Adjusted EBITDA increases 4.3% compared to Q1 FY12
EDMONTON, Feb. 6, 2013 /CNW/ - The Cash Store Financial Services Inc.
(Cash Store Financial) (TSX: CSF; NYSE: CSFS) today announced results
for the quarter ended December 31, 2012. The following financial
results are expressed in Canadian dollars.
Highlights for the three months ended December 31, 2012 (a table of
results can be found at the end of this news release):
-
Loan volume up 1.9% to $203.4 million from $199.6 million in the first
quarter last year.
-
Loan fees increased by 15.5% to $38 million from $32.9 million in the
same period last year.
-
Adjusted EBITDA of $9.8 million, up 4.3% from $9.4 million for the same
quarter last year. EBITDA of $6.7 million, up 63.4% from $4.1 million
for the same quarter last year.
-
Quarterly revenue of $49.5 million, up 8.0% from $45.8 million for the
same quarter last year. This increase is due primarily to an increase
in loan volume growth in both operations in Canada and the United
Kingdom.
-
Same branch sales increased 11.3% to $90,000 from $80,000 in the same
quarter last year
-
Sales expenses of $26.8 million, down 15.2% from $31.6 million for the
same quarter last year.
-
Other revenue of $11.5 million, down 11.5% from $13.0 million for the
same quarter last year. This decrease is primarily due to a decrease in
other income in Canada due to the simplification and re-pricing of
optional services as Cash Store Financial continues to offer more cost
efficient ancillary services to customers.
-
Diluted loss per share of $0.09 per share, down from earnings per share
of $0.06 per share for the same quarter last year.
-
Net loss of $1.7 million, down from net income of $989,000 for the same
quarter last year.
-
Branch count was 536, down 60 branches from 596 branches at December 31,
2011.
Mr. Gordon Reykdal, Chairman and CEO commented, "The first quarter was
notable for strong year over year growth in all critical areas of our
business and I am pleased with the continued progress over the past
three quarters. Year-over-year loan volume was up, loan fees were up,
consolidated revenue was up, and same branch sales were up. We
continued to secure strong quarter over quarter improvements in branch
operating income. Growth in Adjusted EBITDA increased 4.3% to $9.8
million from $9.4 million in the same period last year. Overall, I am
pleased with our positive direction. During Q2 of fiscal 2012, the
Company initiated a number of efficiency initiatives to improve overall
performance, including the acquisition of our loan portfolio and an
ongoing effort to eliminate underperforming branches. We have
effectively executed upon those initiatives, improving the Company's
profitability profile and setting the stage for a return to growth
during fiscal 2013. Despite having consolidated more than 60 branches
from our Canadian operations, same branch revenues have increased by
11% in comparison to the same quarter last year. The loss in the
current period of $1.7 million was attributable primarily to expenses
associated with a restatement of results for the second and third
quarters of fiscal 2012."
"Over the past three quarters we have achieved consistent year-over-year
revenue growth and consistent sales expense reductions across our
branch network. We continue to execute upon our strategy to achieve
stable profitability going forward," added Mr. Reykdal.
First quarter financial detail
First quarter loan volume was $203.5 million, up 1.9% percent from
$199.6 million in the same period last year. Although volume is down
sequentially from $207 million in the fourth quarter, this decline is
in-line with seasonal trends, and remains reflective of positive
quarter over quarter growth. Consolidated revenue for the first quarter
was up 8.1% to $49.5 million from $45.8 million in the same period last
year. The year over year increase in revenue is attributable to both
the Canadian and UK operations and the recorded interest portion of
loan fee revenue in the regulated provinces. Before the Company's
acquisition of the loan portfolio, that interest went to third‐party
lenders. Overall revenue growth was offset by a decline in other
revenues of 11.5% to $11.5 million from $13.0 million for the same
quarter last year, as the Company optimizes its sales processes to
simplify and re-price ancillary services in order to encourage greater
uptake of basic loans. Net loss for the quarter was $1.7 million, a
sequential decrease of $2.0 million compared to Q4‐ 2012 and a decrease
of $2.7 million from a net income of $1.0 million for the same quarter
last year. This decrease is primarily attributable to expenses incurred
in the quarter associated with a restatement of results for the second
and third quarters of fiscal 2012. First quarter Adjusted EBITDA was
$9.8 million, up 4.3 percent from $9.4 million for the same quarter
last year. EBITDA for the first quarter was $6.7 million, up 63.4%
from $4.1 million for the same quarter last year.
