FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended Commission File Number:
January 31, 1998 0-19133
FIRST CASH, INC.
----------------
(Exact name of registrant as specified in its charter)
Delaware 75-2237318
(State of Incorporation) (IRS Employers
Identification Number
690 East Lamar, Suite 400
Arlington, Texas 76011
(Address of principal executive offices) (Zip Code)
(817)460-3947
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
--- ---
As of March 12, 1998, there were 4,466,792 shares of Company common stock, par
value $.01 per share ("Common Stock"), issued and outstanding.
Part I. Financial Information
Item 1. Financial Statements
- ------------------------------
<TABLE>
FIRST CASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
January 31, July 31,
1998 1997
---- ----
(unaudited)
(in thousands, except
share data)
<S> <C> <C>
ASSETS
Cash and cash equivalents............................. $ 1,294 $ 1,139
Service charges receivable............................ 2,012 1,949
Loans................................................. 13,455 12,877
Inventories........................................... 11,375 10,035
Prepaid expenses and other current assets............. 2,853 1,122
--------- ---------
Total current assets............................. 30,989 27,122
Property and equipment, net........................... 6,635 6,554
Intangible assets, net................................ 22,626 22,256
Other................................................. 695 745
--------- ---------
$ 60,945 $ 56,677
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt and notes payable... $ 365 $ 942
Accounts payable and accrued expenses................. 1,943 2,437
Income taxes payable.................................. 480 127
--------- ---------
Total current liabilities........................ 2,788 3,506
Revolving credit facility............................. 19,425 15,575
Long-term debt and notes payable, net of
current portion...................................... 1,770 2,735
Debentures Due 1999................................... 6,022 6,022
Debentures Due 2004................................... 500 500
Deferred income taxes................................. 2,301 2,060
--------- ---------
32,806 30,398
--------- ---------
Stockholders' equity:
Preferred stock; $.01 par value; 10,000,000
shares authorized; no shares issued
or outstanding.................................. - -
Common stock; $.01 par value; 20,000,000 shares
authorized; 4,937,751 and 4,931,376 shares
issued, respectively; 4,466,792 and 4,460,417
shares outstanding, respectively................ 50 50
Additional paid-in capital....................... 21,032 21,005
Retained earnings................................ 9,322 7,489
Common stock held in treasury, at cost,
470,959 shares.................................. (2,265) (2,265)
--------- ---------
28,139 26,279
--------- ---------
$ 60,945 $ 56,677
========= =========
</TABLE>
The accompanying notes are an integral
part of these condensed consolidated financial statements.
<TABLE>
FIRST CASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
-------------------------------------------
Three Months Ended Six Months Ended
January 31, January 31, January 31, January 31,
1998 1997 1998 1997
---- ---- ---- ----
(unaudited, in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Revenues:
Merchandise sales.......... $ 9,713 $ 9,262 $ 18,186 $ 16,009
Pawn service charges....... 4,803 4,204 9,434 8,266
Other...................... 96 71 171 142
-------- -------- -------- --------
14,612 13,537 27,791 24,417
-------- -------- -------- --------
Cost of goods sold and expenses:
Cost of goods sold......... 6,585 6,423 12,424 11,051
Operating expenses......... 4,504 3,975 8,743 7,585
Interest expense........... 533 637 1,079 1,201
Depreciation............... 213 180 409 342
Amortization............... 168 159 334 315
Administrative expenses.... 897 971 1,858 1,843
-------- -------- -------- --------
12,900 12,345 24,847 22,337
-------- -------- -------- --------
Income before income taxes...... 1,712 1,192 2,944 2,080
Provision for income taxes...... 637 396 1,111 731
-------- -------- -------- --------
Net income...................... $ 1,075 $ 796 $ 1,833 $ 1,349
======== ======== ======== ========
Basic earnings per share........ $ .24 $ .21 $ .41 $ .36
Diluted earnings per share...... $ .18 $ .15 $ .31 $ .27
</TABLE>
The accompanying notes are an integral
part of these condensed consolidated financial statements.
