First Cash Financial (FCFS) Acquires Assets of 2 Pawn Stores in Dallas; Reaffirms FY09 Outlook
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- First Cash Financial (FCFS) Acquires Assets of 2 Pawn Stores in Dallas; Reaffirms FY09 Outlook
First Cash Financial Services, Inc. (Nasdaq: FCFS) announced today that it has acquired the assets of two pawn stores located in Dallas, Texas. In addition, the Company re-affirmed its FY09 earnings guidance of $1.36-$1.38 per share. The Street is currently looking for FY09 EPS of $1.37.
First Cash is acquiring the pawn loans receivable, inventory and all other operating assets at the two Dallas pawn store locations for a total purchase price of $1.3 million, which is being paid in cash. Rick Wessel, First Cash's Chief Executive Officer, stated, "We believe this is an excellent acquisition in a very good pawn market and will complement our existing 28 Dallas/Fort Worth-area locations. These acquired stores are profitable and fit well into our long-term strategy for growing our core pawn business." With the acquisition of these stores, First Cash now operates 243 stores in the U.S., 295 stores in Mexico and 538 stores in total.
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