EX-99 2 earnrelq1.htm Q1 PRESS RELEASE

NEWS RELEASE

 

 

Contact: Dollar Financial Corp

 

Financial Dynamics

 

Mark McCall/Julie Prozeller (212) 850-5600

FOR IMMEDIATE RELEASE

 

 

DOLLAR FINANCIAL CORP ANNOUNCES FISCAL 2007 FIRST QUARTER RESULTS;

COMPANY REPORTS REVENUE INCREASE OF 23.2% DRIVEN BY STRONG GROWTH IN U.S. AND INTERNATIONAL MARKETS; COMPANY ANNOUNCES COMPLETION OF DEBT REFINANCING AND CANADIAN ACQUISITION; AND RAISES GUIDANCE FOR FISCAL 2007

 

BERWYN, Pennsylvania, November 2, 2006 – Dollar Financial Corp (NASDAQ:DLLR - News), a leading international financial services company serving under-banked customers, today announced results for the fiscal 2007 first quarter.

Fiscal 2007 first quarter highlights:

 

§

Consolidated revenue was $91.7 million, an increase of 23.2% or $17.2 million.

 

§

Revenue from the Company’s international operations increased by 30.7% or $15.0 million.

 

§

Comparable store sales for the international business increased by 22.6% and U.S. comparable store sales increased by 17.6%.

 

§

Consolidated loan loss provision decreased, as a percentage of gross consumer lending revenue, to 19.6% compared with 24.2% for the prior year.

 

§

Store and regional margin improved to 36.9% of total revenue, as compared to 32.8% for the prior year.

 

§

Adjusted EBITDA was $23.6 million, an increase of 34.5%

 

§

Income before income taxes, excluding $8.0 million of one time charges related to the retirement of $70.0 million 9.75% U.S. Senior Notes in July 2006, more than doubled, increasing to $13.8 million.

 

Commenting on the results, Jeff Weiss, the Company’s Chairman and Chief Executive Officer stated, “The Company’s strong fiscal first quarter results were driven by accelerated growth from both our domestic and international markets. During the September quarter we expanded our presence into Northern Ireland and experienced strong demand for our recently introduced CustomCash® and MasterCard® products, underscoring our commitment to our multinational, multi-product and multi-channel strategy. Finally, we are pleased to announce that as a result of our strong first quarter results and the recently completed debt

 


refinancing and 82 store Canadian franchise acquisition, we are raising our guidance for Fiscal 2007 and establishing initial guidance for calendar 2007.”

 

International check cashing revenue increased by 18.5% or $4.3 million, as the Canadian business segment grew by 20.7% or $2.6 million, while the U.K. check cashing business grew by 16.0% or $1.7 million. The growth in the Canadian check cashing business continues to be bolstered by the development of the natural resources industry in the Western Canadian provinces of British Columbia and Alberta. On a consolidated basis, the face amount of the average check cashed increased 8.5% to $476 compared to $439 for the prior year, and the average fee per check cashed increased by 10.0% to $18.10.

 

For the quarter ended September 30, 2006, net consumer lending revenue for the Company’s international operations increased by 45.7% or $8.3 million compared to the prior year. Net consumer lending revenue in the U.S. market increased by $3.5 million or 37.5% and was largely due to the U.S. CustomCash® installment loan product, which was not launched until the second quarter of fiscal 2006.

 

Total company funded loan originations were $280.5 million for the quarter ended September 30, 2006, representing a net increase of 12.8% or $31.9 million compared to the prior year. Company funded loan originations in the U.S. decreased by $5.4 million or 8.0% as a result of a portion of the U.S. single-payment loan portfolio shifting to the bank funded CustomCash® installment loan product. Loan originations in Canada increased by 24.2% or $31.2 million, while loan originations in the U.K. increased by 11.7% or $6.1 million.

