MINNEAPOLIS, Nov. 11 /PRNewswire-FirstCall/ -- Alliant Techsystems (NYSE: ATK) today reported that fully diluted earnings per share (EPS) in the second quarter of fiscal year 2010 (FY10), which ended on October 4, 2009, rose 24 percent to $2.19, compared to $1.77(1) in the prior-year quarter. The results were driven by top line sales growth, improved operating margins, a reduced diluted share count, and reduced interest expense, partially offset by increased pension expense. Based on the strength of the company's performance through the first half of the year, ATK is raising its full-year EPS, sales and cash flow forecast.
Sales for the quarter rose 11 percent to $1.2 billion, driven by continued strength in the company's Armament Systems and Mission Systems groups, partially offset by expected lower sales in the company's Space Systems group. Net income in the second quarter was up 18 percent to $73 million. Second quarter margins reached 11.2 percent. Orders in the quarter of $1.1 billion were in line with the company's expectations.
"ATK's second quarter performance was strong. We achieved double-digit sales and earnings growth, improved company-wide margins, and generated significant free cash flow," said John Shroyer, interim CEO, Senior Vice President, and CFO. "I am particularly pleased with the growth of our commercial businesses both in ammunition, aircraft structures and elsewhere across the company. We are well positioned for continued strength in the second half of the year and are raising our full-year guidance."
SUMMARY OF REPORTED RESULTS
The following table presents the company's results for the second quarter of fiscal year 2010, which ended on October 4, 2009 (in thousands).
Sales:
Quarters Ended
--------------
October 4, September 28, $ %
2009 2008 Change Change
------- --------- ------ ------
ATK Armament
Systems $553,969 $422,862 $131,107 31.0%
ATK Mission
Systems 304,392 280,542 23,850 8.5%
ATK Space
Systems 349,603 388,547 (38,944) (10.0)%
------- ------- -------
Total sales $1,207,964 $1,091,951 $116,013 10.6%
========== ========== ========
Six Months Ended
----------------
October 4, September 28, $ %
2009 2008 Change Change
---- ----- ------ ------
ATK Armament
Systems $1,106,384 $864,436 $241,948 28.0%
ATK Mission
Systems 596,943 557,045 39,898 7.2%
ATK Space
Systems 713,771 795,335 (81,564) (10.3)%
------- ------- -------
Total sales $2,417,098 $2,216,816 $200,282 9.0%
========== ========== ========
Income before Interest, Income Taxes, and Noncontrolling Interest (Operating Profit):
Quarters Ended
--------------
October 4, September 28, $ %
2009 2008 Change Change
------ ----- ------ ------
ATK Armament
Systems $67,718 $42,969 $24,749 57.6%
ATK Mission
Systems 32,962 35,785 (2,823) (7.9)%
ATK Space
Systems 38,722 47,982 (9,260) (19.3)%
Corporate (4,528) (6,091) 1,563 25.7%
------ ------ -----
Total operating
profit $134,874 $120,645 $14,229 11.8%
======== ======== =======
Six Months Ended
----------------
October 4, September 28, $ %
2009 2008 Change Change
------- --------- ------ ------
ATK Armament
Systems $128,933 $87,129 $41,804 48.0%
ATK Mission
Systems 66,213 68,619 (2,406) (3.5)%
ATK Space
Systems 79,845 84,224 (4,379) (5.2)%
Corporate (8,745) (10,995) 2,250 20.5%
------ ------- -----
Total operating
profit $266,246 $228,977 $37,269 16.3%
======== ======== =======
SEGMENT RESULTS
ATK operates three principal business groups: Armament Systems; Mission Systems; and Space Systems.
ATK ARMAMENT SYSTEMS
Sales in the second quarter of FY10 increased 31 percent to $554 million, compared to $423 million in the prior-year quarter. Eagle Industries, which is now the Tactical Systems division, contributed $14 million of sales in the quarter. Organic sales increased 28 percent, driven by the company's non-standard ammunition contract for Afghan Security Forces, higher military ammunition sales, higher sales volume in commercial ammunition across all channels (retail, law enforcement and international), and increased facility modernization funds.
