N@N

The Cash Store Australia Holdings Inc. reports 44% increase in revenue for the second Quarter ended December 31, 2010

^{Published on 2011-02-11 07:50:47 - Market Wire}
 

 Highlights for second quarter (table of results at end of release) - Revenue up 44.4% to $3.9 million, from $2.7 million for the same quarter last year. - Net loss of $1.4 million, compared to net income of $16,000 for the same quarter last year. - Branch operating loss was ($252,000) compared to a branch operating income of $722,000 for the same quarter last year. - Diluted loss per share of ($0.08) compared to diluted earnings per share of $0.00 for same quarter last year. - Same branch revenues for the 37 locations open prior to the beginning of the same quarter of fiscal 2010 up 3.1% to $72,900 from $70,700 in the second quarter last year. - EBITDA of negative $1.1 million compared to $145,000 in the same quarter last year. - Opened 14 new branches in the quarter. Highlights for six months ended December 31, 2010 - Revenue up 62.2% to $7.3 million, from $4.5 million for the same period last year. - Net loss of $2.4 million, compared to a loss of $178,000 for the same period last year. - Branch operating income decreased to a loss of ($623,000) from income of $1.1 million for the same period last year. - Diluted loss per share of ($0.14) compared to ($0.01) for same period last year. - Same branch revenues for the 28 locations open prior to the beginning of fiscal 2010 increased by 2.1% to $143,300 from $140,400 for the same period last year. - EBITDA of negative $2.0 million down from a positive $59,000 in the same period last year. - Opened 33 branches for a total of 77 branches as at December 31, 2010, compared to 44 as at December 31, 2009. 

 Three Months Ended Six Months Ended ------------------------------------------------------------------------- Consolidated results (presented in December 31 December 31 December 31 December 31 Canadian dollars) 2010 2009 2010 2009 ------------------------------------------------------------------------- No. of branches 77 44 77 44 Revenue Loan fees $ 3,568,289 $ 2,663,175 $ 6,917,567 $ 4,479,100 Other income 293,415 32,650 422,273 70,621 ------------------------------------------------------------------------- 3,861,704 2,695,825 7,339,840 4,549,721 Branch expenses Salaries and benefits 1,958,542 981,961 3,642,208 1,729,747 Retention payments 760,302 259,362 1,733,509 460,898 Rent 549,911 280,867 1,002,398 484,230 Selling, general, and administrative 464,255 196,686 845,730 337,433 Advertising and promotion 203,050 172,081 414,066 310,347 Depreciation of property and equipment 177,292 83,018 324,787 145,530 ------------------------------------------------------------------------- 4,113,352 1,973,975 7,962,698 3,468,185 ------------------------------------------------------------------------- Branch Operating Income (Loss) (251,648) 721,850 (622,858) 1,081,536 Regional expenses 187,087 111,877 360,611 200,169 Corporate expenses 964,508 580,276 1,689,331 1,015,628 Other depreciation and amortization 16,540 9,746 29,572 19,020 Foreign exchange loss (gain) (41,376) 4,017 (266,425) 24,301 Net loss and comprehensive loss (1,378,407) 15,934 (2,435,947) (177,582) EBITDA* (1,124,826) 144,842 (1,963,120) 59,126 ------------------------------------------------------------------------- Net income (loss) $(1,378,407) $ 15,934 $(2,435,947) $ (177,582) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of shares outstanding - basic 16,425,981 16,375,482 16,425,597 16,375,482 Basic and Diluted loss per share Net loss $ (0.08) $ 0.00 $ (0.14) $ (0.01) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Consolidated Balance Sheet Information Working capital $(4,274,699) $ (249,110) $(4,274,699) $ (249,110) Total assets 5,318,506 2,487,821 5,318,506 2,487,821 Total long-term liabilities 204,754 76,689 204,754 76,689 Total liabilities 6,522,548 1,341,431 6,522,548 1,341,431 Shareholders' equity (deficit) $(1,204,042) $ 1,146,390 $(1,204,042) $ 1,146,390 ------------------------------------------------------------------------- ------------------------------------------------------------------------- *EBITDA - earnings before interest, income taxes, stock-based compensation, depreciation of property and equipment and amortization of intangible assets.