First Cash Financial Services (FCFS) has reported an 147.80 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $32.64 million, or $0.67 a share in the quarter, compared with $13.17 million, or $0.47 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $33.05 million, or $0.68 a share compared with $13.43 million or $0.48 a share, a year ago. Revenue during the quarter surged 144.31 percent to $447.58 million from $183.20 million in the previous year period. Gross margin for the quarter contracted 133 basis points over the previous year period to 54.27 percent. Total expenses were 87.04 percent of quarterly revenues, up from 86.98 percent for the same period last year. That has resulted in a contraction of 5 basis points in operating margin to 12.96 percent.
Operating income for the quarter was $58.03 million, compared with $23.85 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $72.92 million compared with $29.18 million in the prior year period. At the same time, adjusted EBITDA margin improved 36 basis points in the quarter to 16.29 percent from 15.93 percent in the last year period.
Mr. Rick Wessel, chief executive officer, stated, "We posted solid first quarter results highlighted by continued momentum in our Latin American operations, which again posted double digit increases in local currency same-store pawn loans and core revenues. In the U.S., the legacy First Cash stores posted a first quarter increase in same-store pawn loans of 4%, representing the second sequential increase in this key metric. The Company continued to utilize the strength of the combined cash flows since the “Merger” of First Cash and Cash America and significantly reduced the balance on the revolving credit line from $360 million at September 30, 2016 to $137 million at March 31, 2017. Additionally, the Company made meaningful shareholder payouts through first quarter stock repurchases and dividends," Mr. Wessel concluded.
Debt increases substantially First Cash Financial Services has witnessed an increase in total debt over the last one year. It stood at $333.72 million as on Mar. 31, 2017, up 41.39 percent or $97.68 million from $236.04 million on Mar. 31, 2016. First Cash Financial Services has witnessed an increase in long-term debt over the last one year. It stood at $333.72 million as on Mar. 31, 2017, up 41.39 percent or $97.68 million from $236.04 million on Mar. 31, 2016. Interest coverage ratio improved to 9.49 for the quarter from 5.35 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
