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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1994
OR
[ ] TRANSITION EPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _________________ to _______________
Commission File Number 1-9733
_____________________________________
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
CASH AMERICA INTERNATIONAL, INC.
EMPLOYEE MONTHLY STOCK INVESTMENT PLAN
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
CASH AMERICA INTERNATIONAL, INC.
1600 WEST 7TH STREET
FORT WORTH, TEXAS 76102
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Information Furnished
1. An audited statement of financial condition as of the end of the
latest two fiscal years of the Cash America International, Inc.
Employee Monthly Stock Investment Plan (the "Plan").
2. An audited statement of income and changes in plan equity for each of
the latest three fiscal years of the Plan.
3. The written consent of the independent accountants for the Plan, filed
as an exhibit to this annual report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) duly
caused this annual report to be signed by the undersigned thereunto duly
authorized.
CASH AMERICA INTERNATIONAL, INC.
By: /s/ Hugh A. Simpson
------------------------------------
Hugh A. Simpson, Vice President,
General Counsel and Secretary
Date: March 31, 1995
-2-
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REPORT OF INDEPENDENT ACCOUNTANTS
Cash America International, Inc. Employee
Monthly Stock Investment Plan
Fort Worth, Texas
We have audited the accompanying statements of financial condition of Cash
America International, Inc. Employee Monthly Stock Investment Plan as of
December 31, 1994 and 1993, and the related statements of income and changes in
plan equity for each of the three years in the period ended December 31, 1994.
These financial statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cash America International,
Inc. Employee Monthly Stock Investment Plan as of December 31, 1994 and 1993,
and its income and changes in plan equity for each of the three years in the
period ended December 31, 1994 in conformity with generally accepted accounting
principles.
As further discussed in Note 3 of the financial statements, the management of
Cash America International, Inc., the Plan's sponsor, suspended the Plan,
effective March 31, 1994.
/s/ COOPERS & LYBRAND LLP
Fort Worth, Texas
March 30, 1995
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CASH AMERICA INTERNATIONAL, INC.
EMPLOYEE MONTHLY STOCK INVESTMENT PLAN
STATEMENTS OF FINANCIAL CONDITION
December 31, 1994 and 1993
ASSETS
<TABLE>
<CAPTION>
1994 1993
---- ----
<S> <C> <C>
Cash America International, Inc. common stock,
at market value (60,311 shares at a cost of
$527,735 as of December 31, 1994 and
77,955 shares at a cost of $680,816 as of
December 31, 1993) $595,874 $730,827
Contributions receivable:
Employer portion 7,821
Employee portion 39,108
-------- --------
$595,874 $777,756
======== ========
PLAN EQUITY
Plan equity $595,874 $777,756
======== ========
</TABLE>
See notes to financial statements.
2
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CASH AMERICA INTERNATIONAL, INC.
EMPLOYEE MONTHLY STOCK INVESTMENT PLAN
STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY
for the years ended December 31, 1994, 1993 and 1992
<TABLE>
<CAPTION>
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
Dividends $ 3,541 $ 3,813 $ 2,265
Contributions:
Employer 15,283 73,522 66,314
Employee 76,415 367,613 331,566
Increase (decrease) in unrealized
appreciation in market value
of common stock 18,128 (68,100) 14,776
Distributions to participants (295,249) (306,212) (113,183)
-------- -------- --------
Net (decrease) increase in
plan equity (181,882) 70,636 301,738
Plan equity at beginning of year 777,756 707,120 405,382
-------- -------- --------
Plan equity at end of year $595,874 $777,756 $707,120
======== ======== ========
</TABLE>
See notes to financial statements.
3
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CASH AMERICA INTERNATIONAL, INC.
EMPLOYEE MONTHLY STOCK INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies:
Common Stock
Common stock is carried at market value with the difference between
cost and market value reflected in the statement of income and changes
in plan equity as unrealized appreciation (depreciation) of common
stock. The market value is based on the last sales price of the year
as reported by the New York Stock Exchange.
Investment Income
Dividends are recorded as income on the dividend record date.
Shares of Common Stock
All share information has been retroactively adjusted for a 2-for-1
stock split in the form of a 100% stock dividend that was paid on April
22, 1992.
2. Description of the Plan:
The Executive Committee of the Board of Directors of Cash America
International, Inc. (the Company) approved the adoption of the Employee
Monthly Stock Investment Plan (the Plan) effective January 1, 1988.
