EDMONTON, Dec. 20, 2012 /CNW/ - The Cash Store Financial Services Inc.
("Cash Store Financial" or the "Company") (TSX: CSF; NYSE: CSFS) today
announced that it intends to issue restated unaudited consolidated
interim financial statements for the periods ended March 31, 2012 and
June 30, 2012 and audited consolidated financial statements for the
three and twelve months ended September 30, 2012, by December 28, 2012.
The management conference call and webcast with shareholders, analysts
and institutional investors, previously scheduled for December 20th, 2012, will be rescheduled accordingly. Call details will be published
separately.
Preliminary guidance for the three months ended September 30, 2012
The Cash Store Financial Services Inc. has provided the following
preliminary guidance on estimated financial results for the three
months ended September 30, 2012.
The company's financial results for the three months ended September 30,
2012 have not yet been finalized and are subject to change. Further,
the company's auditors have not reviewed the estimated financial
results included in this press release.
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Revenue is expected to have been in the range of $50.0 million to $50.8
million.
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Loan volumes were $207.0 million.
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Adjusted EBITDA is estimated to be in the range of $10.5 million to
$11.2 million.
About Cash Store Financial
Cash Store Financial is the only lender and broker of short‐term
advances and provider of other financial services in Canada that is
listed on the Toronto Stock Exchange (TSX: CSF). Cash Store Financial
also trades on the New York Stock Exchange (NYSE: CSFS). Cash Store
Financial operates 512 branches across Canada under the banners "Cash
Store Financial", "Instaloans" and "The Title Store". Cash Store
Financial also operates 25 branches in the United Kingdom.
Cash Store Financial and Instaloans primarily act as lenders and brokers
to facilitate short-term advances and provide other financial services
to income-earning consumers who may not be able to obtain them from
traditional banks. Cash Store Financial also provides a private-label
debit card (the "Freedom" card) and a prepaid credit card (the "Freedom
MasterCard") as well as other financial services, including bank
accounts.
Cash Store Financial employs approximately 2,000 associates and is
headquartered in Edmonton, Alberta.
Cash Store Financial is a Canadian corporation that is not affiliated
with Cottonwood Financial Ltd. or the outlets Cottonwood Financial Ltd.
operates in the United States under the name "Cash Store". Cash Store
Financial does not do business under the name "Cash Store" in the
United States and does not own or provide any consumer lending services
in the United States.
This news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning United States federal
securities legislation, which we refer to herein, collectively, as
"forward-looking information". Forward-looking information includes,
but is not limited to, information with respect to our objectives,
strategies, operations and financial results, competition as well as
initiatives to grow revenue or reduce retention payments. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "estimates", "plans", "expects", or
"does not expect", "is expected", "budget", "scheduled", "forecasts",
"intends", "anticipates", or "does not anticipate", or "believes" or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". In particular this news release contains
forward-looking information with respect to our goals and strategic
priorities, introduction of products, share repurchase initiatives,
branch openings and competition as well as initiatives to grow revenue
or reduce retention payments. Forward-looking information is subject
to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Cash Store Financial, to be materially different from
those expressed or implied by such forward-looking information,
including, but not limited to, changes in economic and political
conditions, legislative or regulatory developments, technological
developments, third-party arrangements, competition, litigation, risks
associated with but not limited to, market conditions, and other
factors described under the heading "Risk Factors" in our Annual
Information Form, which is on file with Canadian provincial securities
regulatory authorities, and in our Annual Report on Form 40-F filed
with the U.S. Securities and Exchange Commission. All material
assumptions used in providing forward-looking information are based on
management's knowledge of current business conditions and expectations
of future business conditions and trends, including our knowledge of
the current credit, interest rate and liquidity conditions affecting us
and the general economic conditions in Canada, the United Kingdom and
elsewhere. Although we believe the assumptions used to make such
statements are reasonable at this time and have attempted to identify
in our continuous disclosure documents important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Certain
material factors or assumptions are applied by us in making
forward-looking information, include without limitation, factors and
assumptions regarding our continued ability to fund our payday
loan business, rates of customer defaults, relationships with, and
payments to, third party lenders, demand for our products, as well as
our operating cost structure and current consumer protection
regulations. There can be no assurance that such information will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking information.
We do not undertake to update any forward-looking information, except
in accordance with applicable securities laws.
SOURCE: The Cash Store Financial Services Inc.