<TABLE>
FIRST CASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
Six-Month Period
Ended January 31,
-----------------
1998 1997
---- ----
(unaudited, amounts in thousands)
<S> <C> <C>
Cash flows from operating activities:
Net income...................................... $ 1,833 $ 1,349
Adjustments to reconcile net income to net
cash flows from operating activities:
Depreciation and amortization................ 743 657
(Increase) decrease in:
Service charges receivable................... 5 48
Inventories.................................. (1,200) (1,343)
Prepaid expenses and other assets............ (1,681) (729)
Increase (decrease) in:
Accounts payable and accrued expenses........ (500) (76)
Income taxes payable......................... 594 (21)
-------- --------
Net cash flows from operating activities. (206) (115)
-------- --------
Cash flows from investing activities:
Net (increase) decrease in loans................ (132) 34
Purchases of property and equipment............. (378) (434)
Acquisition of existing stores.................. (1,464) (1,965)
-------- --------
Net cash flows from investing activities. (1,974) (2,365)
-------- --------
Cash flows from financing activities:
Proceeds from debt.............................. 3,179 11,373
Repayments of debt.............................. (871) (8,147)
Proceeds from exercise of stock options......... 27 117
-------- --------
Net cash flows from financing activities. 2,335 3,343
-------- --------
Increase in cash and cash equivalents.............. 155 863
Cash and cash equivalents at beginning
of the period..................................... 1,139 680
-------- --------
Cash and cash equivalents at end of the period..... $ 1,294 $ 1,543
======== ========
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest................................. $ 1,087 $ 1,139
======== ========
Income taxes............................. $ 510 $ 765
======== ========
</TABLE>
The accompanying notes are an integral
part of these condensed consolidated financial statements.
FIRST CASH, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
(UNAUDITED)
Note 1 - Basis of Presentation
- ------------------------------
The accompanying unaudited consolidated financial statements, including the
notes thereto, include the accounts of First Cash, Inc. and its wholly-owned
subsidiaries, American Loan & Jewelry, Inc., Famous Pawn, Inc., Capital
Pawnbrokers, Inc. and Silver Hill Pawn, Inc. Such unaudited consolidated
financial statements are condensed and do not include all disclosures and
footnotes required by generally accepted accounting principles for complete
financial statements. Such interim period financial statements should be read
in conjunction with the Company's consolidated financial statements which are
included in the Company's 1997 Annual Report to Stockholders. All significant
intercompany accounts and transactions have been eliminated in consolidation.
The consolidated financial statements as of January 31, 1998 and for the periods
ended January 31, 1998 and 1997 are unaudited, but in management's opinion,
include all adjustments (consisting of only normal recurring adjustments)
considered necessary to present fairly the financial position, results of
operations and cash flows for such interim periods. Operating results for the
period ended January 31, 1998 are not necessarily indicative of the results that
may be expected for the full fiscal year.
Note 2 - Revolving Credit Facility
- ----------------------------------
Effective November 1, 1997, the Company increased its long-term line of
credit with its senior commercial lender to $35,000,000 (the "Credit Facility").
At January 31, 1998, $19,425,000 was outstanding under this Credit Facility and
an additional $7,069,000 was available to the Company pursuant to the available
borrowing base. The Credit Facility bears interest at the prevailing LIBOR rate
plus one percent, and matures on November 1, 2000. Amounts available under the
Credit Facility are limited to 325% of the Company's earnings before income
taxes, interest, depreciation and amortization for the trailing twelve months.
Under the terms of the Credit Facility, the Company is required to maintain
certain financial ratios and comply with certain technical covenants. The
Company was in compliance with these requirements and covenants during the first
six months of fiscal 1998 and as of March 12, 1998.
Note 3 - Business Acquisitions
- ------------------------------
In August, September, and October 1997, the Company acquired the assets of
seven individual stores in various regions where the Company operates. In
December 1997, the Company acquired 100% of the common stock of Silver Hill
Pawn, Inc. and Capital Pawnbrokers, Inc., which operate one store each. In
February and March 1998, the Company acquired the assets of two individual
stores, bringing the Company's total number of stores owned to sixty-eight.
These acquisitions were financed with proceeds from the Company's Credit
Facility.
Note 4 - Earnings Per Share
- ---------------------------
In February 1997, the Financial Accounting Standards Board issued Financial
Accounting Standard No. 128, "Earnings Per Share" ("FAS 128"), which became
effective for periods ending after December 15, 1997. FAS 128 establishes
standards for computing and presenting earnings per share for entities with
publicly held common stock or potential common stock. Basic and diluted
earnings per share for the three and six month periods ended January 31, 1998
have been calculated in accordance with FAS 128. Earnings per share for prior
periods have been restated to conform with FAS 128.
