Word: cashes
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With banks reluctant to loosen purse strings and credit-card companies aggressively slashing credit lines, a growing number of consumers are turning to the once murky world of pawnshops for quick cash. "Loans are up 20% to 25%," estimates David Crume, president of the National Pawnbrokers Association...
...trade group's executive director, Dana Meineke, says the weak economy and turmoil in the credit markets are expanding the customer base. "We're seeing some new faces," says Daniel Feehan, president and chief executive of Cash America International, a pawnshop company based in Fort Worth, Texas. (See the best business deals...
...Gold is an important input because most pawnshops make most of their money on jewelry," notes John Rowan, an analyst at Sidoti & Co. He says the three publicly traded pawnshop companies - Cash America International, EZCorp and First Cash Financial Services - generated earnings that outperformed many other companies in the financial-services sector over the past year and a half. "They didn't crater like other industries did throughout the recession," says Rowan...
...First Cash Financial recently raised earnings guidance for fiscal 2009 and 2010 to reflect higher than expected revenue from the company's pawnshop operations in the U.S. and Mexico. "Our fourth-quarter pawn revenues significantly exceeded our expectations," said Rick Wessel, the company's chief executive, in a statement. The revised projections imply earnings growth of 20% to 26% for the fourth quarter, up to 14% for fiscal 2009 and as much as 16% in fiscal 2010. (See the worst business deals...
...Daily—the campus’s largest and most widely circulated publication—may have engaged in a little collegiate money laundering. According to a recent investigative report in The Stanford Review based on The Daily’s IRS Form 990, the publication declared a cash balance of $517,022 in 2008 and then proceeded to transfer more than half the money to a subsidiary non-profit organization called The Friends of The Daily Foundation in order to simulate an $80,408 deficit. With the apparent deficit, The Daily then applied for and was granted...