Cash America 2003 Annual Report Download - page 12

During calendar year 2003, customers of the
Cash America family of companies accessed over
$740 million through combined pawn loans and cash
advances. This equates to approximately 4.7 million
individual pawn loans and almost one million
separate cash advance transactions. Our operating
systems are designed to deliver, track and monitor
this substantial volume of transactions quickly and
efficiently. The cash was made available to help our
customers achieve solutions to their financial needs
by bridging the gap.
The Company’s U.S. lending operations posted
another strong year of earnings growth through
balanced increases from both pawn and cash advance
revenue sources. The expanded revenue kept
earnings growth on course throughout the year,
providing a cornerstone to record-breaking levels of
revenue, net earnings and earnings per share. In
addition to opening 17 stand-alone cash advance
locations in 2003, Cash America’s U.S. lending
operations added eight new pawn lending locations.
Cashland joins the Cash America family.
This year, Cash America brought on board
another company with similar values – Cashland.
The purchase of the 121-store chain, which operates
mostly in Ohio, was completed in August of 2003.
Cashland is a well-established company that was
founded in 1987. Its business model and value system
make it a great fit with Cash America. As a result of
this new addition, Cash America expanded its ability
to reach out to customers with a product it began to
introduce throughout its pawn-lending locations
in 2000.
Since its acquisition by Cash America, Cashland
has increased its lead as the largest provider of cash
advances in Ohio. Another 14 new cash advance
locations were added post-transaction in 2003,
bringing the total unit count to 135 at year end.
In addition, Cashland began a strategy of unit
expansion across state lines, as three locations were
opened in Kentucky.
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