Cash America 2007 Annual Report Download - page 78

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58
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Year Ended December 31,
2007 2006 2005
Revenue
Finance and service charges .......................................................... $ 160,960 $ 149,472 $ 139,772
Proceeds from disposition of merchandise.................................... 396,821 334,036 300,192
Cash advance fees ......................................................................... 355,196 195,105 142,068
Check cashing fees, royalties and other......................................... 16,417 15,901 13,731
Total Revenue ................................................................................. 929,394 694,514 595,763
Cost of Revenue
Disposed merchandise................................................................... 246,792 204,929 183,799
Net Revenue .................................................................................... 682,602 489,585 411,964
Expenses
Operations ..................................................................................... 304,480 247,707 221,996
Cash advance loss provision.......................................................... 155,238 59,563 42,834
Administration............................................................................... 57,250 50,984 43,005
Depreciation and amortization....................................................... 32,125 27,312 23,417
Total Expenses ................................................................................ 549,093 385,566 331,252
Income from Operations................................................................ 133,509 104,019 80,712
Interest expense ............................................................................. (16,021) (11,945) (10,610)
Interest income .............................................................................. 1,041 1,631 1,614
Foreign currency transaction (loss) gain ....................................... (24) 296 (834)
Gain from termination of contract ................................................. ʊ 2,167 ʊ
Gain on sale of foreign notes......................................................... 6,260 ʊ ʊ
Income from Continuing Operations before Income Taxes ....... 124,765 96,168 70,882
Provision for income taxes ............................................................ 45,419 35,228 26,061
Income from Continuing Operations............................................ 79,346 60,940 44,821
Loss from disposal of discontinued operations before income
tax benefit...................................................................................
ʊ
ʊ
(56)
Income tax benefit......................................................................... ʊ ʊ 253
Income from discontinued operations ........................................... ʊ ʊ 197
Net Income ...................................................................................... $ 79,346 $ 60,940 $ 45,018
Earnings Per Share:
Basic –
Income from continuing operations............................................ $ 2.68 $ 2.05 $ 1.53
Income from discontinued operations ........................................ $ ʊ $ ʊ $ 0.01
Net income ................................................................................. $ 2.68 $ 2.05 $ 1.54
Diluted –
Income from continuing operations............................................ $ 2.61 $ 2.00 $ 1.48
Income from discontinued operations ........................................ $ ʊ $ ʊ $ 0.01
Net income ................................................................................. $ 2.61 $ 2.00 $ 1.49
Weighted average common shares outstanding:
Basic.............................................................................................. 29,643 29,676 29,326
Diluted........................................................................................... 30,349 30,532 30,206
Dividends declared per common share............................................. $ 0.14 $ 0.10 $ 0.10
See notes to consolidated financial statements.