For the fourth quarter of 2007, Cash American’s earnings per share rose 24% to 88 cents on $26.29 million in net income compared to 71 cents per share on net income of $21.7 million for the fourth quarter of 2006.
Cash America’s year-over-year revenue growth continued a trend that has existed throughout 2007, as revenue from the company’s various loan products increased 23% to $138.3 million and revenue from the sale of merchandise increased 20% to $119.5 million in the fourth quarter of 2007 compared to the same quarter a year ago.
Total revenue for the fiscal year ended December 31, 2007, was $929.4 million, up 34% from $694.5 million in 2006. Cash America has finished fiscal year 2007 with a 30% increase in net income to $79.34 million for the 12-month period compared to $60.94 million in fiscal 2006.
Daniel Feehan, president and CEO of Cash America, said: During the period, we experienced the second consecutive quarter with a sequential decrease in loan losses and the disposition of merchandise in our stores increased year over year while gross profit margins expanded. These factors led to a sequential improvement in our marginal profitability compared to the third quarter and positions us well as we move ahead into fiscal 2008.
