FIRSTCASH, INC. (NYSE:FCFS) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition.
On October25, 2018, FirstCash, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine month periods ended September30, 2018, the Board of Directors’ declaration of a fourth quarter cash dividend of $0.25 per common share and the Board of Directors’ authorization of an additional $100 million of share repurchases (the “Earnings Release”). The Earnings Release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety into this Item 2.02.
The information provided in this Item 2.02, including the Earnings Release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.
Item 8.01 Other Events.
On October 25, 2018, the Company announced that the Board of Directors authorized the Company, effective upon the completion of the current plan, to repurchase up to $100 million additional shares of its common stock (the “New Authorization”). The Board of Directors made this determination after considering the Company's liquidity needs and capital resources as well as the estimated current value of the Company's assets.
Under the New Authorization, the Company may purchase common stock in open market transactions, block purchases or other privately negotiated transactions, from time to time to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act or by any combination of such methods. The number of shares to be purchased and the timing of the purchases are based on a variety of factors, including, but not limited to, the level of cash balances, credit availability, debt covenant restrictions, general business conditions, regulatory requirements, the market price of the Company's stock, dividend policy and the availability of alternative investment opportunities. No time limit was set for completion of repurchases under the New Authorization and the program may be suspended or discontinued at any time.
Item 9.01 Financial Statements and Exhibits.
FIRSTCASH, INC ExhibitEX-99.1 2 fcfs10252018exhibit991.htm EXHIBIT 99.1 PRESS RELEASE Exhibit EXHIBIT 99.1FirstCash Reports Record Third Quarter Results;Adds 170 Stores for the Quarter and 403 Stores Year-To-Date;Increases Quarterly Dividend by 14% to $0.25 per Share;Adds Additional $100 Million Repurchase Authorization ____________________________________________________________Fort Worth,…To view the full exhibit click here
About FIRSTCASH, INC. (NYSE:FCFS)
FirstCash, Inc., formerly First Cash Financial Services, Inc., is an operator of retail-based pawn stores in the United States and Mexico. The Company’s primary business is the operation of pawn stores, which make small pawn loans secured by personal property. Its pawn stores generate retail sales from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. The Company’s pawn stores are a source for small consumer loans to help customers meet their short-term cash needs. In addition, some of its pawn stores offer small consumer loans or credit services products. As of December 31, 2015, the Company had 1,075 locations, consisting of 338 stores across 14 states of the United States, 705 stores across 29 states in Mexico and 32 stores in Guatemala. It operates a number of standalone consumer finance stores in Texas and Mexico, which provide consumer financial services products, including credit services and small unsecured consumer loans.