The following table sets forth the computation of basic and diluted
earnings per share (in thousands, except per share data):
<TABLE>
Three Months Ended Six Months Ended
------------------ ----------------
January 31, January 31, January 31, January 31,
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Numerator:
Net income for calculating
basic earnings per share $ 1,075 $ 796 $ 1,833 $ 1,349
Plus interest expense,
net of taxes, relating to
convertible debentures 120 171 240 344
-------- -------- -------- --------
Net income for calculating
diluted earnings per share $ 1,195 $ 967 $ 2,073 $ 1,693
======== ======== ======== ========
Denominator:
Weighted-average common
shares for calculating basic
earnings per share 4,466 3,730 4,464 3,716
Effect of dilutive securities:
Stock options and warrants 935 594 898 496
Convertible debentures 1,402 2,100 1,402 2,109
-------- -------- -------- --------
Weighted-average common
shares for calculating
diluted earnings per share 6,803 6,424 6,764 6,321
======== ======== ======== ========
Basic earnings per share $ .24 $ .21 $ .41 $ .36
Diluted earnings per share $ .18 $ .15 $ .31 $ .27
</TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------------------------------------------------
GENERAL
- -------
The Company's revenues are derived primarily from service charges on pawn
loans and the sale of unredeemed goods, or "merchandise sales". Loans are made
for a 30-day term with an automatic extension of 60 days in Texas, 30 days in
Oklahoma and 15 to 45 days in Maryland and Washington, DC. All loans are
collateralized by tangible personal property placed in the custody of the
Company. The annualized service charge rates on the loans are set by state laws
and range between 12% and 240% in Texas and 36% and 240% in Oklahoma, depending
on the amount of the loan. In Maryland, annualized service charge rates range
from 144% to 240%, with a $6 monthly minimum. In Washington, DC, loans up to
$40 bear a flat $2 charge per month, while loans over $40 bear a 60% annualized
rate. In its Texas stores, the Company recognizes service charges at the
inception of the loan at the lesser of the statutory amount for the initial 30-
day term or $15, in accordance with state law. In Oklahoma, Maryland and
Washington, DC the Company recognizes service charges at the inception of the
loan at the amount allowed by law for the first 30 days. Pawn service charge
income applicable to the remaining term and/or extension period is not
recognized until the loan is repaid or renewed. If a loan is not repaid prior
to the expiration of the automatic extension period, the property is forfeited
to the Company and held for resale.
As a result of the Company's policy of accruing pawn service charges only
for the initial 30-day term, unredeemed merchandise is transferred to inventory
at a value equal to the loan principal plus one-month's accrued interest. The
Company's accounting policy defers recognition of an amount of income equal to
the amount of pawn service charges relating to the remaining term and/or
extension period until the loan is repaid, renewed, or until the merchandise is
resold. As a result of this policy, the Company's annualized loan yield is
lower than certain of its publicly traded competitors. Conversely, this revenue
recognition policy results in inventory being recorded at a lower value, which
results in realization of a larger gross profit margin on merchandise sales than
would be realized by certain of its publicly traded competitors, which lessens
the risk that the inventory's cost will exceed its realizable value when sold.
However, if the pawn loan is repaid or renewed, or if the forfeited merchandise
is resold, the amount of income which would be recognized by the Company or
certain of its publicly traded competitors would be the same over time.
Although the Company has had significant increases in revenues due to
acquisitions and store openings, the Company has also incurred increases in
operating expenses attributable to the additional stores and increases in
administrative expenses attributable to establishing a management team and
supporting personnel associated with the Company's growth. Operating expenses
consist of all items directly related to the operation of the Company's stores,
including salaries and related payroll costs, rent, utilities, equipment
depreciation, advertising, property taxes, licenses, supplies and security.
Administrative expenses consist of items relating to the operation of the
corporate office, including the salaries of corporate officers, area supervisors
and other management, accounting and administrative costs, liability and
casualty insurance, outside legal and accounting fees and stockholder-related
expenses.