 

For the quarter ended September 30, 2006, the consolidated loan loss provision decreased, as a percentage of gross consumer lending revenue, to 19.6% compared with 24.2% for the prior year. The loan loss provision associated with the Company’s U.S. business decreased to 30.4% compared with 32.5% for the prior year’s quarter, and the provision associated with the international business also decreased from 19.1% to 13.1%.

 

Total other revenue increased by 8.2% or $0.7 million for the quarter. This was principally due to strong MasterCard® branded debit-card sales in the Canadian and U.K. business units.

 

Consolidated comparable store sales increased 19.9% or $14.1 million for the quarter, and on a constant currency basis increased by 15.2% or $11.2 million. On a local currency basis, the Company’s Canadian operations achieved comparable store sales growth of 18.2%, U.K. comparable store sales increased by 10.4% and U.S. comparable store sales increased by 17.6%.

 


The Company realized a store and regional margin of $33.9 million or 36.9% of total revenue for the first quarter, as compared to $24.5 million or 32.8% of total revenue for the prior year period. Strong revenue growth and lower loan losses in both the U.S. and international markets were the primary reasons for the increased margin performance.

 

Corporate expenses for the quarter were $12.8 million as compared to $9.2 million for the prior year’s quarter. The required recognition of stock option costs in accordance with FAS 123R, additional litigation costs and an increase in costs to support the continuing expansion of the global store network were the primary drivers for the increase.

 

Income before income taxes for the three months ended September 30, 2006, which includes $8.0 million of one-time charges related to the retirement of $70.0 million of the 9.75% U.S. Senior Notes, was $5.8 million compared to the prior year’s quarter of $6.8 million. On a pro forma basis (excluding the $8.0 million of one-time charges), income before income taxes was $13.8 million, an increase of more than 100%.

 

Due to the costs of the debt retirement and the related income tax effects thereof, the Company incurred a net loss of $1.7 million for the quarter and fully diluted earnings per share, the calculation of which includes the 5,000,000 additional shares related to the June, 2006 follow-on common stock offering, was a loss of $0.07 as compared to earnings per share of $0.12 (computed on the lesser number of shares outstanding) for the previous year.

 

The Company continued to expand its financial services store network in the first quarter, opening a total of nineteen company-owned stores, of which ten were in the Canadian market, eight were in the U.K., with one store opening in the U.S. market. The Company also acquired five financial services stores in the U.K., four of which are related to the Company’s expansion into Northern Ireland. There was a net reduction of four We The People franchise stores in the quarter, and one company-operated store was closed in July.

 

Debt Refinancing Activities and Canadian Franchise Acquisition

On October 30, 2006, the Company announced the completion of the refinancing of its existing credit facilities, as it entered into a new $475.0 million credit facility, and the completion of the previously announced cash tender offer and consent solicitation by its wholly-owned subsidiary, Dollar Financial Group, Inc., for Dollar Financial Group’s 9.75% Senior Notes Due 2011. The Company’s refinancing of the remaining $200.0 million of 9.75% Senior Notes is expected to save the Company approximately $13.0 million to $15.0 million of interest expense and income taxes on an annualized basis.

 


The new $475.0 million credit facility is comprised of the following: (i) a U.S. Borrower revolving credit facility in an aggregate amount of US$75.0 million with Dollar Financial Group, a wholly owned subsidiary of Dollar Financial Corp. as the borrower; (ii) a Canadian Borrower term loan facility with an aggregate amount of US$295.0 million with National Money Mart Company, a wholly-owned Canadian indirect subsidiary of Dollar Financial Group, as the borrower; (iii) a U.K. Borrower term loan facility with Dollar Financial U.K. Limited, a wholly-owned U.K. indirect subsidiary of Dollar Financial Group, as the borrower, in an aggregate amount of US$80.0 million (consisting of a US$40.0 million tranche of term loans and another tranche of term loans equivalent to US$40.0 million denominated in Euros) and (iv) a Canadian Borrower revolving credit facility in an aggregate amount of US$25.0 million with National Money Mart Company as the borrower.

