Cash America 2014 Annual Report Download - page 46

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31
Risks Related to the Company’s Common Stock
The price of the Company’s common stock has been volatile and could continue to fluctuate substantially.
The Company’s common stock is traded on the New York Stock Exchange. The market price of the
Company’s common stock has been volatile and could fluctuate substantially based on a variety of factors,
including the following:
•variations in results of operations;
•legislative or regulatory changes, and in particular, legislative or regulatory changes affecting the
Company’s operations;
•the Enova Spin-off;
•fluctuations in commodity prices;
•general trends in the industry;
•market conditions;
•analysts’ estimates; and
•perceptions of and other events related to the pawn or consumer loan industry.
The market price for the Company’s common stock has varied between a high of $25.45 on November 13,
2014 and a low of $15.79 on January 24, 2014 in the twelve-month period ended December 31, 2014, which prices
are adjusted to reflect the Company’s stock price as if the Enova Spin-off had occurred on January 1, 2014. The
Company’s stock price is likely to continue to be volatile and subject to significant price and volume fluctuations in
response to market and other factors, including the other factors discussed in “Risks Related to the Company’s
Business and Industry” and “Risks Related to the Enova Spin-off,” variations in the Company’s quarterly operating
results from management’s expectations or those of securities analysts or investors, downward revisions in
securities analysts’ estimates and announcements by the Company or its competitors of significant acquisitions,
strategic partnerships, joint ventures or capital commitments.
In addition, the stock market in general may experience significant volatility that is unrelated to the
operating performance of companies whose shares are traded. These market fluctuations could adversely affect the
trading price of the Company’s common stock, regardless of the Company’s actual operating performance.
Future issuances of additional shares of the Company’s common stock could cause dilution of ownership
interests and adversely affect the Company’s stock price.
The Company may, in the future, issue its previously authorized and unissued shares of common stock,
which would result in the dilution of the ownership interests of the Company’s shareholders. The Company is
currently authorized to issue up to 80,000,000 shares of common stock, par value $0.10 per share, and as of
February 17, 2015, the Company had 28,567,276 shares of common stock issued and outstanding. The potential
issuance of additional shares of common stock may create downward pressure on the trading price of the
Company’s common stock. The Company may also issue additional shares of its common stock or other securities
that are convertible into or exercisable for common stock for capital-raising or other business purposes. Future sales
of substantial amounts of common stock, or the perception that sales could occur, could have a Material Adverse
Effect on the price of the Company’s common stock.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.