ACE Cash Express Increases Fiscal Third Quarter Earnings Per Share Guidance; Company Expects Third Quarter Diluted EPS of $0.70
April 05 2004 - 9:28AM
PR Newswire (US)
ACE Cash Express Increases Fiscal Third Quarter Earnings Per Share
Guidance; Company Expects Third Quarter Diluted EPS of $0.70 -
$0.72 DALLAS, April 5 /PRNewswire-FirstCall/ -- ACE Cash Express,
Inc. announced today that it expects its diluted earnings per share
for the quarter ended March 31, 2004 to be in the range of $0.70 to
$0.72 on a fully diluted basis. The primary catalysts for ACE's
increased earnings guidance for its third fiscal quarter are: --
stronger than expected comparable store increases in loan fees and
interest, -- stronger than expected comparable store increases in
bill payment and debit card revenue, and -- lower than expected
interest expense due to more efficient cash management of the
Company's revolving line of credit. Upon completion of its proposed
common stock offering, the Company expects to retire its term
notes. In conjunction with the retirement of these notes, the
Company expects to record a non-cashwrite-off of deferred financing
fees of approximately $4.1 million and cash charges related to
prepayment penalties and the unwinding of interest rate swaps of
approximately $1.0 million. The charges will be expensed in the
quarter in which the proposed common stock offering closes, which
is expected to be the Company's fiscal fourth quarter. The Company
expects to announce its full financial results for the third
quarter of fiscal 2004 and update its fiscal 2004 financial
guidance on or about April 15, 2004. Forward-looking Statements
This release contains certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements are generally identified by the use of
words such as "expect," "anticipate," "estimate," "believe,"
"intend," "plan," "target," "goal," "should," "would," and terms
with similar meanings. Although the Company believes that the
current views and expectations reflected in these forward-looking
statements are reasonable, these views and expectations, and the
related statements, are inherently subject to risks, uncertainties,
and other factors, many of which are not under the Company's
control and may not even be predictable. Any inaccuracy in the
assumptions, as well as those risks, uncertainties and other
factors, could cause the actual results to differ materially from
these in the forward-looking statements. These risks,
uncertainties, and factors include, but are not limited to, matters
described in the Company's reports filed with the Securities and
Exchange Commission, such as: -- the Company's relationships with
Republic Bank, with Travelers Express and its affiliates,with its
bank lenders, with American Capital Strategies, Ltd. and with
H&R Block; -- the Company's relationship with third-party
providers of services offered by the Company or property used in
its operations; -- federal and stategovernmental regulation of
check cashing, short- term consumer lending and related financial
services businesses; -- any litigation regarding the Company's
short-term consumer lending activities; -- theft and employee
errors; -- the availability of adequate financing, suitable
locations, acquisition opportunities and experienced management
employees to implement the Company's growth strategy; -- increases
in interest rates, which would increase the Company's borrowing
costs; -- the fragmentation of the check cashing industry and
competition from various other sources, such as banks, savings and
loans, short-term consumer lenders, and other similar financial
services entities, as well as retail businesses that offer services
offered by the Company; -- the terms and performance of third-party
services offered at the Company's stores; and -- customer demand
and response to services offered at the Company's stores. The
Company expressly disclaims any obligation to update or revise any
of these forward-looking statements, whether because of future
events, new information, a change in the Company's views or
expectations, or otherwise. The Company makes no prediction or
statement about the performance of its Common Stock. About the
Company ACE Cash Express, Inc. is a leading retailer of financial
services, including check cashing, short-term consumer loan and
bill payment services, and the largest owner, operator and
franchisor of check cashing stores in the United States. As of
December 31, 2003, the Company had a network of 1,184 stores in 36
states and the District of Columbia, consisting of 974
company-owned stores and 210 franchised stores.The Company focuses
on serving unbanked and underbanked consumers, many of whom seek
alternatives to traditional banking relationships in order to gain
convenient and immediate access to check cashing services and
short-term consumer loans. The Company's website is found at
http://www.acecashexpress.com/ . DATASOURCE: ACE Cash Express, Inc.
CONTACT: William McCalmont, EVP & Chief Financial Officer,
+1-972-753-2314, or , or Michael Briskey, SVP & Treasurer,
+1-972-753-2342, or , both of ACE Cash Express, Inc. Web site:
http://www.acecashexpress.com/
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