Earnings before interest, taxes, and noncontrolling interest (operating profit) in the second quarter rose 58 percent to $68 million, compared to $43 million in the prior-year quarter. The increase was driven by additional sales volume and improved profitability across Armament Systems. Demand remained strong for ATK's commercial ammunition brands and products. The higher operating profit was partially offset by $11 million of non-cash charges primarily due to the early retirement of assets related to the company's TNT production facility, and higher pension expense.
ATK MISSION SYSTEMS
Second quarter sales rose nine percent to $304 million compared to $281 million in the prior-year quarter. The increase reflects higher sales volume in commercial and military aircraft structures, and advanced weapons programs, partially offset by lower sales of special mission aircraft.
Operating profit of $33 million was down slightly from $36 million in the prior-year quarter. The decline was driven by additional investments made on advanced weapons programs, reduced incentive fees on a missile defense program, and higher pension expense, partially offset by higher volumes of commercial and military aircraft structures.
ATK SPACE SYSTEMS
Second quarter sales in the Space Systems group of $350 million were in line with the company's expectations, and down 10 percent from $389 million in the prior-year quarter. The decrease reflects the expected draw down of the Minuteman III program and the termination of the Kinetic Energy Interceptor, partially offset by higher sales in spacecraft structures and components.
Operating profit for the group was $39 million, also in-line with expectations, and down 19 percent from the prior-year quarter. The decrease reflects the draw down of the Minuteman III program and higher pension expense.
CORPORATE AND OTHER
In the second quarter, corporate and other expenses totaled $5.0 million compared to $6.0 million recorded in the prior-year quarter. The share count was 33.1 million, compared to 34.8 million in the prior-year quarter.
OUTLOOK
Based on the continued strong operating performance of the company, and better visibility into the remainder of the year, ATK is raising its full-year sales, EPS and free cash flow guidance. ATK now expects full-year FY10 fully diluted EPS in a range of $8.60 - $8.75, up from previous guidance of $8.45 - $8.60. Full-year sales are now expected to be in a range of $4.825 -$4.875 billion, up from previous expectations of $4.80 - $4.85 billion. The company now expects to generate free cash flow of approximately $150 million, up from previous expectations of $110 - $130 million. The free cash flow expectation includes the impact of the $150 million pension contribution made in the first quarter of FY10 (see reconciliation table for details). The company continues to expect an average share count of approximately 33.5 million, and an effective tax rate for the year of approximately 37 percent. Full-year pension expenses are expected to be approximately $70 million. Capital expenditures in FY10 are anticipated to be approximately $130 million.
Reconciliation of Non-GAAP Financial Measures
Free Cash Flow
Free cash flow is defined as cash provided by operating activities less capital expenditures. ATK management believes free cash flow provides investors with an important perspective on the cash available for debt repayment, share repurchase, and acquisitions after making the capital investments required to support ongoing business operations. ATK management uses free cash flow internally to assess both business performance and overall liquidity.
Projected Year
Ending
March 31, 2010
--------------
Cash provided by operating ~ $280,000
activities
Capital expenditures ~(130,000)
---------
Free cash flow ~ $150,000*
=========
* Includes the impact of the $150 million pension contribution made in
the first quarter of FY10
ATK is a premier aerospace and defense company with more than 18,000 employees in 22 states, Puerto Rico and internationally, and revenues in excess of $4.8 billion. News and information can be found on the Internet at www.atk.com.
Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected. Among these factors are: assumptions related to the Ares I and Ares V programs for NASA; changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; risks inherent in the development and manufacture of advanced technology; increases in commodity costs, energy prices, and production costs; the terms and timing of awards and contracts; program performance; program terminations; changes in cost estimates related to relocation of facilities; the outcome of contingencies, including litigation and environmental remediation; actual pension asset returns and assumptions regarding future returns, discount rates and service costs; capital market volatility and corresponding assumptions related to the company's shares outstanding; the availability of capital market financing; changes to accounting standards; changes in tax rules or pronouncements; economic conditions; and the company's capital deployment strategy, including debt repayment, share repurchases, pension funding, mergers and acquisitions and any integration thereof. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.