RESULTS OF OPERATIONS
- ---------------------
Six months ended January 31, 1998 compared to six months ended January 31, 1997
- -------------------------------------------------------------------------------
Total revenues increased 14% to $27,791,000 for the six months ended
January 31, 1998 (the "Six-Month 1998 Period") as compared to $24,417,000 for
the six months ended January 31, 1997 (the "Six-Month 1997 Period"). Of the
$3,374,000 increase in total revenues, $1,132,000 relates to the 50 stores which
were in operation throughout both the Six-Month 1997 Period and the Six-Month
1998 Period. The remaining increase of $2,242,000 resulted from revenues
generated by 16 stores which were acquired or opened subsequent to August 1,
1996. In addition, 64% of the increase in total revenues, or $2,177,000, was
attributable to increased merchandise sales, 35%, or $1,168,000, was
attributable to increased pawn service charges, and the remaining increase of
$29,000 was attributable to the increase in other income, including management
fee revenue. As a percentage of total revenues, merchandise sales were 65%,
pawn service charges were 34%, and other income was 1% during both the Six-Month
1998 Period and the Six-Month 1997 Period. The gross profit as a percentage of
merchandise sales increased from 31% during the Six-Month 1997 Period to 32%
during the Six-Month 1998 Period.
The aggregate loan balance increased 11% from $12,138,000 at January 31,
1997 to $13,455,000 at January 31, 1998. Of the $1,317,000 increase, $658,000
was attributable to the addition of 11 stores since January 31, 1997. The
remaining increase of $659,000 was due to the 5% increase in same-store loan
balances at the 55 stores in operation at both January 31, 1997 and January 31,
1998. The annualized yield on the average aggregate loan balance increased to
143% during the Six-Month 1998 Period compared to 139% during the Six-Month 1997
Period.
Operating expenses increased 15% to $8,743,000 during the Six-Month 1998
Period compared to $7,585,000 during the Six-Month 1997 Period, primarily as a
result of the addition of 16 stores subsequent to August 1, 1996, as well as
overall higher revenues at the Company's existing stores. Administrative
expenses increased 1% to $1,858,000 during the Six-Month 1998 Period compared to
$1,843,000 during the Six-Month 1997 Period. Interest expense decreased to
$1,079,000 in the Six-Month 1998 Period compared to $1,201,000 in the Six-Month
1997 Period as a result of lower interest rates on the Company's borrowings, and
due to the conversion into common stock of certain convertible debentures during
fiscal 1997.
For the Six-Month 1998 and 1997 Periods, the Company's tax provisions of
38% and 35%, respectively, of income before income taxes differed from the
statutory rate of 34% primarily due to state income taxes, net of the federal
tax benefit.
Three months ended January 31, 1998 compared to three months ended
January 31, 1997
- ------------------------------------------------------------------------------
Total revenues increased 8% to $14,612,000 for the three month period ended
January 31, 1998 ("the Second Quarter of Fiscal 1998") as compared to
$13,537,000 for the three month period ended January 31, 1997 ("the Second
Quarter of Fiscal 1997"). Of the $1,075,000 increase in total revenues,
$164,000 relates to the 54 stores which were in operation throughout both the
Second Quarter of Fiscal 1998 and the Second Quarter of Fiscal 1997. The
remaining increase of $911,000 resulted from revenues generated by 12 stores
which were opened subsequent to November 1, 1996. In addition, 42% or $451,000
of the increase in total revenues was attributable to increased merchandise
sales, 56% or $599,000 was attributable to increased pawn service charges, and
the remaining increase of $25,000 was attributable to the increase in other
income. As a percentage of total revenues, merchandise sales decreased from 68%
to 66%, and pawn service charges increased from 31% to 33%, during the Second
Quarter of Fiscal 1998 as compared to the Second Quarter of Fiscal 1997. The
gross profit as a percentage of merchandise sales increased from 31% during the
Second Quarter of Fiscal 1997 to 32% during the Second Quarter of Fiscal 1998.
The aggregate loan balance increased 11% from $12,138,000 at January 31,
1997 to $13,455,000 at January 31, 1998. Of the $1,317,000 increase, $658,000
was attributable to the addition of 11 stores since January 31, 1997. The
remaining increase of $659,000 was due to the 5% increase in same-store loan
balances at the 55 stores in operation at both January 31, 1997 and January 31,
1998. The annualized yield on the average aggregate loan balance increased to
142% during the Second Quarter of Fiscal 1998 compared to 137% during the Second
Quarter of Fiscal 1997.
