Cash America 2014 Annual Report Download - page 140

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
125
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 revenue levels are seasonally highest. The first quarter benefits from high
average loan balances at the beginning of the period, followed by an abundance of loan redemptions including
interest and fees and high relative levels of merchandise sales, primarily as a result of customers using federal tax
refund proceeds in the first quarter. 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, 2014 and 2013 (dollars in
thousands, except per share data):
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2014
(a)
Total revenue $284,635 $253,608 $267,010 $289,443
Cost of revenue 132,162 112,359 122,907 137,718
Net revenue 152,473 141,249 144,103 151,725
Net income (loss) from continuing operations 3,237
(11,746
)
(9,370
)7,492
Net income (loss) from discontinued operations 42,500 32,717 19,286 14,522
Net income attributable to Cash America International, Inc. 45,737 20,971 9,916 22,014
Diluted net income (loss) per share - continuing operations $
0.11
$
(0.41
) $ (0.32) $
0.26
Diluted net income per share - discontinued operations $
1.44
$
1.12
$0.66 $
0.50
Diluted net income per share $
1.55
$
0.72
$0.34 $
0.75
Diluted weighted average common shares 29,500 29,256 29,312 29,284
2013 (a)
Total revenue $285,797 $234,219 $239,424 $271,046
Cost of revenue 128,113 96,073 101,138 118,648
Net revenue 157,684 138,146 138,286 152,398
Net income from continuing operations 19,346 4,960 27,567 7,309
Net income from discontinued operations 24,580 20,172 18,619 19,975
Net income attributable to Cash America International, Inc. 43,926 25,132 46,186 27,284
Diluted net income per share - continuing operations $
0.62
$
0.16
$0.91 $
0.24
Diluted net income per share - discontinued operations $
0.78
$
0.65
$0.61 $
0.67
Diluted net income per share $
1.40
$
0.81
$1.52 $
0.91
Diluted weighted average common shares 31,371 30,845 30,379 29,968
(a) The sum of the quarterly per share amounts may not sum 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.