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3 posts from November 2014


Cash America's Enova unit starts trading on NYSE after spinoff

Cash America completed the spinoff of its online subprime lending unit, Enova International, which started trading today on the New York Stock Exchange under the symbol ENVA.

In early trading, Enova shares were off 92 cents, or 3 percent, at $29.59.

In the spinoff, Cash America shareholders received shares in Enova at a rate of 0.915 shares for each Cash America share owned as of Nov. 3. Cash America continues to own 20 percent of Enova, which is headquartered in Chicago.

IN a statement, Cash America's president and CEO Daniel Feehan said:

“Today we completed the strategic separation of two businesses in a way that we believe will deliver superior long-term value to the shareholders of Cash America. We acquired the business that is today known as Enova in 2006 when it was a small online lender offering a single product reporting nominal profits. Today, Enova is an innovative diversified online business with over $800 million in revenue, based on the trailing twelve months results ended September 30, 2014. Through the use of advanced analytics and product development, Enova now offers a wide variety of loan products in five foreign countries and the United States.”

Mr. Feehan continued, “The foundation for the success of Enova was generated through our appreciation for the need for small short-term loans, which started with our traditional legacy storefront business based in the U.S. known as Cash America Pawn. From the end of 2006, the year Cash America acquired Enova, through September of this year, the storefront secured lending business has grown from 487 locations to 948 locations and more than doubled its pawn loan balance outstanding from $127 million to $264 million and remains the largest pawn loan company in the United States in terms of loans outstanding. With a proud history of successfully meeting the needs of its customers in a storefront environment, Cash America will continue to be a leader in its industry and set the standard for others to follow.”

-- Steve Kaskovich


PINSTACK bowling venue headed to Alliance Town Center

 FORT WORTH _ PINSTACK, a 50,000-square-foot entertainment venue and bowling alley, is headed to Alliance Town Center in north Fort Worth.

Hillwood Properties said Tuesday it has finalized an agreement with Dallas-based Entertainment Properties Group for the project, to be located at the intersection of Hillwood Parkway and Heritage Trace Parkway.

The venue offers full-sized bowling lanes, private lanes and indoor games and attractions. It can accommodate as many as 2,000 people. It will also feature a full-service restaurant.

“AllianceTexas and north Fort Worth, is one of the country’s fastest-growing areas and we are excited to be adding a second PINSTACK location to our portfolio here in North Texas,” said Mark Moore, president and CEO of Entertainment Properties Group, in a statement.

PINSTACK is slated to open in early 2016, Hillwood said.

Entertainment Properties Group is also planning a PINSTACK at the Dallas North Tollway and Windhaven Parkway in West Plano. It is expected to open later this year.

Entertainment Properties Group also operates five iT’Z Family, Food & Fun brand in Texas, New Mexico and Colorado.

_ Sandra Baker


Area home price increases in September outpace nationwide figure

Fort Worth-Arlington home prices increased 7.4 percent in September from a year ago, nearly 2 percentage points higher than home prices nationwide, according to the latest monthly market report from CoreLogic.

Texas home prices rose 8 percent in September, recording a new high for the month. Texas was among Colorado, Nebraska, North Dakota and South Dakota to report new highs in home prices.

U.S. home prices rose 5.6 percent from a year ago, which marks 31 consecutive months of year-over-year increases, CoreLogic said.

In September, though, the number of lower priced homes was up 9.4 percent, but higher-priced homes were up only 4.5 percent, signaling a change in the market, CoreLogic said.

“Home prices continue to rise compared with this time last year, but the rate of growth is clearly slowing as we exit 2014,” said Anand Nallathambi, CoreLogic’s president and CEO, in a statement. “With more positive macro-economic trends emerging in the U.S., we are forecasting moderate price growth for 2015.”

_ Sandra Baker


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