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The Cash Store Financial Services Inc. reports strong sequential increases in EBITDA, a return to positive Net Income for fourth quarter

Company issues audited full-year financial statements for the 12 months ended September 30, 2012; Company files amended unaudited consolidated financial statements for the periods ended March 31, 2012 and June 30, 2012

EDMONTON, Dec. 28, 2012 /PRNewswire/ - The Cash Store Financial Services Inc. ("Cash Store Financial") (TSX: CSF; NYSE: CSFS) today announced results for the three and 12 months ended, September 30, 2012. The following financial results are expressed in Canadian dollars.

Highlights for the three months ended September 30, 2012 (a table of results can be found at the end of this news release):

  • Adjusted EBITDA of $11.2 million, up from $7.0 million in the third quarter and consistent with $11.2 million in the same quarter last year.
  • Quarterly loan volume of $207.2 million, up 3.7% from $199.9 million in the third quarter, and up 2.7% from $201.7 million in the same quarter last year.
  • Revenue of $50.8 million, up 4.4% sequentially compared to the $48.7 million in the third fiscal quarter and up 7.7% compared to the $47.2 million in the fourth fiscal quarter of last year.
  • Quarterly branch average loan volume of $387,000 up 7.2% sequentially from $361,000 in the third quarter and up 2.7% from $344,000 million in the same quarter as last year.
  • Quarterly branch average revenue of $95,000 up 8% from $88,000 in the third quarter and up 17.3% from $81,000 in the same quarter as last year.
  • Diluted earnings per share of $0.02 per share, down from $0.12 per share for the same quarter last year.

Gordon J. Reykdal, Chairman and CEO commented on the year-end: "We ended fiscal 2012 on a strong note, reporting solid quarterly revenue and a return to positive net income, and The Cash Store Financial Services is positioned for a strong 2013. During Q2 of 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, loan volume has grown since the second quarter, as have total revenues.  Adjusted EBITDA for the quarter was $11.2 million, up on a sequential basis from $7.0 million in the third quarter, and consistent with the fourth quarter of last year."

"This positive momentum continued into the first quarter of fiscal 2013," added Mr. Reykdal.

Highlights for the 12 months ended September 30, 2012 (a table of results can be found at the end of this news release):

  • Adjusted EBITDA of $30.0 million compared to $48.9 million for the twelve months ended September 30, 2011.
  • Loan volume of $797.7 million compared to $821.4 million for the twelve months ended September 30, 2011.
  • Total revenue of $187.4 million compared to $189.9 million for the twelve months ended September 30, 2011.
  • Diluted earnings (loss) per share of ($2.47), down from $0.51 per share for the twelve months ended September 30, 2011.

Pursuant to the press release issued December 10, 2012, the Company also filed amended interim unaudited consolidated financial statements for the periods ended March 31, 2012 and June 30, 2012.

Mr. Craig Warnock, Cash Store Financial Services' CFO, added, "the restatement was a result of the fact that the Company subsequently determined that approximately $36.8 million of the total consideration paid to acquire the portfolio of loans represented a premium paid on acquisition, and has also increased loan loss provisions, and adjusted its financial statements accordingly.  Due to the restatement we anticipate a tax benefit of approximately $13.1 million."  For further details regarding the restatement, reference should be made to the Company's press release issued December 10, 2012.

Fourth Quarter Financial Detail

Fourth quarter loan volume was $207.2 million, the highest level since the first quarter of fiscal 2011. This was an increase of 3.7% sequentially compared to $199.9 million for the third fiscal quarter of 2012 and an increase of 2.7% compared to the $201.7 million reported in the fourth fiscal quarter last year. Total revenue was $50.8 million, an increase of 4.4% sequentially compared to the $48.7 million in the third fiscal quarter and up 7.7% compared to the $47.2 million in the fourth fiscal quarter of last year. The year over year increase in revenue can be partly attributed to expanded 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.

Branch operating income (BOI) was $17.2 million, a $4.8 million increase compared to the $12.4 million in the third fiscal quarter and a $3.3 million increase compared to the $13.9 million for the same quarter in the prior year. BOI margin was 33.9% in Q4-2012 compared to 29.4% in Q4-2011 and 25.5% in Q3-2012, indicating improved operating efficiency.

Net income for the quarter was $392,000, a sequential increase of $3.8 million compared to Q3-2012 and a decrease of $1.6 million from $2.0 million for the same quarter last year. Adjusted EBITDA was $11.2 million, a sequential increase of $4.2 million compared to $7.0 million for the third quarter of fiscal 2012 and consistent with the $11.2 million in the fourth quarter of fiscal 2011.

Full-Year Fiscal 2012 Financial Detail

Full-year loan volume was $797.7 million, down 3.0% from $821.4 million in FY2011. Total revenue was $187.4 million, a decrease of 1.3% compared to the $189.9 million last year.