(1) At the beginning of the company's fiscal year on April 1, 2009, ATK retrospectively adopted FSP APB14-1 "Accounting for Convertible Debt Instruments that may be settled is cash upon conversion" (FSP 14-1) and was required to restate certain financial information for all prior periods. The adoption resulted in an increase to non-cash interest expense of $11.718 million ($6.995 million net of tax, or $0.20 diluted EPS) for the quarter ended September 28, 2008. All fiscal 2009 financial amounts included in this press release have been restated to reflect the adoption of FSP 14-1.
Media Contact: Investor Contact:
Bryce Hallowell Jeff Huebschen
Phone: 952-351-3087 Phone: 952-351-2929
E-mail: bryce.hallowell@atk.com E-mail: jeff.huebschen@atk.com
ALLIANT TECHSYSTEMS INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)
QUARTERS ENDED SIX MONTHS ENDED
------------------ -------------------
(In thousands except
per share data) October September October September
4, 2009 28, 2008(1) 4, 2009 28, 2008(1)
Sales $1,207,964 $1,091,951 $2,417,098 $2,216,816
Cost of sales 962,262 851,720 1,911,551 1,757,313
------- ------- --------- ---------
Gross profit 245,702 240,231 505,547 459,503
Operating expenses:
Research and development 15,886 25,419 31,264 47,140
Selling 45,202 39,121 90,296 77,808
General and administrative 49,740 55,046 117,741 105,578
------ ------ ------- -------
Income before interest,
income taxes, and
noncontrolling interest 134,874 120,645 266,246 228,977
Interest expense (19,361) (22,727) (40,296) (45,277)
Interest income 124 232 210 599
--- --- --- ---
Income before income taxes
and noncontrolling interest 115,637 98,150 226,160 184,299
Income tax provision 43,020 36,672 84,060 68,339
------ ------ ------ ------
Net income 72,617 61,478 142,100 115,960
Less net income attributable
to noncontrolling interest 107 16 159 106
--- -- --- ---
Net income attributable
to Alliant Techsystems Inc. $72,510 $61,462 $141,941 $115,854
======= ======= ======== ========
Alliant Techsystems Inc.'s
earnings per common share:
Basic $2.21 $1.87 $4.33 $3.53
Diluted 2.19 1.77 4.28 3.31
Alliant Techsystems Inc.'s
weighted-average number of
common shares outstanding:
Basic 32,829 32,819 32,793 32,823
Diluted 33,139 34,796 33,151 34,994
(1) Restated due to the adoption of new accounting standards
ALLIANT TECHSYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands except share data)
October 4, March 31,
2009 2009(1)
------- -----
ASSETS
Current assets:
Cash and cash equivalents $224,979 $336,700
Net receivables 932,860 899,543
Net inventories 192,893 238,600
Income tax receivable 10,966 34,835
Deferred income tax assets 47,583 29,223
Other current assets 52,487 39,843
------ ------
Total current assets 1,461,768 1,578,744
Net property, plant, and
equipment 529,583 540,041
Goodwill 1,190,984 1,195,986
Deferred income tax assets 35,796 69,582
Deferred charges and other
non-current assets 266,804 192,992
------- -------
Total assets $3,484,935 $3,577,345
========== ==========
LIABILITIES AND EQUITY
Current liabilities:
Current portion of
long-term debt $13,750 $289,859
Accounts payable 165,009 294,971
Contract advances and
allowances 95,955 86,080
Accrued compensation 119,127 168,059
Other accrued liabilities 193,080 166,341
------- -------
Total current liabilities 586,921 1,005,310
Long-term debt 1,378,520 1,097,744
Postretirement and
postemployment benefits
liabilities 118,698 121,689
Accrued pension liability 421,292 552,671
Other long-term
liabilities 127,013 125,362
------- -------
Total liabilities 2,632,444 2,902,776
Contingencies
Common stock - $.01 par
value Authorized - 90,000,000
shares Issued and outstanding -
32,927,959 shares at
October 4, 2009 and
32,783,496 at March 31, 2009 329 328
Additional paid-in-capital 577,786 574,674
Retained earnings 1,562,403 1,420,462
Accumulated other
comprehensive loss (629,767) (651,652)
Common stock in treasury,
at cost - 8,627,489
shares held at October 4,
2009 and 8,771,565 shares
held at March 31, 2009 (667,017) (677,841)
-------- --------
Total Alliant Techsystems
Inc. stockholders' equity 843,734 665,971
Noncontrolling interest 8,757 8,598