The Board of Directors has determined not to issue a quarterly dividend
for the period ending December 31, 2012. The Board of Directors
reviews the Company's dividend distribution policy on a quarterly
basis. The review includes evaluating the financial position,
profitability, cash flow and other factors that the Board of Directors
considers relevant.
Balance sheet
The Company completed the quarter with $22.4 million in consolidated
cash balances, compared to $19.1 million as of September 30, 2012.
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" and "Instaloans". 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 1,900 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.
Non-GAAP Performance Measures
This news release contains non-GAAP performance measures. These measures
do not have standardized meanings under U.S. GAAP and are therefore
unlikely to be comparable to similar measures used by other companies.
The non-GAAP financial measures disclosed by the Company in this
release are as set out below.
Sales Expenses are a measure of expenses at the branch and regional
operating level. Sales expenses include salaries and benefits, rent,
selling, general and administrative, advertising and promotion,
depreciation of property and equipment that are attributed to the
Company's branch and regional operations.
EBITDA is calculated as net income (loss) and comprehensive income
(loss) before interest expense, income tax expense, stock-based
compensation expense, depreciation of property and equipment and
amortization of intangible assets. Based on EBITDA, the effects of
other items and/or non-cash expenses are removed to calculate Adjusted
EBITDA. Although EBITDA and Adjusted EBITDA do not have a standardized
meaning prescribed by U.S. GAAP, we believe it may be useful in
assessing our operating performance and as an indicator of our ability
to service or incur indebtedness, make capital expenditures and finance
working capital requirements. The items excluded from Adjusted EBITDA
are significant in assessing our operating results and liquidity.
Therefore, Adjusted EBITDA should not be considered in isolation from
or as an alternative to operating income, cash provided from operating
activities or other income or cash flow data prepared in accordance
with U.S. GAAP. The Company provides a reconciliation of EBITDA and
Adjusted EBITDA to net income reported in accordance with US GAAP
below. Investors and readers are encouraged to review the
reconciliation of this non-GAAP financial measure to reported net
income.
Forward-Looking Information
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 20-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.
Selected First Quarter Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
|
|
|
3 Months Ended
|
|
|
|
|
($000s, except for per share amounts, number of loans and branch count)
|
|
31-Dec-11
|
|
|
31-Dec-12
|
|
|
|
% change
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated results
|
|
|
|
|
|
|
|
|
|
|
|
Canadian branch count
|
|
|
573
|
|
|
|
511
|
|
|
|
|
UK branch count
|
|
|
23
|
|
|
|
25
|
|
|
|
|
Total branches
|
|
|
596
|
|
|
|
536
|
|
|
|
-10%
