For the quarter ended
The provision for doubtful accounts as a percent of total revenues for the quarter ended
Center gross profit for the quarter ended
General and administrative expenses for the quarter ended
Income before income taxes was
For the quarter ended
Net income for the quarter ended
Diluted earnings per share increased 19.0% to
Commenting on the results of the first quarter of 2009, Advance America's President and Chief Executive Officer,
On
Commenting on the Worry-Free Advance, Compton said, 'We understand that these are exceptionally difficult days for consumers everywhere. In keeping with Advance America's long history of helping millions of hardworking Americans manage their short-term financial challenges, we are proud to offer this unique and valuable option that helps our customers who lose their jobs during these troubled economic times.'
On
As of
As of
The Company will discuss these results during a conference call
About Advance America
Founded in 1997, Advance America, Cash Advance Centers, Inc. (NYSE: AEA) is the country's leading provider of cash advance services, with 2,740 centers and 82 limited licensees in 33 states, the
Forward-Looking Statements and Information:
Certain statements contained in this release may constitute 'forward-looking statements' within the meaning of federal securities laws. All statements in this release other than those relating to our historical information or current condition are forward-looking statements. For example, any statements regarding our future financial performance, our business strategy, and expected developments in our industry are forward-looking statements. Although we believe that the current views and expectations reflected in these forward-looking statements are reasonable, those views and expectations and the related statements are inherently subject to risks, uncertainties, and other factors, many of which are not under our control and may not even be predictable. Therefore, actual results could differ materially from our expectations as of today and any future results, performance, or achievements expressed directly or impliedly by the forward-looking statements. For a more detailed discussion of some of the factors that may cause our actual results to differ from our current expectations, please refer to the 'Risk Factors' section of our Annual Report on Form 10-K for the fiscal year ended
Interim Unaudited Consolidated Statements of Income
Three Months Ended March 31, 2008 and 2009
(in thousands, except per share data)
Three Months Ended
March 31,
---------
2008 2009
---- ----
Total Revenues $165,456 $156,393
Center Expenses:
Salaries and related payroll costs 51,401 47,513
Provision for doubtful accounts 20,780 21,098
Occupancy costs 25,424 24,773
Center depreciation expense 4,295 3,723
Advertising expense 3,146 2,181
Other center expenses 14,595 12,706
------ ------
Total center expenses 119,641 111,994
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Center gross profit 45,815 44,399
Corporate and Other Expenses (Income):
General and administrative expenses 16,375 14,071
Corporate depreciation expense 768 688
Interest expense 2,688 1,699
Interest income (41) (17)
Loss on disposal of property and equipment 126 33
Loss on impairment of assets 236 2,209
--- -----
Income before income taxes 25,663 25,716
Income tax expense 10,859 10,573
------ ------
Net income $14,804 $15,143
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Net income per common share - basic $0.21 $0.25
Weighted average number of shares
outstanding - basic 70,665 60,858
Net income per common share - diluted $0.21 $0.25
Weighted average number of shares
outstanding - diluted 70,665 61,234
Consolidated Balance Sheets
December 31, 2008 and March 31, 2009
(in thousands, except per share data)
Dec. 31, March 31,
2008 2009
---- ----
(unaudited)
Assets
Current assets
Cash and cash equivalents $16,017 $13,763
Advances and fees receivable, net 220,115 172,809
Deferred income taxes 13,008 13,008
Other current assets 15,721 17,729
------ ------
Total current assets 264,861 217,309
Restricted cash 4,633 7,917
Property and equipment, net 46,091 40,482
Goodwill 126,661 126,593
Other assets 4,764 4,588
----- -----
Total assets $447,010 $396,889
======== ========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $13,977 $13,231
Accrued liabilities 33,917 25,698
Income taxes payable 1,625 2,312
Accrual for third-party lender losses 3,960 3,160
Current portion of long-term debt 545 520
--- ---
Total current liabilities 54,024 44,921
Revolving credit facility 189,817 137,774
Long-term debt 4,590 4,474
Deferred income taxes 22,311 22,311
Deferred revenue 4,791 4,270
Other liabilities 218 243
--- ---
Total liabilities 275,751 213,993
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Commitments and contingencies
Stockholders' equity
Preferred stock, par value $.01 per share
25,000 shares authorized;
no shares issued and outstanding - -
Common stock, par value $.01 per share,
250,000 shares authorized;
96,821 shares issued and 61,087 shares
outstanding at December 31, 2008;
96,821 shares issued and 61,649 shares
outstanding at March 31, 2009 968 968
Paid in capital 288,635 288,989
Retained earnings 143,961 155,255
Accumulated other comprehensive loss (2,585) (2,754)
Common stock in treasury (35,734 shares at
cost at December 31, 2008;
35,172 shares at cost at March 31, 2009) (259,720) (259,562)
-------- --------
Total stockholders' equity 171,259 182,896
------- -------
Total liabilities and stockholders' equity $447,010 $396,889
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SOURCE Advance America, Cash Advance Centers, Inc.
