Cash America 2008 Annual Report Download - page 90

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67
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Year Ended December 31,
2008
2007 2006
Revenue
Finance and service charges .......................................................... $ 184,995
$ 160,960 $ 149,472
Proceeds from disposition of merchandise .................................... 465,655
396,821 334,036
Cash advance fees ......................................................................... 364,603
355,196 195,105
Check cashing fees, royalties and other......................................... 15,541 16,417 15,901
Total Revenue ................................................................................. 1,030,794
929,394 694,514
Cost of Revenue
Disposed merchandise................................................................... 295,360
246,792 204,929
Net Revenue .................................................................................... 735,434
682,602 489,585
Expenses
Operations ..................................................................................... 328,359
306,456 248,823
Cash advance loss provision.......................................................... 140,723
155,238 59,563
Administration............................................................................... 77,995
55,274 49,868
Depreciation and amortization....................................................... 39,651
32,125 27,312
Total Expenses ................................................................................ 586,728
549,093 385,566
Income from Operations................................................................ 148,706
133,509 104,019
Interest expense ............................................................................. (15,993)
(16,021) (11,945)
Interest income .............................................................................. 267
1,041 1,631
Foreign currency transaction (loss) gain........................................ (177)
(24) 296
Gain from termination of contract................................................. ʊ –– 2,167
Gain on sale of foreign notes......................................................... ––
6,260 ʊ
Income before Income Taxes......................................................... 132,803
124,765 96,168
Provision for income taxes ............................................................ 51,617
45,419 35,228
Less: Minority Interests………………………………………... (46) –– ––
Net Income ...................................................................................... $ 81,140
$ 79,346 $ 60,940
Earnings Per Share:
Basic ........................................................................................... $ 2.77
$ 2.68 $ 2.05
Diluted ........................................................................................ $ 2.70
$ 2.61 $ 2.00
Weighted average common shares outstanding:
Basic .............................................................................................. 29,327
29,643 29,676
Diluted........................................................................................... 30,092
30,349 30,532
Dividends declared per common share............................................. $ 0.14 $ 0.14 $ 0.10
See notes to consolidated financial statements.