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan volume
|
|
$
|
199,611
|
|
|
$
|
203,463
|
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan fees
|
|
$
|
32,892
|
|
|
$
|
38,018
|
|
|
|
16%
|
|
Other income
|
|
|
12,956
|
|
|
|
11,485
|
|
|
|
-11%
|
|
|
|
45,848
|
|
|
|
49,503
|
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits
|
|
|
16,856
|
|
|
|
14,462
|
|
|
|
-14%
|
|
Rent
|
|
|
4,763
|
|
|
|
4,434
|
|
|
|
-7%
|
|
Selling, general and administrative
|
|
|
6,495
|
|
|
|
4,969
|
|
|
|
-23%
|
|
Advertising and promotion
|
|
|
1,690
|
|
|
|
1,369
|
|
|
|
-19%
|
|
Depreciation of property and equipment
|
|
|
1,776
|
|
|
|
1,560
|
|
|
|
-12%
|
|
|
|
31,580
|
|
|
|
26,794
|
|
|
|
-15%
|
|
|
|
14,268
|
|
|
|
22,709
|
|
|
|
59%
|
Provision for loan losses
|
|
|
668
|
|
|
|
9,254
|
|
|
|
1285%
|
Retention payments
|
|
|
6,557
|
|
|
|
1,769
|
|
|
|
-73%
|
Corporate expenses
|
|
|
5,026
|
|
|
|
6,712
|
|
|
|
34%
|
Interest expense
|
|
|
-
|
|
|
|
4,400
|
|
|
|
|
Other depreciation and amortization
|
|
|
583
|
|
|
|
2,172
|
|
|
|
273%
|
Income before income taxes
|
|
|
1,434
|
|
|
|
(1,598)
|
|
|
|
-211%
|
Net income (loss) and comprehensive income (loss)
|
|
$
|
989
|
|
|
$
|
(1,652)
|
|
|
|
-267%
|
EBITDA
|
|
|
4,091
|
|
|
|
6,679
|
|
|
|
63%
|
Adjusted EBITDA
|
|
|
9,435
|
|
|
|
9,811
|
|
|
|
4%
|
Weighted average number of shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic
|
|
|
17,420
|
|
|
|
17,542
|
|
|
|
1%
|
|
- diluted
|
|
|
17,566
|
|
|
|
17,542
|
|
|
|
0%
|
Basic earnings (loss) per share
|
|
$
|
0.06
|
|
|
$
|
(0.09)
|
|
|
|
-250%
|
Diluted earnings (loss) per share
|
|
$
|
0.06
|
|
|
$
|
(0.09)
|
|
|
|
-250%
|
Consolidated Balance Sheet Information
|
|
|
|
|
|
|
|
|
|
|
|
Working capital
|
|
$
|
12,395
|
|
|
$
|
63,284
|
|
|
|
411%
|
Total assets
|
|
|
125,993
|
|
|
|
207,697
|
|
|
|
65%
|
Total long-term financial liabilities*
|
|
|
10,257
|
|
|
|
129,754
|
|
|
|
1165%
|
Total long-term liabilities
|
|
|
18,270
|
|
|
|
137,233
|
|
|
|
651%
|
*Total long-term financial liabilities excludes long term portion of
deferred revenue, deferred lease inducements and deferred tax
liabilities
Summary of Quarterly Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands of dollars, except for per share amounts
and branch figures)
|
|
|
|
2011
|
|
|
2012
|
|
|
2013
|
|
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Q1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No. of branches
|
Canada
|
|
|
|
573
|
|
|
574
|
|
|
574
|
|
|
573
|
|
|
569
|
|
|
529
|
|
|
511
|
|
|
511
|
|
United Kingdom
|
|
|
|
6
|
|
|
8
|
|
|
12
|
|
|
23
|
|
|
25
|
|
|
25
|
|
|
25
|
|
|
25
|
|
|
|
|
579
|
|
|
582
|
|
|
586
|
|
|
596
|
|
|
594
|
|
|
554
|
|
|
536
|
|
|
536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan volume
|
|
|
$
|
198,775
|
|
$
|
204,616
|
|
$
|
201,720
|
|
$
|
199,611
|
|
$
|
191,030
|
|
$
|
199,861
|
|
$
|
207,210
|
|
$
|
203,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan fees
|
|
|
$
|
32,813
|
|
$
|
33,944
|
|
$
|
33,552
|
|
$
|
32,892
|
|
$
|
30,545
|
|
$
|
36,204
|
|
$
|
38,353
|
|
$
|
38,018
|
Other income
|
|
|
|
13,247
|
|
|
14,985
|
|
|
13,625
|
|
|
12,956
|
|
|
11,544
|
|
|
12,454
|