 

Of the aforementioned US$295.0 million Canadian Borrower term loan, US$125.0 million was utilized to finance the previously announced 82 store Canadian franchise acquisition, which was consummated on October 31, 2006. The total purchase price for the Canadian acquisition was approximately C$135.5 million (US$120.9 million), in addition to cash in stores and other adjusting items upon the closing of the transaction. Revenue and Adjusted EBITDA for the Canadian acquisition for the twelve months ended September 30, 2006 was approximately US$45.1 million and US$18.8 million, respectively. These stores are located throughout Canada, and the Company has gained additional territories for future de novo store development. The Company calculated the anticipated Adjusted EBITDA contribution of the Canadian acquisition in the same manner as it calculates its historical Adjusted EBITDA. The Company has provided a reconciliation of the calculation of its fiscal 2007 first quarter Adjusted EBITDA within this news release. Please refer to this reconciliation for a general discussion of the method by which the Company reconciles Adjusted EBITDA.

 

The U.S. Borrower and Canadian Borrower revolving credit facilities have an interest rate of Libor plus 300 bps, subject to reduction as the Company reduces its leverage. Upon the conclusion of the refinancing, there was an initial net draw of approximately US$14.6 million on the U.S. revolving credit facility with no funds drawn on the Canadian revolving credit facility. The Canadian Borrower term loan has an interest rate of Libor plus 275 bps. The U.K. Borrower term loan consists of a US$40.0 million tranche at an interest rate of Libor plus 300 bps and a tranche denominated in Euros equivalent to US$40.0 million at an interest rate of Euribor plus 300 bps.

 

Each term loan will mature in six (6) years, and will amortize in equal quarterly installments in an amount equal to .25% of the original principal amount of the applicable term loan for the first twenty-three (23) quarters following funding, with the outstanding principal balance payable in full on the maturity date of such term loan. Each revolving facility will mature and the commitments thereunder will terminate in five

 


(5) years. The credit facilities were jointly arranged by Credit Suisse Securities (USA) LLC and Wells Fargo Bank, National Association.

 

The Company expects to incur a charge of approximately $24.8 million in the second quarter of fiscal 2007 associated with the retirement of the $200.0 million 9.75% U.S. Senior Notes.

 

Commenting on the refinancing and acquisition activities, Don Gayhardt, the Company’s President stated, “This has been one of the most exciting periods in the history of the Company. We completed our number one corporate finance objective and these transactions represent a significant step in our efforts to optimize our balance sheet and reduce our effective income tax rate to a more normalized level. In addition, the purchase of the majority of our franchise outlets and territories in Canada will help us accelerate our growth in a market where we have brand identity and a leadership position. We expect to utilize the additional annual net cash flow generated by these transactions to develop new products, open additional de novo stores adding to the current base of 867 company-operated stores, and complete additional accretive acquisitions, all of which will enable the Company to strengthen its market leadership position.”

 

Fiscal and Calendar Year 2007 Earnings Guidance

As a result of the aforementioned debt refinancing and the 82 store Canadian franchise acquisition, the Company is raising its guidance for fiscal 2007. Revenue is expected to be between $395.0 million and $400.0 million and Adjusted EBITDA is projected to be between $110.0 million and $112.0 million. Excluding the impact of an estimated $32.8 million of costs associated with the early extinguishment of debt, pro forma income before income taxes is now projected to be between $63.0 and $65.0 million for fiscal 2007. This represents an increase over the previous fiscal 2007 guidance, for which revenue was $360.0 to $365.0 million, and guidance for Adjusted EBITDA and pro forma income before income taxes was $94.0 to $96.0 million and $57.5 to $59.5 million, respectively.

