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RAPAPORT... Cash America Inc. reported that its consolidated revenue fell 4.5 percent year on year to $271.8 million, while net revenue dropped 3.4 percent to $147.1 million during the first quarter that ended on March 31. Expenses were reduced 5.6 percent to $130.9 million. Net income from continuing operations rose 142 percent to $7.8 million; however, the total also reflected a drop of 82.8 percent year on year for net income that was attributable to the company. The value of jewelry being held for one year or less, as of March 31, rose 3.6 percent to $111 million, while it fell 7 percent to $4.7 million for jewelry held for more than one year. Daniel R. Feehan, the CEO of Cash America, said, “Our objectives in the first three months of 2015 were to emphasize the retail disposition of goods and to narrow the year-over-year decrease in our domestic pawn loan balance comparison coming out of tax refund season. We were successful on both of these objectives. Retail sales of goods within our store locations increased 7 percent in the first quarter of 2015 compared to the same period in 2014. Domestic pawn loan balances ended the period at $210.1 million on March 31, compared to $212.9 million during the same period in 2014, which was 1 percent below the prior year, but evidencing a favorable sequential trend as we started the period down 2 percent as of December 31, 2014.”
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