Operating expenses increased 13% to $4,504,000 during the Second Quarter of
Fiscal 1998 compared to $3,975,000 during the Second Quarter of Fiscal 1997,
primarily as a result of the 12 stores added subsequent to November 1, 1996, and
higher overall revenues at the Company's existing stores. Administrative
expenses decreased 8% to $897,000 during the Second Quarter of Fiscal 1998
compared to $971,000 during the Second Quarter of Fiscal 1997. Interest expense
decreased to $533,000 in the Second Quarter of Fiscal 1998 compared to $637,000
in the Second Quarter of Fiscal 1997 as a result of lower interest rates on the
Company's borrowings, and due to the conversion into common stock of certain
convertible debentures during fiscal 1997.
For the Second Quarters of Fiscal 1998 and Fiscal 1997, the Company's tax
provisions of 37% and 33%, respectively, of income before income taxes differed
from the statutory rate of 34% primarily due to state income taxes, net of the
federal tax benefit.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Company's operations and acquisitions have been financed with funds
generated from operations, bank borrowings, seller-financed indebtedness, the
private placement of convertible debentures.
Effective November 1, 1997, the Company increased its long-term line of
credit with its senior commercial lender to $35,000,000 (the "Credit Facility").
At January 31, 1998, $19,425,000 was outstanding under this Credit Facility and
an additional $7,069,000 was available to the Company pursuant to the available
borrowing base. The Credit Facility bears interest at the prevailing LIBOR rate
plus one percent, and matures on November 1, 2000. Amounts available under the
Credit Facility are limited to 325% of the Company's earnings before income
taxes, interest, depreciation and amortization for the trailing twelve months.
Under the terms of the Credit Facility, the Company is required to maintain
certain financial ratios and comply with certain technical covenants. The
Company was in compliance with these requirements and covenants during the first
six months of fiscal 1998 and as of March 12, 1998.
In August, September, and October 1997, the Company acquired the assets of
seven individual stores in various regions where the Company operates. In
December 1997, the Company acquired 100% of the common stock of Silver Hill
Pawn, Inc. and Capital Pawnbrokers, Inc., which operate one store each. In
February and March 1998, the Company acquired the assets of two individual
stores, bringing the Company's total number of stores owned to sixty-eight.
These acquisitions were financed with proceeds from the Company's Credit
Facility.
As of January 31, 1998, the Company's primary sources of liquidity were
$1,294,000 in cash and cash equivalents, $2,012,000 in service charges
receivable, $13,455,000 in loans, $11,375,000 in inventories and $7,069,000 of
available and unused funds under the Company's Credit Facility. The Company had
working capital as of January 31, 1998 of $28,201,000 and a total liabilities to
equity ratio of 1.17 to 1.
Net cash used by operating activities for the Company during the Six-Month
1998 Period was $206,000 as compared with $115,000 during the Six-Month 1997
Period. Net cash used for investing activities during the Six-Month 1998 Period
was $1,974,000 as compared with $2,365,000 during the Six-Month 1997 Period.
Net cash provided by financing activities of $2,335,000 during the Six-Month
1998 Period relates primarily to net borrowings under the Company's Credit
Facility, as compared to $3,343,000 during the Six-Month 1997 Period.
The profitability and liquidity of the Company are affected by the amount
of loans outstanding, which is controlled in part by the Company's loan
decisions. The Company is able to influence the frequency of forfeiture of
collateral by increasing or decreasing the amount loaned in relation to the
resale value of the pledged property. Tighter credit decisions generally result
in smaller loans in relation to the estimated resale value of the pledged
property and can thereby decrease the Company's aggregate loan balance and,
consequently, decrease pawn service charges. Additionally, small loans in
relation to the pledged property's estimated sale value tend to increase loan
redemptions and improve the Company's liquidity. Conversely, providing larger
loans in relation to the estimated sale value of the pledged property can result
in an increase in the Company's pawn service charge income. Also larger average
loan balances can result in an increase in loan forfeitures, which increases the
quantity of goods on hand and, unless the Company increases inventory turnover,
reduces the Company's liquidity. In each of the Company's last three fiscal
years, at least 70% of the amounts loaned were either paid in full or renewed.
