ACE Cash Express, Payday Advance Firm, Announces Fiscal Report
By J.J. CameronPayday Loan Writer
For one payday advance company, being charitable appears to be paying off.
ACE Cash Express, which has distributed helped promote financial literacy across Texas, announced fiscal 2006 net income of $25.0 million and earnings per share of $1.76 per share yesterday, compared to fiscal 2005 net income of $27.4 million and $1.98 per share.
As you can see, the regular cash advance and online payday loan company saw its stock price rise a bit.
Things to consider are: Net income for fiscal 2006 includes a net after- tax charge of $0.7 million related to losses from Hurricane Katrina; and an after-tax write-off of $0.5 million related to the quick cash loan company's decision to discontinue operating self-service machines in H&R Block locations.
Additionally, net income for fiscal 2005 includes a one-time after-tax charge of approximately $0.6 million related to a cumulative change to the Company's lease accounting practices.
During fiscal 2006, the providers of no faxing payday loans opened 51 newly constructed ACE Cash Express stores, acquired 135 more and sold 2 stores to ACE franchises. ACE franchisees also opened 32 stores.
