Cash America 2013 Annual Report Download - page 182

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
157
25. 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 revenue levels are seasonally highest. The first quarter benefits from high average loan
balances at the beginning of the period and high relative levels of merchandise sales. The loan portfolios perform well with
the heavy repayment of pawn loans and consumer loans, plus the associated interest and fees on both, through tax refund
proceeds received by customers in the first quarter each year. The fourth quarter benefits from the seasonally highest levels
of pawn loan and consumer loan balances and merchandise dispositions activities associated with the holiday season. The
following is a summary of the quarterly results of operations for the years ended December 31, 2013 and 2012 (dollars in
thousands, except per share data):
First Second Third Fourth
Quarter Quarter Quarter Quarter
2013:
Total revenue $ 468,128 $ 410,951 $ 437,801 $ 480,346
Cost of revenue 196,187 166,190 190,794 208,697
Net revenue 271,941 244,761 247,007 271,649
Net income attributable to Cash America International, Inc.(a) 43,926 25,132 46,186 27,284
Diluted net income per share (b) $1.40 $0.81 $1.52 $0.91
Diluted weighted average common shares 31,371 30,845 30,379 29,968
2012:
Total revenue $ 457,488 $ 411,644 $ 439,694 $ 491,604
Cost of revenue 200,704 178,036 191,217 224,516
N
et revenue 256,784 233,608 248,477 267,088
N
et income attributable to Cash America International, Inc.(c) 41,467 29,820 11,703 24,480
Diluted net income per share (b) $ 1.30 $ 0.94 $ 0.37 $ 0.79
Diluted weighted average common shares 31,912 31,822 31,375 30,884
(
a
)
N
et income attributable to Cash America International, Inc. for the third quarter of 2013 did not follow the normal seasonal trend due to the
income tax benefit in connection with the Creazione Deduction and the expenses related to the 2013 Litigation Settlement. See Notes 12 and
13.
(b)
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.
(
c
)
N
et income attributable to Cash America International, Inc. for the third and fourth quarter of 2012 did not follow the normal seasonal trend
due to the expenses recognized in connection with the Ohio Reimbursement Program and the Mexico Reorganization. See Notes 13 and 23.