 

Given the timing of the completion of the refinancing and Canadian acquisition transactions, the Company is also providing guidance for calendar year 2007. In calendar year 2007, the Company projects:

 

 

Revenue of between $440.0 million and $450.0 million;

 

Adjusted EBITDA of between $125.0 million and $130.0 million;

 

Income before income taxes of between $75.0 million and $77.0 million;

 

an effective tax rate of between 37.0% and 39.0%; and

 

fully diluted earnings per share of between $1.90 and $2.00.

 


The reconciliation between Adjusted EBITDA and income before income taxes is consistent with the historical reconciliation as presented at the end of this news release.

 

Investors Conference Call

Dollar Financial Corp will be holding an investor’s conference call on Thursday, November 2, 2006 at 5:00 pm EST to discuss the Company’s results for the 2007 fiscal first quarter, the debt refinancing and the Canadian acquisition. Investors can participate in the conference by dialing 888-200-8152 (U.S. and Canada) or 973-935-8764 (International); use the confirmation code “Dollar”. Hosting the call will be Jeff Weiss, Chairman and CEO, Don Gayhardt, President, and Randy Underwood, Executive Vice President and CFO. For your convenience, the conference call can be replayed in its entirety beginning at 7:00 pm Eastern Time on November 2, 2006 through November 9, 2006. If you wish to listen to the replay of this conference call, please dial 973-341-3080 and enter passcode “8018815”.

 

The conference call will also be broadcast live through a link on the Investor Relations page on the Dollar Financial web site at http://www.dfg.com. Please go to the web site at least 15 minutes prior to the call to register, download and install any necessary audio software.

 

About Dollar Financial Corp

Dollar Financial Corp is a leading international financial services company serving under-banked consumers. Its customers are typically service sector individuals who require basic financial services but, for reasons of convenience and accessibility, purchase some or all of their financial services from the Company rather than from banks and other financial institutions. To meet the needs of these customers, the Company provides a range of consumer financial products and services primarily consisting of check cashing, short-term consumer loans, Western Union money order and money transfer products, reloadable VISA® and MasterCard® branded debit cards, electronic tax filing, bill payment services, and legal document preparation services.

 

At September 30, 2006, the Company’s global store network consisted of 1,265 stores, including 773 company-operated financial services stores and 140 We The People legal document preparation locations in 34 states, the District of Columbia, Canada and the United Kingdom. The store network is the largest network of its kind in each of Canada and the United Kingdom and the second-largest network of its kind in the United States. The Company’s customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the convenient neighborhood locations, extended operating hours and high-quality customer service. The Company’s products and services, principally check cashing and short-term consumer loan programs, provide immediate access to cash for living expenses or other needs. For more information, please visit the Company's website at www.dfg.com.

 


 

Forward Looking Statement

This news release contains forward looking statements, including statements regarding the Company’s future results, growth and operating strategy, the impact of new stores and acquisitions, the debt refinancing, and of the performance of new products. These forward looking statements involve risks and uncertainties, including risks related to the regulatory environment, current and potential future litigation, the integration of acquired stores, the performance of new stores, the new installment loan products and other new products on the Company’s business, results of operations, financial condition and prospects. There can be no assurance that the Company will attain its expected results, successfully integrate any of its acquisitions, or that ongoing and potential future litigation or that the various FDIC, Federal, state or foreign legislative or regulatory activities affecting the Company or the banks with which the Company does business will not negatively impact the Company’s operations. A more complete description of these and other risks, uncertainties and assumptions is included in the Company’s filings with the Securities and Exchange Commission, including those described under the heading “Risk Factors” in the final prospectus from the Company’s follow-on public offering filed with the SEC on June 16, 2006 and its annual report on Form-10K. You should not place any undue reliance on any forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

 


DOLLAR FINANCIAL CORP

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

 

 

June 30,

 

September 30,

 

 


 


 

 

2006

 

2006

 

 


 


Assets:

 

 

 

 

Cash and cash equivalents

 

$ 120,221

 

$ 120,377

Restricted cash

 

80,750

 

-

Loans receivable:

 

 