The Company's renewal policy allows customers to renew pawn loans by repaying
all accrued interest on such pawn loans. In addition to these factors, the
Company's liquidity is affected by merchandise sales and the pace of store
expansions.
Management believes that the Credit Facility, current assets and cash
generated from operations will be sufficient to accommodate the Company's
current operations for at least the next twelve months. The Company has no
significant capital commitments as of March 12, 1998. The Company currently has
no written commitments for additional borrowings or future acquisitions;
however, the Company intends to continue to grow and will likely seek additional
capital to facilitate expansion. The Company will evaluate acquisitions, if
any, based upon opportunities, acceptable financing, purchase price, strategic
fit and qualified management personnel.
The Company intends to continue to engage in a plan of expansion through
existing store acquisitions and new store openings. While the Company
continually looks for, and is presented with, potential acquisition candidates,
the Company has no definitive plans or commitments for further acquisitions. If
the Company encounters an attractive opportunity to acquire or open a new store
in the near future, the Company will seek additional financing, the terms of
which will be negotiated on a case-by-case basis. Between August 1, 1997 and
March 12, 1998, the Company has acquired eleven individual stores in various
regions where the Company operates. These acquisitions were financed with
proceeds from the Company's Credit Facility.
FORWARD LOOKING INFORMATION
- ---------------------------
Statements, either written or oral, which express the Company's expectation
for the future with respect to financial performance or operating strategies can
be identified as "forward-looking statements." These statements are made to
provide the public with management's assessment of the Company's business. The
Company may or may not update information contained in previously released
forward-looking statements and does not assume the duty to do so.
Certain portions of this report contain forward-looking statements,
particularly the portion captioned "Liquidity and Capital Resources". Factors
such as changes in regional or national economic or competitive conditions,
changes in government regulations, changes in regulations governing pawn service
charges, unforeseen litigation, changes in interest rates or tax rates,
significant changes in the prevailing market price of gold, future business
decisions and other uncertainties may cause results to differ materially from
those anticipated by some of the statements made in this report. Such factors
are difficult to predict and many are beyond the control of the Company.
PART II. OTHER INFORMATION
---------------------------
ITEM 4. Submission of matters to a vote of security holders
- ------------------------------------------------------------
On December 16, 1997, the Company held its annual meeting of stockholders
and its stockholders voted for (or ratified) the following proxy proposals as a
result of a majority of the Company's outstanding capital stock voting in favor
of the proposals. The proposals ratified at the December 16, 1997 annual
stockholders' meeting are as follows:
1. The stockholders ratified the selection of Deloitte & Touche LLP as
independent auditors of the Company for the fiscal year ending July
31, 1998.
ITEM 6. Exhibits and reports on Form 8-K
- -----------------------------------------
a. Exhibits
27.0 Financial Data Schedules (Edgar version only)
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: March 12, 1998 FIRST CASH, INC.
----------------
(Registrant)
Phillip E. Powell Rick L. Wessel
- ------------------------ -------------------------
Phillip E. Powell Rick L. Wessel
Chairman of the Board and Chief Accounting Officer
Chief Executive Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
condensed consolidated balance sheets and condensed consolidated statements of
income found in the company's Form 10-Q for the year to date, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JAN-31-1998
<CASH> 1,294
<SECURITIES> 0
<RECEIVABLES> 15,467
<ALLOWANCES> 0
<INVENTORY> 11,375
<CURRENT-ASSETS> 30,989
<PP&E> 6,635
<DEPRECIATION> 0
<TOTAL-ASSETS> 60,945
<CURRENT-LIABILITIES> 2,788
<BONDS> 0
0
0
<COMMON> 50
<OTHER-SE> 28,089
<TOTAL-LIABILITY-AND-EQUITY> 60,945
<SALES> 18,186
<TOTAL-REVENUES> 27,791
<CGS> 12,424
<TOTAL-COSTS> 12,424
<OTHER-EXPENSES> 11,344
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,079
<INCOME-PRETAX> 2,944
<INCOME-TAX> 1,111
<INCOME-CONTINUING> 1,833
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,833
<EPS-PRIMARY> .41
<EPS-DILUTED> .31
</TABLE>