|
|
12,464
|
|
|
11,485
|
|
|
|
|
46,060
|
|
|
48,929
|
|
|
47,177
|
|
|
45,848
|
|
|
42,089
|
|
|
48,658
|
|
|
50,817
|
|
|
49,503
|
Sales expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits
|
|
|
|
16,406
|
|
|
17,002
|
|
|
16,984
|
|
|
16,856
|
|
|
17,673
|
|
|
16,493
|
|
|
14,921
|
|
|
14,462
|
Rent
|
|
|
|
4,615
|
|
|
4,647
|
|
|
4,706
|
|
|
4,763
|
|
|
4,911
|
|
|
4,719
|
|
|
4,548
|
|
|
4,434
|
Selling, general and administrative
|
|
|
|
6,086
|
|
|
6,127
|
|
|
6,041
|
|
|
6,495
|
|
|
6,406
|
|
|
5,727
|
|
|
4,971
|
|
|
4,969
|
Advertising and promotion
|
|
|
|
1,419
|
|
|
1,367
|
|
|
1,492
|
|
|
1,690
|
|
|
1,063
|
|
|
1,212
|
|
|
1,215
|
|
|
1,369
|
Depreciation of property and equipment
|
|
|
|
1,687
|
|
|
1,710
|
|
|
1,744
|
|
|
1,776
|
|
|
1,785
|
|
|
1,675
|
|
|
1,607
|
|
|
1,560
|
|
|
|
|
30,213
|
|
|
30,853
|
|
|
30,967
|
|
|
31,580
|
|
|
31,838
|
|
|
29,826
|
|
|
27,262
|
|
|
26,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
|
654
|
|
|
662
|
|
|
580
|
|
|
668
|
|
|
10,798
|
|
|
10,104
|
|
|
9,433
|
|
|
9,254
|
Retention payments
|
|
|
|
6,578
|
|
|
6,775
|
|
|
6,244
|
|
|
6,557
|
|
|
2,271
|
|
|
554
|
|
|
586
|
|
|
1,769
|
Corporate expenses
|
|
|
|
4,256
|
|
|
4,804
|
|
|
5,171
|
|
|
5,026
|
|
|
6,625
|
|
|
5,394
|
|
|
5,707
|
|
|
6,712
|
Interest expense
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,892
|
|
|
4,355
|
|
|
4,376
|
|
|
4,400
|
Branch closures costs
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
908
|
|
|
666
|
|
|
-
|
Impairment of property and equipment
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,017
|
|
|
-
|
|
|
408
|
|
|
-
|
Expense to settle pre-existing relationships
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
with third-party lenders
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
36,820
|
|
|
-
|
|
|
-
|
|
|
-
|
Other depreciation and amortization
|
|
|
|
548
|
|
|
456
|
|
|
570
|
|
|
583
|
|
|
1,503
|
|
|
1,770
|
|
|
2,117
|
|
|
2,172
|
Net income (loss) before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and class action settlements
|
|
|
|
3,811
|
|
|
5,379
|
|
|
3,645
|
|
|
1,434
|
|
|
(53,675)
|
|
|
(4,253)
|
|
|
261
|
|
|
(1,598)
|
Class action settlements
|
|
|
|
-
|
|
|
3,206
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Taxes
|
|
|
|
1,311
|
|
|
1,018
|
|
|
1,610
|
|
|
445
|
|
|
(12,645)
|
|
|
(813)
|
|
|
(130)
|
|
|
54
|
Net income (loss) and comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss)
|
|
|
$
|
2,500
|
|
$
|
1,155
|
|
$
|
2,035
|
|
$
|
989
|
|
$
|
(41,030)
|
|
$
|
(3,440)
|
|
$
|
391
|
|
$
|
(1,652)
|
EBITDA
|
|
|
|
6,260
|
|
|
4,547
|
|
|
6,207
|
|
|
4,091
|
|
|
(47,274)
|
|
|
3,764
|
|
|
8,583
|
|
|
6,679
|
Adjusted EBITDA
|
|
|
|
11,835
|
|
|
12,855
|
|
|
11,161
|
|
|
9,435
|
|
|
2,428
|
|
|
6,960
|
|
|
11,190
|
|
|
9,811
|
Basic earnings (loss) per share
|
|
|
$
|
0.15
|
|
$
|
0.07
|
|
$
|
0.12
|
|
$
|
0.06
|
|
$
|
(2.35)
|
|
$
|
(0.20)
|
|
$
|
0.02
|
|
$
|
(0.09)
|
Diluted earnings (loss) per share
|
|
|
$
|
0.14
|
|
$
|
0.07
|
|
$
|
0.12
|
|
$
|
0.06
|
|
$
|
(2.35)
|
|
$
|
(0.20)
|
|
$
|
0.02
|
|
$
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands of dollars)
|
|
|
|
|
2011