 

 

Loans receivable

 

58,997

 

67,621

Less: allowance for loan losses

 

(5,365)

 

(6,464)

 

 


 


Loans receivable, net

 

53,632

 

61,157

Other consumer lending receivables

 

7,545

 

9,605

Prepaid expenses and other receivables

 

18,846

 

17,455

Deferred tax asset, net

 

185

 

208

Property and equipment, net

 

40,625

 

41,238

Goodwill and other intangibles, net

 

218,566

 

219,751

Debt issuance costs, net

 

9,437

 

7,767

Other assets

 

2,018

 

2,383

 

 


 


 

 

 

 

 

Total Assets

 

$              551,825

 

$ 479,941

 

 


 


 

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable

 

$ 23,438

 

$ 29,812

Foreign income taxes payable

 

10,963

 

8,585

Accrued expenses and other liabilities

 

36,583

 

33,064

Accrued interest payable

 

3,312

 

7,339

Deferred tax liability

 

4,539

 

4,965

Revolving credit facilities

 

39,000

 

32,700

9.75% Senior Notes due 2011

 

271,487

 

201,050

Other long-term debt

 

550

 

458

 

 


 


Total Liabilities

 

389,872

 

317,973

 

 


 


 

 

 

 

 

Shareholders' equity:

 

 

 

 

Common stock

 

23

 

23

Additional paid-in capital

 

242,594

 

243,273

Accumulated deficit

 

(114,920)

 

(116,664)

Accumulated other comprehensive income

 

34,256

 

35,336

 

 


 


Total shareholders' equity

 

161,953

 

161,968

 

 


 


 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$ 551,825

 

$ 479,941

 

 


 


 

 

 

 

 

 


 

 

 

 

 

 

 

 

DOLLAR FINANCIAL CORP

 

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 

(In thousands except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 


 

 

 

2005

 

2006

 

 

 


 


 

 

 

 

 

 

Revenues:

 

 

 

 

 

Check cashing

 

$ 34,347

 

$ 38,389

 

Consumer lending:

 

 

 

 

 

Fees from consumer lending

 

36,237

 

48,825

 

Provision for loan losses and adjustment

 

 

 

 

 

to servicing revenue

 

(8,772)

 

(9,572)

 

 

 


 


 

Consumer lending, net

 

27,465

 

39,253

 

Money transfer fees

 

3,958

 

4,667

 

Other

 

8,695

 

9,404

Total revenues

 

74,465

 

91,713

 

 


 


 

 

 

 

 

 

Store and regional expenses:

 

 

 

 

 

Salaries and benefits

 

25,191

 

28,968

 

Occupancy

 

6,718

 

7,652

 

Depreciation

 

1,832

 

2,054

 

Returned checks, net and cash shortages

 

3,259

 

3,632

 

Telephone and telecommunication

 

1,421

 

1,544

 

Advertising

 

2,189

 

2,262

 

Bank charges and armored carrier services

 

2,095

 

2,268

 

Other

 

7,309

 

9,463

 

 

 


 


Total store and regional expenses

 

50,014

 

57,843

 

 


 


Store and regional margin

 

24,451

 

33,870

 

 


 


 

 

 

 

 

 

Corporate and other expenses:

 

 

 

 

 

Corporate expenses

 

9,172

 

12,833

 

Other depreciation and amortization

 

925

 

830

 

Interest expense, net

 

7,241

 

6,302

 

Loss on extinguishment of debt

 

-

 

7,987

 

Other expenses

 

276

 

88

 

 

 


 


Income before income taxes

 

6,837

 

5,830

Income tax provision

 

4,538

 

7,574

 

 


 


Net income (loss)

 

$ 2,299

 

$ (1,744)

 

 


 


 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

Basic

 

$                    0.13

 

$ (0.07)

 

Diluted

 

$                    0.12

 

$ (0.07)

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

Basic

 

18,089,141

 

23,300,313

 

Diluted

 

18,423,529

 

23,300,313

 

 

 

 


 

 

Dollar Financial Corp.