Branch operating income (BOI) was $43.2 million, a decrease of $11.8 million, compared to $55.0 million in the prior year. BOI margin was 23.1% for fiscal 2012, compared to 29.0% in fiscal 2011, as the Company's efficiency and cost-reduction initiatives began in the second quarter of fiscal 2012 and were not fully deployed until the end of the fiscal year. These results also reflect expenses related to the transition of on-balance sheet lending in addition to branch consolidations.

For FY2012 the Company recorded a net loss of $43.1 million, down from net income of $9.0 million in FY2011. Included in the net loss were $44.8 million of charges, comprised mainly of a $36.8 million premium to acquire the loan portfolio, a $3.0 million addition to the UK loan loss provision, $1.6 million in branch closure costs and $3.4 million of impairment to property and equipment. These charges combined with higher corporate and regional expenses caused EBITDA to decrease to negative $30.8 million from $24.5 million in FY2011. Adjusted EBITDA decreased from $48.9 million to $30.0 million.

Balance Sheet and Liquidity

Cash balances remained steady, $19.1 million as at September 30, 2012, compared to $19.3 million at the end of FY2011. During FY2012 the Company raised $117.1 million, net of issuance costs, by issuing senior secured notes. These funds were used to acquire the portfolio of consumer loans from third-party lenders in the Regulated Provinces and for general corporate purposes. Cash provided by operating activities was $12.3 million, down from $14.0 million in FY2011. Increases to non-cash expenses including depreciation and amortization, loan loss provision, and impairment of property and equipment were offset by an increase in consumer loans receivable and a decrease in accounts payable and accrued liabilities in FY2012.

First Quarter and Fiscal 2013 Outlook

"Our recent strategic shift to direct lending, the efforts we have made to improve efficiency and increase profitability, along with our ongoing investment in the UK market, provide us with a powerful platform for continued growth," Mr. Reykdal added. "Fiscal 2012 was a year of tremendous transition and we emerged a stronger company. Looking to the future, fiscal 2013 is a year for renewed optimism."

Subsequent to September 30, 2012, the Company's Audit Committee was made aware of written communications that contained questions about the acquisition of the consumer loan portfolio from third-party lenders in late January 2012 and included allegations regarding the existence of undisclosed related party transactions in connection with the acquisition. In response to this allegation and following some preliminary fact-finding performed by Company's internal auditor, legal counsel to a Special Committee of the Board has retained an independent accounting firm to conduct a special investigation. As of the release date of these financial statements, the scope of the investigation has been determined by the independent accounting firm and the Special Committee. However, the investigation has not yet commenced and the findings, if any, are not yet known. The investigation may have an impact on the accounting for the loan acquisition transaction and/or on the accounting for, and disclosure of, any related party transactions; however, the Company does not believe that the outcome of the special investigation will impact the current accounting and disclosure in these financial statements.

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, lines of credit 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.

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.

Selected Annual Information

             
($000s, except for per share amounts, number of loans and
branch count)
  15 Months
Ended
12 Months
Ended
12 Months
Ended
2012 vs.
2011
    30-Sept-20101 30-Sep-2011 30-Sep-2012 % change
Consolidated results          
Canadian branch count   542 574 511 (11%)
UK branch count   2 12 25 108%
Total branches   544 586 536 (9%)
           
Loan volume   $938,483 $821,404 $797,711 (3%)
Number of Loans (000's)   1,805 1,404 1,371  
           
Revenue          
  Loan fees   $170,659 $136,623 $137,994 1%
  Other income   49,859 53,276 49,418 (7%)
    220,518 189,899 187,412 (1%)
Branch expenses          
  Salaries and benefits   62,265 57,576 55,082 (4%)
  Retention payments   28,167 26,786 9,968 (63%)
  Selling, general and administrative   21,673 17,518 17,770 1%
  Rent   17,868 18,216 18,701 3%
  Advertising and promotion   5,535 5,440 4,828 (11%)
  Provision for loan losses   788 2,559 31,003 1112%
  Depreciation of property and equipment   7,006 6,803 6,843 1%
Branch operating income   77,216 55,001 43,217 (21%)
           
Regional expenses   13,359 16,750 17,279 3%
Corporate expenses   21,127 18,266 22,753 25%
Interest expense    -  - 11,623  
Branch closure costs    -  - 1,574  
Impairment of property and equipment    -  - 3,425  
Other depreciation and amortization   2,055 2,112 5,973 183%
Premium paid to acquire the loan portfolio   - - 36,820  
Income before income taxes and class action settlements   40,675 17,873 (56,230) (415%)
Class action settlements   2,915 3,206  - (100%)
Net income (loss) and comprehensive income (loss)   $26,464 $9,042 ($43,089) (589%)
EBITDA   48,100 24,514 (30,835) (226%)
Adjusted EBITDA   73,973 48,871 30,015 (39%)
Weighted average number of shares outstanding          
  basic   16,913 17,259 17,432 1%
  diluted    17,522 17,663 17,432 (1%)
           
