Cash America 2010 Annual Report Download - page 138

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
109
21. 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 consumer loan 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, 2010 and 2009 (in thousands,
except per share data):
First Second Third Fourth
Quarter Quarter Quarter Quarter
2010
Total revenue $ 313,067 $ 292,081 $ 319,360 $ 368,831
Cost of revenue 89,945 70,417 73,796 104,598
N
et revenue 223,122 221,664 245,564 264,233
N
et income attributable to Cash America International, Inc. 32,036 20,889 27,908 34,705
Diluted net income per share (a) $ 1.01 $0.66 $0.90 $1.10
Diluted weighted average common shares 31,735 31,665 31,038 31,655
2009
Total revenue $ 268,091 $ 252,381 $ 276,221 $ 323,697
Cost of revenue 82,502 71,534 75,542 94,699
N
et revenue 185,589 180,847 200,679 228,998
N
et income attributable to Cash America International, Inc. 23,910 16,607 22,478 33,683
Diluted net income per share (a) $ 0.79 $ 0.54 $ 0.73 $ 1.09
Diluted weighted average common shares 30,419 30,515 30,698 31,013
(a)
a
a
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.
22. Subsequent Events
On January 26, 2011, the Board of Directors authorized the Company’s repurchase of up to 2,500,000 shares
of its common stock. The share repurchase authorization does not have an expiration date, and the amount and prices
paid for any future share purchases under the new authorization will be based on market conditions and other factors at
the time of the purchase. Repurchases under the share repurchase program will be made through open market
purchases or private transactions, in accordance with applicable federal securities laws, including Rule 10b-18 under
the Securities Exchange Act of 1934, as amended. This new authorization cancels and replaces a previous
authorization approved by the Board of Directors in 2007 to purchase up to 1,500,000 shares of common stock.