|
|
2012
|
|
2013
|
|
|
|
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Q1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
comprehensive income (loss)
|
|
|
|
|
$
|
2,500
|
|
$
|
1,155
|
|
$
|
2,035
|
|
$
|
989
|
|
$
|
(41,030)
|
|
$
|
(3,440)
|
|
$
|
391
|
|
$
|
(1,652)
|
|
Interest expense and other interest
|
|
|
|
|
|
36
|
|
|
34
|
|
|
33
|
|
|
105
|
|
|
2,920
|
|
|
4,383
|
|
|
4,439
|
|
|
4,400
|
|
Income tax
|
|
|
|
|
|
1,311
|
|
|
1,019
|
|
|
1,608
|
|
|
445
|
|
|
(12,645)
|
|
|
(813)
|
|
|
(129)
|
|
|
54
|
|
Stock-based compensation
|
|
|
|
|
|
180
|
|
|
171
|
|
|
218
|
|
|
193
|
|
|
193
|
|
|
189
|
|
|
158
|
|
|
145
|
|
Depreciation of property and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and amortization of intangible assets
|
|
|
|
|
|
2,233
|
|
|
2,168
|
|
|
2,313
|
|
|
2,359
|
|
|
3,288
|
|
|
3,445
|
|
|
3,724
|
|
|
3,732
|
|
EBITDA
|
|
|
|
|
$
|
6,260
|
|
$
|
4,547
|
|
$
|
6,207
|
|
$
|
4,091
|
|
$
|
(47,274)
|
|
$
|
3,764
|
|
$
|
8,583
|
|
$
|
6,679
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class action settlements
|
|
|
|
|
$
|
-
|
|
$
|
3,206
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
Expense to settle pre-existing relationships
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
with third-party lenders
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
36,820
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Loan loss provision one-time addition
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,091
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Unrealized foreign exchange (gains)/losses
|
|
|
|
|
|
14
|
|
|
(5)
|
|
|
(158)
|
|
|
(47)
|
|
|
306
|
|
|
(7)
|
|
|
(70)
|
|
|
(14)
|
|
Branch closures costs
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
908
|
|
|
666
|
|
|
-
|
|
Impairment of property and equipment
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,017
|
|
|
-
|
|
|
408
|
|
|
-
|
|
Revenue impact related to transitioning
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to a direct lending model
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,210
|
|
|
316
|
|
|
-
|
|
|
-
|
|
Income impact for separately accounting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for the acquired loan portfolio
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,373
|
|
|
1,425
|
|
|
1,132
|
|
|
640
|
|
Charges related to restatement of fiscal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 quarters
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
904
|
|
Effective interest component
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of retention payments
|
|
|
|
|
|
5,561
|
|
|
5,107
|
|
|
5,112
|
|
|
5,391
|
|
|
1,885
|
|
|
554
|
|
|
472
|
|
|
1,602
|
|
Adjusted EBITDA
|
|
|
|
|
$
|
11,835
|
|
$
|
12,855
|
|
$
|
11,161
|
|
$
|
9,435
|
|
$
|
2,428
|
|
$
|
6,960
|
|
$
|
11,191
|
|
$
|
9,811
|
SOURCE: The Cash Store Financial Services Inc.
Gordon J. Reykdal, Chairman and Chief Executive Officer, (780) 408-5118.
Craig Warnock, Chief Financial Officer, (780) 732-5683.
Investor Relations are provided by Hayden IR. Contact is Brett Mass, Managing Partner. Contact: (646) 536-7331 (Office); or, (480) 861-2425 (Mobile).