----- -----
Total equity 852,491 674,569
------- -------
Total liabilities and
equity $3,484,935 $3,577,345
========== ==========
(1) Restated due to the adoption of new accounting standards
ALLIANT TECHSYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
SIX MONTHS ENDED
----------------
(In thousands) October 4, September 28,
2009 2008(1)
---- ------
Operating activities
Net income $142,100 $115,960
Adjustments to net income
to arrive at cash used for
operating activities:
Depreciation 49,571 38,148
Amortization of intangible
assets 2,479 2,808
Amortization of debt
discount 11,708 11,718
Amortization of deferred
financing costs 1,419 1,438
Asset impairment 11,405 3,753
Deferred income taxes 1,365 (18)
Gain on disposal of
property (483) (3,439)
Share-based plans expense 8,580 9,718
Excess tax benefits from
share-based plans (981) (3,151)
Changes in assets and
liabilities:
Net receivables (33,317) (147,178)
Net inventories 45,707 2,934
Accounts payable (113,315) (10,063)
Contract advances and
allowances 9,875 (6,036)
Accrued compensation (54,405) (32,606)
Accrued income taxes 33,260 (17,003)
Pension and other
postretirement benefits (124,960) 13,435
Other assets and
liabilities (37,442) 51,168
------- ------
Cash (used for) provided by
operating activities (47,434) 31,586
Investing activities
Capital expenditures (67,147) (59,000)
Acquisition of business,
net 5,002 (7,511)
Proceeds from the
disposition of property,
plant, and equipment 1,267 321
----- ---
Cash used for investing
activities (60,878) (66,190)
Financing activities
Payments made on bank debt (7,041) -
Payments made for debt
issue costs - (5)
Net purchase of treasury
shares - (31,616)
Proceeds from employee
stock compensation plans 2,651 6,454
Excess tax benefits from
share-based plans 981 3,151
--- -----
Cash used for financing
activities (3,409) (22,016)
------ -------
Decrease in cash and cash
equivalents (111,721) (56,620)
Cash and cash equivalents -
beginning of period 336,700 119,773
------- -------
Cash and cash equivalents -
end of period $224,979 $63,153
======== =======
Supplemental Cash Flow
Disclosure:
Noncash investing activity:
Capital expenditures
included in accounts payable $3,891 $3,387
====== ======
Acquisition costs included
in other accrued liabilities $- $7,500
== ======
(1) Restated due to the adoption of new accounting standards
SOURCE ATK
LOS ANGELES, Nov. 11 /PRNewswire/ -- FAMILY ARMOR, reality TV's newest entry, introduces viewers to the world of vehicle armoring and bulletproofing. Debuting on November 19th at 10:00pm (ET/PT), this one hour special follows two Mormon brothers-in-law, who own Texas Armoring Corporation (TAC)--the leading worldwide supplier of armored passenger vehicles, bulletproof cars, cash-in-transit vehicles, armored SWAT trucks, and custom luxury limousines. This one-hour TLC special, produced by STILETTO Television and executive produced by Mark C. Grove, Garry C. Kief and Troy P. Queen, is one of the first to follow the everyday lives of a devout Mormon family on reality television.
FAMILY ARMOR follows the dynamic in-laws as they balance faith and family life with their dangerous business--transforming everyday cars into 007-esque, bomb-resistant and gadget-filled fortresses for domestic and international corporate executives, celebrities, diplomats and soccer moms. Led by charismatic Trent Kimball and his younger brother-in-law, Jason, TAC is aided and abetted by a motley crew of expert engineers. When not at the factory, Trent is the father of six rowdy children and married to his live-wire of a wife, Courtney. Jason and his wife Lacy are first-time parents, working to catch up in the baby race. Trent and Jason devote their time to work, kin and religion...and along the way, they get to shoot guns and blow things up.
"Cars, guns and God...this show has it all," Grove said. "The charismatic Kimball and Forston families are a blast to watch as they guide us through the complex art of bulletproofing vehicles, all the while lifting the veil on their mysterious Mormon faith."
For additional information about FAMILY ARMOR please visit press.discovery.com.
