Ace Cash Express (NASDAQ:AACE)
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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/