Ace Cash Express (NASDAQ:AACE)
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ACE Cash Express Increases Earnings Per Share Guidance
Company Expects Second Quarter Diluted EPS of $0.30 - $0.32; Raises Fiscal 2004
EPS Expectations to $1.47 - $1.51
DALLAS, Dec. 16 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc. , announced
today that it expects its diluted earnings per share for the quarter ended
December 31, 2003 to be in the range of $0.30 to $0.32 on a fully diluted basis.
Furthermore, ACE now estimates that diluted earnings per share for its fiscal
year ended June 30, 2004 will range from $1.47 to $1.51; the Company's previous
earnings per share guidance for the quarter was $0.24 to $0.26 and for the
fiscal year was $1.41 to $1.45.
The primary catalysts for ACE 's increased earnings guidance during its second
fiscal quarter are:
-- stronger than expected same store revenue increases in its core
business of check cashing,
-- stronger than expected increases in same store loan fees and interest,
and
-- lower interest expense due to more efficient cash management of the
Company's revolving line of credit.
Jay B. Shipowitz, President and COO commented, "Despite a challenging job
market, we continue to benefit from focusing on customer service and internal
operations, both of which are enabled by our in-store and corporate technology
platform. The operations excellence model adopted several years ago continues
to enhance revenue and increase our operating efficiency."
This outlook is based upon various assumptions, which include, but are not
limited to, the following: (1) the opening of 40 newly-constructed stores in
fiscal 2004, the closure of 15 to 20 stores during the normal course of business
in fiscal 2004, but no other increase or decrease in the number of the Company's
owned stores (whether by acquisition or otherwise) and the opening of 30
franchised stores in fiscal 2004; (2) no material change in the products or
services offered at the Company's locations as of September 30, 2003 or in the
terms or procedures for offering such products and services; and (3) no material
adverse results from any litigation or regulatory proceedings against the
Company, either currently existing or that may arise in the future.
The Company expects to announce its full financial results for the second
quarter of fiscal 2004 on or about January 29, 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 ACE believes that the current views and expectations reflected in these
forward-looking statements are reasonable, those views and expectations, and the
related statements, are based on the assumptions of ACE's management and are
inherently subject to risks, uncertainties, and other factors, many of which are
not under ACE'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 those projected in the
forward-looking statements.
Those risks, uncertainties, and factors include, but are not limited to, matters
described in ACE's reports filed with the Securities and Exchange Commission,
such as:
-- Competition within the check-cashing industry as well as from banks,
saving and loans, short-term consumer lenders, and other similar
financial services entities and from other retail businesses that
offer products and services offered by ACE;
-- Maintenance of relationships with providers of financing for ACE and
with key providers of products and services either offered by ACE to
its customers or used by ACE in its business;
-- Changes in laws, regulations or accounting standards and decisions or
actions taken by courts, regulators and governmental authorities;
-- Availability of financing, suitable locations, acquisition
opportunities and experienced management to implement ACE's growth
strategy;
-- Increases in interest rates, which would increase ACE's borrowing
costs;
-- Lawsuits and regulatory proceedings and their respective results,
including settlements.
ACE does not assume, but expressly disclaims, any obligation to update or revise
any of these forward-looking statements, whether because of future events, new
information, a change in ACE's views or expectations, or otherwise. ACE makes
no prediction or statement about the performance of ACE's Common Stock.
About the Company
ACE Cash Express, Inc. is headquartered in Irving, Texas and is the largest
owner, operator and franchiser of check-cashing stores in the United States.
Founded in 1968, the Company had a total network of 1,174 stores, consisting of
968 company-owned stores and 206 franchised stores in 36 states and the District
of Columbia as of September 30, 2003. ACE also operates self-service machines,
which provide check-cashing or other financial services without the need for a
service associate, at 20 company-owned store locations, 22 third-party
bill-payment locations, and, during the tax season, ACE plans to place
approximately 220 machines at H&R Block retail offices. ACE offers a broad
range of check-cashing and other consumer financial services. ACE is one of the
largest providers of MoneyGram wire transfer transactions, and it offers money
orders, bill payment services, and prepaid local and long distance
telecommunication services. Small, short-term consumer loans are also available
to customers at various ACE company-owned stores. 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 Darla Ashby, Director
of Public Affairs, +1-972-550-5037, or , both of ACE
Cash Express, Inc.
Web site: http://www.acecashexpress.com/