Cash America earnings down on charges in fourth quarter
Fort Worth-based Cash America International, the nation's biggest operator of pawn shops, said it earned $24.5 million in the fourth quarter of 2012, down from $37.8 million a year earlier. The most recent quarter included $15.4 million in after-tax charges related to Mexico store closings and a refund to Ohio customers. Not counting those, Cash America earned $39.9 million, or $1.29 a share, higher than its own guidance and also of financial analysts' consensus estimate of $1.20. The news was favorably received by investors, who bid up the company's shares (ticker: CSH) by 7.5 percent in early trading.
Cash America said revenue rose 4 percent in the fourth quarter to $491.6 million. Non-pawn consumer loans, such as payday loans, accounted for $222.9 million of that, up 24 percent from a year earlier. For all of 2012, the company earned $107.5 million, down from $136 million in 2011.
-- Jim Fuquay