About STILETTO Television
STILETTO Television develops, produces and distributes original programs designed to entertain, inform and captivate. STILETTO Television's work includes Emmy Award-winning specials, the first original musical movie made for television, and provocative docuseries on American life for ABC, A&E, BBC, CBS, MTV, MTV Networks/LOGO, NBC, PBS, Showtime, TLC and VH1. STILETTO Television's diverse background in the music industry, broadcast news, and documentaries provides the foundation for innovative scripted dramas, reality and variety programs. For more information on STILETTO Television, visit www.stilettotelevision.com.
About Texas Armoring Corporation
Texas Armoring Corporation is the leading worldwide supplier of lightweight armored passenger vehicles, bulletproof cars, cash-in-transit vehicles, armored SWAT trucks, and custom luxury limousines. Texas Armoring specializes in lightweight armor, superior protection, remarkable finishing, and comprehensive support. The firm's origins date back to the 1970s when key staff members pioneered the luxury bulletproofing industry through producing bulletproof cars for world leaders. For more information on armored vehicles and Texas Armoring Corporation, please visit http://www.texasarmoring.com.
SOURCE STILETTO Television
NEW YORK--(BUSINESS WIRE)-- UBS AG announced today that it has temporarily suspended any further sales from inventory and any further issuances of its (E-TRACS) Long Platinum - Linked to the UBS Bloomberg CMCI Platinum Total Return due May 14, 2018 (the "Securities"). The Securities trade on the NYSE Arca Stock Exchange under the ticker symbol "PTM". This suspension may cause fluctuations in the trading value of the Securities. Daily redemptions at the option of the holders of the Securities will not be affected by this suspension. UBS Investment Bank's lending activities from inventory with respect to the Securities will also not be affected by this suspension.
As disclosed in the prospectus supplement relating to the Securities under the heading "Risk Factors--The market value of the Securities may be influenced by many unpredictable factors including volatile commodities prices", the market value of the Securities may be influenced by, among other things, the levels of supply and demand for the Securities. It is possible that the suspension, as described above, may influence the market value of the Securities. UBS believes that the limitations on issuance and sale implemented may cause an imbalance of supply and demand in the secondary market for the Securities, which may cause the Securities to trade at a premium or discount in relation to their indicative value. Therefore, any purchase of the Securities in the secondary market may be at a purchase price significantly different from their indicative value. The suspension described above will not affect or reduce any further sales from inventory or further issuances of UBS's ten existing other E-TRACS exchange traded notes.
The prospectus supplement relating to the Securities can be found on EDGAR, the SEC website at: www.sec.gov, as well as on the product website at www.ubs.com/e-tracs.
The contents of any website referred to in this free writing prospectus are not part of, or incorporated by reference in, this free writing prospectus. UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for the offering of the Securities) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement by calling toll-free (+1-877-387-2275).
About UBS
Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.
UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
Source: UBS AG
MINNEAPOLIS, Nov. 11 /PRNewswire-FirstCall/ -- Alliant Techsystems (NYSE: ATK) today announced that after more than six years as the company's Chairman and Chief Executive Officer, Daniel J. Murphy will leave the company and retire in March, 2010. The company's Board of Directors has appointed General Ronald R. Fogleman to serve as Chairman of the Board of Directors. The Board also elected John L. Shroyer, ATK's Chief Financial Officer, to serve as Interim Chief Executive Officer. The appointments are effective immediately.
"General Ron Fogleman has served on ATK's Board of Directors for more than five years. He has extensive leadership experience in the aerospace and defense industry, not only as an executive, but also as Chief of Staff for the U.S. Air Force and member of the U.S. Joint Chiefs of Staff. His judgment and business acumen will help guide the Company into the future, and we are confident that he will be an outstanding Chairman of the Board for ATK," said ATK Board member William Van Dyke, on behalf of the Company's Board of Directors.
"We are fortunate to have such a deep bench of executive talent at ATK," Van Dyke continued. "John Shroyer, a 23 year veteran of the company, will serve as interim CEO and we appreciate the continued strong leadership of the Company's three division presidents: John Cronin, President of ATK Mission Systems; Mark DeYoung, President of ATK Armament Systems; and Blake Larson, President of ATK Space Systems.