Pro forma Income before Income Taxes

(Excluding One-time Charges)

(In thousands except share and per share amounts)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 


 

 

 

2005

 

2006

 

 

 


 


 

 

 

 

 

 

Income before income taxes – as reported

 

$ 6,837

 

$ 5,830

 

 

 

 

 

One-time Charges:

 

 

 

 

Costs attributable to recall in July, 2006 of $70.0M of 9.75%

 

 

 

 

Senior Notes

 

-

 

7,987

 

 

 


 


Pro forma income before income taxes

6,837

 

13,817

Pro forma income taxes (37% effective tax rate)

2,530

 

5,112

 


 


Pro forma net income

4,307

 

8,705

 


 


 

 

 

 

Weighted average fully diluted shares outstanding

18,423,529

 

24,038,744

 


 


 

 

 

 

Actual fully diluted earnings (loss) per share

$ 0.12

 

$ (0.07)

 


 


 

 

 

 

 

 

Pro forma fully diluted earnings per share

 

$ 0.23

 

$ 0.36

 

 


 


 

 

 

 

 

 

 

 


 

Adjusted EBITDA Reconciliation

Adjusted EBITDA is not an item prepared in accordance with GAAP. Adjusted EBITDA is earnings before interest expense, income tax provision, depreciation, amortization, charges related to incentive stock options and restricted shares, and other items described below. Dollar presents Adjusted EBITDA as an indication of operating performance and its ability to service its debt and capital expenditure requirements. Adjusted EBITDA does not indicate whether Dollar’s cash flow will be sufficient to fund all of its cash needs. Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flows from operating activities, or other measures of operating performance or liquidity determined in accordance with GAAP. Dollar believes that Adjusted EBITDA amounts should be considered by prospective investors because Dollar uses them as one measure of analyzing its ability to service its debt and capital expenditure requirements, and Dollar understands that they are used by some investors as one measure of a Company's historical ability to service its debt and capital expenditure requirements. Not all companies calculate Adjusted EBITDA in the same fashion, and therefore these amounts as presented may not be comparable to other similarly titled measures of other companies. The table below reconciles income before income taxes as reported on Dollar’s Interim Unaudited Consolidated Statements of Operations to Adjusted EBITDA (dollars in thousands):

 

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 


 

 

 

2005

 

2006

 

 

 


 


 

 

 

 

 

 

Income before income taxes

 

$ 6,837

 

$ 5,830

Add:

 

 

 

 

 

 

Depreciation and amortization

 

2,757

 

2,884

 

Interest expense

 

7,241

 

6,302

 

Foreign currency (gain) loss

 

404

 

190

 

Loss on extinguishment of debt

 

-

 

7,987

 

Incentive stock option expense

 

27

 

309

 

Loss on store closings & other

 

276

 

88

 

 

 


 


Adjusted EBITDA

 

$ 17,542

 

$ 23,590

 

 


 


 

 

 

 

 

 


 

Dollar Financial Corp.

Unaudited Store Data

 

 

 

 

 

 

 


 

 

 

September 30,

 

 

 


 

 

 

2005

 

2006

 

 

 


 


Beginning Company-Operated Stores

 

 

 

 

U.S.

 

347

 

338

Canada

 

214

 

242

U.K.

 

152

 

172

WTP

 

3

 

13

Total Beginning Company-Operated Stores

716

 

765

 


 


 

 

 

 

 

 

De novo Store Builds

 

 

 

 

U.S.

 

3

 

1

Canada

 

0

 

10

U.K.

 

3

 

8

WTP

 

0

 

0

 

 


 


Total

 

6

 

19

 

 


 


 

 

 

 

 

 

Acquired Stores

 

 

 

 

U.S.

 

0

 

0

Canada

 

0

 

0

U.K.

