ACE Cash Express Increases Earnings Per Share Guidance
17 December 2003 - 12:56AM
PR Newswire (US)
ACE Cash Express Increases Earnings Per Share Guidance Company
Expects Second Quarter Diluted EPS of $0.30 - $0.32; Raises Fiscal
2004 EPS Expectations to $1.47 - $1.51 DALLAS, Dec. 16
/PRNewswire-FirstCall/ -- ACE Cash Express, Inc. , announced today
that it expects its diluted earnings per share for the quarter
ended December 31, 2003 to be in the range of $0.30 to $0.32 on a
fully diluted basis. Furthermore, ACE now estimates that diluted
earnings per share for its fiscal year ended June 30, 2004 will
range from $1.47 to $1.51; the Company's previous earnings per
share guidance for the quarter was $0.24 to $0.26 and for the
fiscal year was $1.41 to $1.45. The primary catalysts for ACE 's
increased earnings guidance during its second fiscal quarter are:
-- stronger than expected same store revenue increases in its core
business of check cashing, -- stronger than expected increases in
same store loan fees and interest, and -- lower interest expense
due to more efficient cash management of the Company's revolving
line of credit. Jay B. Shipowitz, President and COO commented,
"Despite a challenging job market, we continue to benefit from
focusing on customer service and internal operations, both of which
are enabled by our in-store and corporate technology platform. The
operations excellence model adopted several years ago continues to
enhance revenue and increase our operating efficiency." This
outlook is based upon various assumptions, which include, but are
not limited to, the following: (1) the opening of 40
newly-constructed stores in fiscal 2004, the closure of 15 to 20
stores during the normal course of business in fiscal 2004, but no
other increase or decrease in the number of the Company's owned
stores (whether by acquisition or otherwise) and the opening of 30
franchised stores in fiscal 2004; (2) no material change in the
products or services offered at the Company's locations as of
September 30, 2003 or in the terms or procedures for offering such
products and services; and (3) no material adverse results from any
litigation or regulatory proceedings against the Company, either
currently existing or that may arise in the future. The Company
expects to announce its full financial results for the second
quarter of fiscal 2004 on or about January 29, 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 ACE believes that the current views and expectations
reflected in these forward-looking statements are reasonable, those
views and expectations, and the related statements, are based on
the assumptions of ACE's management and are inherently subject to
risks, uncertainties, and other factors, many of which are not
under ACE'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 those projected in the forward-looking statements. Those
risks, uncertainties, and factors include, but are not limited to,
matters described in ACE's reports filed with the Securities and
Exchange Commission, such as: -- Competition within the
check-cashing industry as well as from banks, saving and loans,
short-term consumer lenders, and other similar financial services
entities and from other retail businesses that offer products and
services offered by ACE; -- Maintenance of relationships with
providers of financing for ACE and with key providers of products
and services either offered by ACE to its customers or used by ACE
in its business; -- Changes in laws, regulations or accounting
standards and decisions or actions taken by courts, regulators and
governmental authorities; -- Availability of financing, suitable
locations, acquisition opportunities and experienced management to
implement ACE's growth strategy; -- Increases in interest rates,
which would increase ACE's borrowing costs; -- Lawsuits and
regulatory proceedings and their respective results, including
settlements. ACE does not assume, but expressly disclaims, any
obligation to update or revise any of these forward-looking
statements, whether because of future events, new information, a
change in ACE's views or expectations, or otherwise. ACE makes no
prediction or statement about the performance of ACE's Common
Stock. About the Company ACE Cash Express, Inc. is headquartered in
Irving, Texas and is the largest owner, operator and franchiser of
check-cashing stores in the United States. Founded in 1968, the
Company had a total network of 1,174 stores, consisting of 968
company-owned stores and 206 franchised stores in 36 states and the
District of Columbia as of September 30, 2003. ACE also operates
self-service machines, which provide check-cashing or other
financial services without the need for a service associate, at 20
company-owned store locations, 22 third-party bill-payment
locations, and, during the tax season, ACE plans to place
approximately 220 machines at H&R Block retail offices. ACE
offers a broad range of check-cashing and other consumer financial
services. ACE is one of the largest providers of MoneyGram wire
transfer transactions, and it offers money orders, bill payment
services, and prepaid local and long distance telecommunication
services. Small, short-term consumer loans are also available to
customers at various ACE company-owned stores. 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 Darla Ashby, Director
of Public Affairs, +1-972-550-5037, or , both of ACE Cash Express,
Inc. Web site: http://www.acecashexpress.com/
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