"The Board of Directors wants to acknowledge and thank Dan Murphy for his many contributions to the company and for his accomplished leadership. ATK has transformed into a leading aerospace and defense firm under his leadership. We wish him all the best in his future endeavors," concluded Van Dyke.
Dan Murphy stated, "It has been a great honor to serve ATK as Chairman and CEO. I am leaving the company to address family matters that require my personal attention. This is an extraordinary company with committed and hard-working employees, and I am confident that ATK will continue to deliver solid results as it maintains and builds on its strong competitive position in the months and years ahead."
The Board has retained a leading executive search firm to assist in identifying internal and external candidates from which to select a new Chief Executive Officer.
2nd quarter FY10 earnings information
ATK will webcast its investor conference call on fiscal year 2010 second-quarter financial results on November 12 at 10:00 a.m. Eastern Time. The call will discuss ATK's quarterly financial performance, as well as financial guidance and trend information for future period results.
Biographies
General Ronald R. Fogleman joined ATK's Board in May of 2004. Since retiring from the U.S. Air Force in 1997 as the fifteenth Chief of Staff of the U.S. Air Force and a member of the Joint Chiefs of Staff, he has served on the boards of several public companies. He served as the non-executive Chairman of the Board of World Airways from 2003 until 2007, and is currently a director of AAR Corp., the Alpha Security Group Corporation, and a privately held company, Atlantic Inertial Systems. General Fogleman has also remained actively engaged in national security affairs having served on numerous congressionally-directed commissions and study groups to include the Defense Policy Board.
John L. Shroyer has held his present position since April 2006. From November 2005 to April 2006, he served as Vice President, Operations. He served as Vice President and General Manager, ATK Ordnance Systems from 2004 to November 2005. From 2002 to 2004, he was President of ATK Tactical Systems. He was Vice President, ATK Tactical Systems from 2001 to 2002, and Vice President and Treasurer, ATK Tactical Systems, from 2000 to 2001.
ATK is a premier aerospace and defense company with more than 18,000 employees in 22 states, Puerto Rico and internationally, and revenues of approximately $4.8 billion. News and information can be found on the Internet at www.atk.com.
Media Contact: Investor Contact:
Bryce Hallowell Jeff Huebschen
Phone: 952-351-3087 Phone: 952-351-2929
E-mail: bryce.hallowell@atk.com E-mail: jeff.huebschen@atk.com
SOURCE ATK
BERWYN, Pa.--(BUSINESS WIRE)-- Dollar Financial Corp. (NASDAQ: DLLR), announced today that it intends, subject to market and other conditions, to offer through its indirect wholly owned subsidiary National Money Mart Company, $250 million aggregate principal amount of senior notes (the "Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Notes will be fully and unconditionally guaranteed, on a senior unsecured basis, by Dollar Financial Corp. and certain of its current and future direct and indirect wholly owned U.S. and Canadian subsidiaries.
Dollar Financial Corp. intends to use a portion of the net proceeds of the offering to finance the previously announced acquisition by its wholly owned subsidiary, Dollar Financial Group, Inc., of Military Financial Services, LLC.
The Company expects to commence and consummate the offering in December 2009. The Notes will be offered only to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act. The Notes have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful. Any offers of the Notes will be made only by means of a private offering circular.
About Dollar Financial Corp
Dollar Financial Corp is a leading diversified international financial services company primarily serving unbanked and under-banked consumers. Its customers are typically service sector individuals who require basic financial services but, for reasons of convenience and accessibility, purchase some or all of their financial services from the Company rather than from banks and other financial institutions. To meet the needs of these customers, the Company provides a range of consumer financial products and services primarily consisting of check cashing, short-term consumer loans, pawn lending, Western Union money order and money transfer products, currency exchange, gold buying, reloadable VISA(R) and MasterCard(R) branded debit cards, electronic tax filing, and bill payment services.
At September 30, 2009, the Company's global store network consisted of 1,188 stores, including 1,032 company-operated financial services stores and 156 franchised and agent locations in the United States, Canada, United Kingdom, Republic of Ireland, and Poland. The financial services store network is the largest network of its kind in each of Canada and the United Kingdom and the second-largest network of its kind in the United States. The Company's customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the convenient neighborhood locations, extended operating hours and high-quality customer service. The Company's financial products and services, principally check cashing, money transfer, pawn lending and short-term consumer loan programs, provide immediate access to cash for living expenses or other needs. For more information, please visit the Company's website at www.dfg.com.
