated earnings results for the three months ended March 31, 2015. For the quarter, total revenue was $271,762,000 against $284,635,000 a year ago. Income from operations was $16,234,000 against $13,911,000 a year ago. Net Income from continuing operations was $7,845,000 against $3,237,000 a year ago. Net income attributable to company was $7,845,000 against $45,737,000 a year ago. Diluted net income per share from continuing operations was $0.27 against $0.11 a year ago. Diluted net income per share attributable to the company was $0.27 against $1.55 a year ago. Adjusted net income and adjusted diluted net income per share from continuing operations were $8,699,000 and $0.30 against $4,375,000 and $0.15 a year ago. Adjusted earnings and adjusted earnings per share from continuing operations were $10,710,000 and $0.37 against $6,726,000 or $0.23 a year ago. Adjusted EBITDA from continuing operations was $109,859,000 against $116,862,000 a year ago. The management expects that the second quarter 2015 earnings per share for continuing operations will be between 1 cent and 5 cents per share compared to a loss of 8 cents per share from continuing operations in the second quarter 2014, which excludes 33 cents per share mostly related to the early extinguishment of debt incurred in that period. For the year ending December 31, 2015, management leaves its previously reported expectations for its fiscal year 2015 adjusted EBITDA range of between $110 to $125 million, which management estimates will generate between $0.80 to $1.10 in net income per share from continuing operations. This compares to a reported net loss from continuing operations of 36 cents per share that included unusual items during the year ended 2014 that totaled 87 cents per share related primarily to the early extinguishment of debt, a loss on divestitures and the corporate reorganization costs. Income from operations is expected to be between $50,000,000 and $62,000,000 and depreciation and amortization is expected to be between $60,000,000 and $63,000,000.

Cash America International Seeks Acquisitions

Cash America International, Inc. (NYSE:CSH) is seeking acquisitions. Brent Stuart, Cash America's Executive Vice President and Chief Operations Officer, said "We will also continue to be diligent in our pursuit of strategic acquisition opportunities. You should expect to see unit growth in 2016 and beyond with a balanced approach focusing on both startups and acquisitions."

 

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CSH

Industry Average

Valuation CSH Industry Range
Price/Earnings 92.9x
Price/Sales 0.7x
Price/Book 0.6x
Price/Cash Flow 6.8x
TEV/Sales 0.3x
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