 

0

 

5

WTP

 

26

 

0

 

 


 


Total

 

26

 

5

 

 


 


 

 

 

 

 

 

Closed Stores

 

 

 

 

U.S.

 

4

 

3

Canada

 

0

 

0

U.K.

 

0

 

0

WTP

 

0

 

1

 

 


 


Total

 

4

 

4

 

 


 


 

 

 

 

 

 

Ending Company-Operated Stores

 

 

 

 

U.S.

 

346

 

336

Canada

 

214

 

252

U.K.

 

155

 

185

WTP

 

29

 

12

Total Ending Company-Operated Stores

744

 

785

 


 


 

 

 

 

 

 

Ending Franchise Stores

 

 

 

 

U.S.

 

6

 

5

Canada

 

134

 

130

U.K.

 

285

 

217

WTP

 

147

 

128

 

 


 


Total Ending Franchise Stores

 

572

 

480

 

 


 


 

 

 

 

 

 

Total Ending Store Count

 

1,316

 

1,265

 

 


 


 

 

 


 

 

Dollar Financial Corp.

Unaudited Selected Statistical Data

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

September 30,

 

 

 

 


 

 

 

 

2005

 

2006

 

 

 

 


 


 

 

 

 

 

 

 

 

 

Check Cashing Data (Consolidated)

 

 

 

 

 

 

Face amount of checks cashed (in millions)

 

$ 916

 

$ 1,010

 

 

Number of checks cashed (in thousands)

 

2,088

 

2,120

 

 

Face amount of average check

 

$ 439

 

$ 476

 

 

Average fee per check cashed

 

$ 16.45

 

$ 18.10

 

 

Net write-offs of returned checks (in thousands)

 

$ 2,962

 

$ 3,110

 

 

Net write offs as a percentage of check cashing revenue

 

8.6%

 

8.1%

 

 

 

 

 

 

 

 

 

Consumer Loan Data - Originations

 

 

 

 

 

 

U.S. company funded consumer loan originations

 

$ 67,636

 

$ 62,234

 

 

Canadian company funded consumer loan originations

 

129,092

 

160,298

 

 

U.K. company funded consumer loan originations

 

51,922

 

58,017

 

 

 

 


 


 

 

Total company funded consumer loan originations

 

$ 248,650

 

$ 280,549

 

 

 

 


 


 

 

 

 

 

 

 

 

 

Consumer Loan Data - Net Revenues

 

 

 

 

 

 

U.S. servicing revenues, net

 

$ 3,952

 

$ 8,290

 

 

U.S. company funded consumer loan revenues

 

9,839

 

10,097

 

 

Canadian company funded consumer loan revenues

 

15,057

 

20,851

 

 

U.K. company funded consumer loan revenues

 

7,389

 

9,587

 

 

Provision for loan losses on company funded loans

 

(8,772)

 

(9,572)

 

 

 

 


 


 

 

Total consumer lending revenues, net

 

$ 27,465

 

$ 39,253

 

 

 

 


 


 

 

 

 

 

 

 

 

 

Consumer Loan Net Charge-offs

 

 

 

 

 

 

Gross charge-offs of company funded consumer loans

 

$ 25,873

 

$ 31,888

 

 

Recoveries of company funded consumer loans

 

20,970

 

25,692

 

 

 

 


 


 

 

Net charge-offs on company funded consumer loans

 

$ 4,903

 

$ 6,196

 

 

 

 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs of company funded consumer loans as a

 

 

 

 

 

percentage of total company funded consumer loan originations

10.4%

 

11.4%

 

 

 

 

 

 

 

 

 

Recoveries of company funded consumer loans as a percentage

 

 

 

 

 

of total company funded consumer loan originations

 

-8.4%

 

-9.2%

 

 

 

 

 

 

 

 

 

Net charge-offs on company funded consumer loans as a

 

 

 

 

 

percentage of total company funded consumer loan originations

2.0%

 

2.2%