Forward Looking Statement
This news release contains forward looking statements. There can be no assurances that the offering of the Notes will be completed as described herein or at all. Certain important factors could cause the Company not to issue the Notes, including the impact of changing economic or business conditions, the failure of the Company to obtain the required consent of its senior lenders, unfavorable interest rates and other risk factors discussed from time to time in the reports filed by the Company with the Securities and Exchange Commission. You should not place any undue reliance on any forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
Source: Dollar Financial Corp.
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Pampa Energia Announces its Results for the Nine-Month Period Ended on September 30, 2009
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Cresud S.A.C.I.F. y A. Announces Results for the First Quarter Fiscal Year 2010 Ended September 30, 2009
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OGX Reports Third Quarter 2009 Results
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IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the First Quarter Fiscal Year 2010 Ended September 30, 2009
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Dr. John Mills and Joseph Gentile Join Board of Directors of ChanTest Corporation
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California Fresh & Fit: Exclusive Tasting Event for Personal Trainers
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Michael Strautmanis to Address Thousands of Local Leaders During San Antonio Conference
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marcus evans Summits Announces 10th Annual CFO Australia & New Zealand Summit 10 - 12 March 2010 at Gold Coast, Australia
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FortuNet Reports Second Quarter 2009 Results
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Playdom Raises $43 Million in Series A Funding
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Lake Shore Gold Continues to Achieve Development and Exploration Success and to Grow Property Position, Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
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Corporate Safe Specialists Announces New Business Development Executive
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Lake Shore Gold Continues to Achieve Development and Exploration Success and to Grow Property Position, Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
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Upper Deck Launches 'Million Pack March for the Troops' Donation Drive on Veterans' Day!
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EURO Ressources : EURO RESSOURCES REPORTS EARNINGS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER, 2009
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Chris Brown Faces His Fans for the First Time in Front of a Live Audience on a Special Episode of BET's 106 & PARK Thursday, November 12 @ 6 P.M. /ET
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Expedia and Choice Hotels International Sign New Long-Term Agreement
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NIRI-NY Presents a Look Inside the SEC with Harvey Pitt
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Levi & Korsinsky LLP Investigates Possible Breach of Fiduciary Duty by Board of 3Com Corporation - COMS
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Alliance for Digital Equality Hosts 2nd Annual Digital Empowerment Summit in Anticipation of the First Ever National Broadband Plan
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MedCath Receives Licensure and Accreditation for New Hualapai Mountain Medical Center
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MedCath Corporation Reports Fourth Quarter Earnings
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CSX Named a Top Military Friendly Employer
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California Pizza Kitchen Launches New Menu Options
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Eighth Annual Brain Tumor Awareness Day
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GOTrust Technology & i-Sprint Innovations Combine Their Technologies to Deliver Universal Security via Your Mobile Phone or PDA
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AJWright Continues Retail Expansion in Atlanta
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SC Johnson Makes Commitment to Clinton Global Initiative
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San Diego Regional EDC Announces Training Dollars and Layoff Assistance Available for Area Businesses
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Emirates Ranks Highest in International Airline Web Site Localization Study
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Regence Partners with HealthEquity to Offer a Full Suite of Health Care Accounts
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Santa Barbara Bay(R) NEW All Natural Greek Yogurt Dips Boast of a Healthier Flavor This Fall
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RBF Consulting Announces the Addition of Two New Associates in Water Resources
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DuPont Recognized for its Strong Agricultural Products
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Banco de Chile 2009 Third Quarter Results
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AAR Reports Rail Traffic Remains Down, Intermodal Seeing Incremental Gains
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Futuremed Announces Strong Organic Growth in Third Quarter 2009
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Futuremed Announces Strong Organic Growth in Third Quarter 2009
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A Holiday Festival of Trains Pulls into the Nixon Presidential Library November 16th, 2009 through January 10th, 2010
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OC METRO Honors "Hot 25" Shaping Orange County
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CORRECTING AND REPLACING ABA Retirement Funds Program Now Offers Enhanced Investment Strategy
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RailAmerica, Inc. Reports October 2009 Monthly Carloads
