Cash America 2008 Annual Report Download - page 125

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
102
23. Quarterly Financial Data (Unaudited)
The Company’s operations are subject to seasonal fluctuations. Net income tends to be highest
during the first and fourth calendar quarters, when the average amount of pawn loans and cash advance
balances are typically the highest and merchandise disposition activities are typically heavier compared to
the other two quarters. The following is a summary of the quarterly results of operations for the years ended
December 31, 2008 and 2007 (in thousands, except per share data):
First Second Third Fourth
Quarter Quarter(1) Quarter Quarter
2008
Total revenue ......................................................... $ 250,934 $ 247,979 $ 252,150 $ 279,731
Cost of revenue ...................................................... 71,516 66,741 68,033 89,070
Net revenue............................................................. 179,418 181,238 184,117 190,661
Net income ............................................................. 25,811 20,137 18,925 16,267
Diluted net income per share ............................... $ 0.86 $ 0.67 $ 0.63 $ 0.54
Diluted weighted average common shares........... 29,995 30,094 30,035 30,074
2007
Total revenue ........................................................... $ 222,872 $ 213,881 $ 231,512 $ 261,129
Cost of revenue........................................................ 61,925 52,784 57,693 74,390
Net revenue.............................................................. 160,947 161,097 173,819 186,739
Net income(2)............................................................ 19,234 13,209 20,616 26,287
Diluted net income per share(2) (3) ............................. $ 0.63 $ 0.43 $ 0.68 $ 0.88
Diluted weighted average common shares .............. 30,602 30,557 30,235 30,008
(1) During the second quarter of 2007, $5 was reclassified from administrative expenses to other income. The first
quarter amounts included above have been conformed to the current presentation. The original reported amounts for
“Total revenue” and “Net revenue” were $222,867 and $160,942, respectively.
(2) The third quarter results include a $6,260 ($4,035 net of related taxes), or $0.13 per share, gain from sale of foreign
notes receivable and related rights.
(3) The sum of the quarterly net income per share amounts may not total to each full year amount because these
computations are made independently for each quarter and for the full year and take into account the weighted average
number of common shares outstanding for each period, including the effect of dilutive securities for that period.