Cash America 2011 Annual Report Download - page 156

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
125
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 primarily due to the heavy repayment of pawn loans with tax refund proceeds received by
customers in the first quarter each year, and an increase in merchandise disposition activities from both the first quarter
tax refunds and the fourth quarter holiday season. The following is a summary of the quarterly results of operations
for the years ended December 31, 2011 and 2010 (dollars in thousands, except per share data):
First Second Third Fourth
Quarter Quarter Quarter Quarter
2011
Total revenue $ 355,205 $ 334,252 $ 387,893 $ 463,252
Cost of revenue 139,077 124,404 152,439 214,923
N
et revenue 216,128 209,848 235,454 248,329
N
et income attributable to Cash America International, Inc. 36,378 26,981 34,777 37,827
Diluted net income per share (a) $1.13 $0.84 $1.08 $1.18
Diluted weighted average common shares 32,060 31,994 32,248 32,059
2010
Total revenue $ 313,067 $ 292,081 $ 319,360 $ 368,831
Cost of revenue 123,838 115,351 124,932 157,029
N
et revenue 189,229 176,730 194,428 211,802
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
(a)
a
The sum of the quarterly net income per share amounts may not total to each full year amount presented in the Company's
financial statements 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. Proposed Divestiture of Enova
On September 15, 2011, Enova International, Inc. ("Enova"), a wholly-owned subsidiary of the Company that
comprises the Company's e-commerce segment, filed a registration statement on Form S-1 with the Securities and
Exchange Commission in connection with a proposed initial public offering (“IPO”) of its common stock. In the IPO,
Enova will offer common stock to the public, and the Company will also offer a portion of its interest in Enova to the
public. The Company currently intends to retain 35% to 49% of its ownership interest in Enova immediately
following the IPO. The number of shares of common stock to be offered and the price range for the offering have not
yet been determined. If the offering is completed as currently contemplated, Enova will be deconsolidated, and the
Company will account for its investment in Enova under the equity method of accounting.
At the date of this report, the registration statement is not effective. The completion of the IPO is subject to
numerous conditions, including market conditions, and the Company can provide no assurance that it will be
successfully completed. The securities offered under the registration statement may not be sold, nor may offers to buy
be accepted prior to the time that the registration statement becomes effective. The information contained in this Form
10-K with respect to this offering shall not constitute an offer to sell or a solicitation of an offer to buy these securities.