Eligible employees (as defined in the Plan) who have been employed for
at least five months by the Company may participate in the Plan.
Participation is voluntary.
Voluntary employee contributions to the Plan are made through monthly
payroll deductions up to a maximum of $2,400 per year. The Company
contributes amounts equal to 20% of the participant's contribution.
Contributions are forwarded to the custodian for the purchase of common
stock of the Company.
Each participant's account is credited with (1) the voluntary employee
contribution, (2) the Company's contribution and (3) any dividends or
other income earned on the participant's account. Participants are
fully vested for all assets in their account.
Participants may withdraw in whole or in part from the Plan at any time
by providing written notice of revocation of their payroll deduction
authorization to the Company and receive the shares of Common Stock to
which they are then entitled plus cash for any fractional share to
which they are entitled. If participants terminate their participation
in the Plan entirely (other than by reason of a leave of absence) they
shall be ineligible to again become an active Plan participant for a
period of six months. No charges or deductions are made upon
termination of participants' participation in the Plan or upon the
partial withdrawal of their account thereunder.
4
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CASH AMERICA INTERNATIONAL, INC.
EMPLOYEE MONTHLY STOCK INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
2. Description of the Plan, continued:
The Plan is administered by an officer of the Company who is elected by
the Board of Directors of the Company.
All expenses of instituting and maintaining the Plan in effect plus the
commissions and other charges payable to the custodian of investments
in connection with purchases and safekeeping of shares of common stock
of the Company from payroll deductions and employer contributions are
paid by the Company.
The Company and its subsidiaries have reserved the right to change,
suspend, or terminate the Plan at any time and to suspend
contributions, provided no such change, suspension, or termination
shall deprive participants of their right to any amount previously
contributed by or for them.
3. Suspension of the Plan:
During March 1994, management of the Company, as permitted under the
terms of the Plan, suspended the Plan, effective March 31, 1994.
Participants have been eligible for withdrawals in whole or in part
throughout 1994. Management of the Company currently has no
arrangement to distribute the remaining assets of the Plan.
Distributions have been and will continue to be made in accordance with
the withdrawals from the Plan as described in the Plan prospectus.
The primary reason for suspension of the Plan was due to an amendment
to the Company's 401(k) retirement plan; that plan now offers benefits
similar to the Employee Monthly Stock Investment Plan, in that it
enables participants to use pretax dollars to invest in a fund that
purchases Company Stock.
4. Unrealized Appreciation of Common Stock:
During the years ended December 31, 1994, 1993 and 1992, the Plan's
investment in the common stock of the Company (including stock bought,
sold, and held during the year) appreciated
5
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CASH AMERICA INTERNATIONAL, INC.
EMPLOYEE MONTHLY STOCK INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
4. Unrealized Appreciation of Common Stock, continued:
(depreciated) in value by $18,128, $(68,100) and $14,776, respectively.
Changes in the net appreciation in fair value are as follows:
<TABLE>
<CAPTION>
Net Appreciation in Fair Value
------------------------------
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
Balance at beginning of year $50,011 $118,111 $103,335
Appreciation (depreciation) during the year 18,128 (68,100) 14,776
------- -------- --------
Balance at end of year $68,139 $ 50,011 $118,111
======= ======== ========
</TABLE>
5. Income Tax Status:
Contributions made to the Plan by the Company on behalf of a
participant are taxable as ordinary income to the participant in the
year in which the contribution is made. A participant's own
contributions to the Plan are not deductible for income tax purposes.
Any dividends or other income earned on shares held for a participant
under the Plan are taxable as ordinary income to the participant in the
year received by the Plan. Distribution to a participant of common
stock held for him under the Plan results in no federal income tax
consequences to the participant.
The Plan is not qualified under Section 401(a) of the Internal Revenue
Code.
6
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CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the three separate registration
statements of Cash America International, Inc. on Form S-8, (File No. 33-18150,
File No. 33-29658 and File No. 33-36430) of our report dated March 30, 1995, on
our audits of the financial statements of Cash America International, Inc.
Employee Monthly Stock Investment Plan as of December 31, 1994 and 1993, and
for each of the three years in the period ended December 31, 1994, which
reports are included in this Annual Report on Form 11-K.
/s/ COOPERS & LYBRAND LLP
Fort Worth, Texas
March 30, 1995
