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First Cash Boosts Profits by Expanding Pawn Business

By   /   January 28, 2013  /   No Comments

First Cash Financial Service Inc. reported a 29 percent increase in income in the fourth quarter.  The Arlington, TX based company bought more pawn shops in the U.S. and Mexico and scaled back its payday lending business.  According to First Cash, payday lending, which is heavily scrutinized by federal regulators, now makes up less than one-tenth of the company’s revenue.  Net income for the three months leading up to December 31st was $27.6 million, or 93 cents per share, up from $21.5 million or 70 cents per share for the same period last year.  The increase can be attributed to the growing number of pawn shops.  Since the first quarter First Cash has added 68 new locations as well as acquired 75 existing stores, and has closed seven payday locations.  Pawn fees and sales have generated most of the new revenue for First Cash.

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