Basic earnings (loss) per share   $1.56 $0.52 ($2.47) (572%)
Diluted earnings (loss) per share    $1.51 $0.51 ($2.47) (583%)
Consolidated balance sheet information          
Working capital   $14,980 $16,023 $62,068 287%
Total assets   115,045 121,807 200,747 65%
Total long-term liabilities   $9,882 $8,991 $137,375 1428%

 

 

Summary of Quarterly Results

     
($000s, except for per share amounts
and branch figures)
2011 2012
    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Consolidated Results

               
  # of branches                            Canada 566 573 574 574 573 569 529 511
  United Kingdom 4 6 8 12 23 25 25 25
    570 579 582 586 596 594 554 536
                   
  Loan volume $216,290 $198,775 $204,616 $201,720 $199,611 $191,030 $199,861 $207,210
  Revenue                
    Loan fees $36,314 $32,813 $33,944 $33,552 $32,892 $30,545 $36,204 $38,353
    Other income 11,419 13,247 14,985 13,625 12,956 11,544 12,454 12,464
    47,733 46,060 48,929 47,177 45,848 42,089 48,658 50,817
  Branch expenses                
    Salaries and benefits 14,382 14,113 14,591 14,490 14,397 14,824 13,672 12,189
    Retention payments 7,189 6,578 6,775 6,244 6,557 2,271 554 586
    Selling, general and administrative 4,194 4,680 4,481 4,156 4,408 4,816 4,416 4,130
    Rent 4,405 4,567 4,589 4,656 4,720 4,849 4,659 4,473
    Advertising and promotion 1,426 1,303 1,313 1,398 1,542 975 1,153 1,158
    Provision for loan losses 663 654 662 580 668 10,798 10,104 9,433
    Depreciation of property and equip. 1,660 1,687 1,710 1,744 1,776 1,785 1,675 1,607
   Branch operating income 13,814 12,478 14,808 13,909 11,780 1,771 12,425 17,241
                    
  Regional expenses 4,193 3,863 4,169 4,523 4,734 4,589 4,251 3,705
   Corporate expenses 4,043 4,256 4,804 5,171 5,027 6,625 5,394 5,707
  Interest expense - - - - - 2,892 4,355 4,376
  Branch closure costs - - - - - 908 666
  Impairment of property and equipment - - - - - 3,017 - 408
  Premium paid to acquire the loan portfolio - - - - - 36,820 - -
  Other depreciation and amortization 540 548 456 570 583 1,503 1,770 2,117
   Net income (loss) before income taxes
and class action settlements
5,038 3,811 5,379 3,645 1,436 (53,675) (4,253) 262
   Class action settlements - - 3,206 - - - - -
   Net income (loss) and comprehensive
income (loss)
$3,352 $2,500 $1,155 $2,035 $989 $(41,030) $(3,440) $392
  EBITDA 7,500 6,260 4,545 6,207 4,091 (47,274) 3,764 8,584
  Adjusted EBITDA 13,022 11,835 12,853 11,161 9,435       2,428         6,960 11,192
   Basic earnings (loss) per share $0.20 $0.15 $0.07 $0.12 $0.06 $(2.35) $(0.20) $0.02
   Diluted earnings (loss) per share $0.19 $0.14 $0.07 $0.12 $0.06 $(2.35) $(0.20) $0.02
                   

     
EBITDA and Adjusted EBITDA Reconciliation    
($000s) 2011   2012
      Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4
                                 

Consolidated Results

                             
  Net income (loss) and
comprehensive income (loss)
$3,352   $2,500   $1,155   $2,035   $989     $(41,030)   $(3,440)   $392
  Interest expense and other interest 44   36   34   33   103   2,920   4,383   4,439
  Income tax 1,686   1,311   1,019   1,608   447   (12,645)   (813)   (129)
  Stock-based compensation 217   180   171   218   193   193   189   158
  Depreciation of property and
equipment and amortization of
intangible assets
2,201   2,233   2,168   2,313   2,359   3,288   3,445   3,724
  EBITDA     $7,500   $6,260   $4,547   $6,207   $4,091   $(47,274)   $3,764   $8,584
  Adjustments:                                
  Class action settlements   $-   $-   $3,206   $-   $-   $-   $-   $-
  Loan loss provision one-time addition -   -   -   -   -   3,091   -   -
  Unrealized foreign exchange
(gains)/losses
17   14   (5)   (158)   (47)   306   (7)   (70)
  Branch closure costs   -   -   -   -   -   -   908   666
  Impairment of property and equipment -   -   -   -   -   3,017   -   408
  Revenue impact related to
transitioning to a direct lending
model
-   -   -   -   -   3,210   316   -
  Premium paid to acquire the loan
portfolio
-   -   -   -   -   36,820   -   -
  Income impact for separately
accounting for the acquired loan
portfolio
-   -   -   -   -   1,373   1,425   1,132
  Effective interest component of
retention payments
5,505   5,561   5,107   5,112   5,391   1,885   554   472
  Adjusted EBITDA   $13,022   $11,835   $12,855   $11,161   $9,435   $2,428   $6,960   $11,192

 

 

 

 

 

 

SOURCE The Cash Store Financial Services Inc.

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