- Current report filing (8-K)
May 03 2012 - 11:30AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
May
3, 2012 (May 3, 2012)
Date
of Report (Date of earliest event reported)
QC
HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Kansas
|
000-50840
|
48-1209939
|
(State or other jurisdiction
of incorporation)
|
(Commission file
number)
|
(IRS Employer
Identification Number)
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9401 Indian Creek Parkway, Suite 1500
Overland Park, Kansas 66210
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(Address
of principal executive offices)
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(913) 234-5000
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On May 3, 2012, QC Holdings, Inc. issued a press release announcing its
financial results for the three months ended March 31, 2012. A copy of
the press release is attached as Exhibit 99.1 to this report and is
incorporated herein by reference.
The attached press release includes adjusted EBITDA, which is a
financial measure that management uses and that the company believes may
be useful to investors. Adjusted EBITDA is calculated as net income
before interest, taxes, depreciation and amortization expenses, adjusted
to exclude the charges related to stock options and restricted stock
awards, non-cash gains or losses associated with property dispositions
and foreign currency transactions, and discontinued operations. In
addition, for the three months ended March 31, 2012, adjusted EBITDA
excludes a non-cash gain due to a reduction in the liability that was
recorded to estimate the fair value of the contingent supplemental
earn-out payment in connection with the Company’s third quarter 2011
acquisition of Direct Credit Holdings Inc. Reconciliation of this
non-GAAP measure is included in a schedule to the press release filed
with this report.
This non-GAAP financial measure is intended to supplement the company’s
financial information prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP) included in
the press release by providing management and investors with additional
insight regarding results of operations. Management uses adjusted
EBITDA as a non-GAAP performance measure. Management regularly reviews
adjusted EBITDA as it assesses its current and prospective operating
results. Management uses adjusted EBITDA in its strategic planning for
the company and in evaluating the results of operations of the
company. The compensation committee has used adjusted EBITDA in
evaluating the performance of the company and management and in
evaluating certain components of executive compensation, including
performance-based annual incentive programs. Reconciliation of this
non-GAAP measure is included in a schedule to the press release filed
with this report. Management believes adjusted EBITDA is useful to
management and may be useful to investors because certain of the
adjusted items represent non-cash charges to net income, and certain of
the adjusted items can fluctuate significantly from period-to-period,
due in part to the timing of equity-based awards for compensation
purposes.
Management recognizes that its use of adjusted EBITDA has various
limitations, including the fact that the adjusted items may be a
normally recurring expense or may involve the actual use of
cash. Nonetheless, management believes that this adjusted EBITDA
measure provides additional insight for investors into the operating
results and business trends of the company.
The information in Item 2.02 of this report and in the exhibit attached
to this report is not filed for purposes of Section 18 of the Securities
and Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section or Sections 11 or 12(a)(2) of the Securities
Act of 1933, as amended. The information contained in this Item 2.02
and in the accompanying exhibit is not incorporated by reference into
any filing with the SEC made by the registrant, whether made before or
after the date of this report, regardless of any general incorporation
language in that filing.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibit is filed as part of this report:
Exhibit No.
|
Description
|
|
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99.1
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QC Holdings, Inc. Press Release issued May 3, 2012, reporting the
three months ended March 31, 2012 financial results.
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SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
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QC HOLDINGS, INC.
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|
|
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Date:
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May 3, 2012
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|
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By:
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/s/ Douglas E. Nickerson
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Name:
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Douglas E. Nickerson
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Title:
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Chief Financial Officer
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