This excerpt taken from the QCCO 8-K filed Aug 7, 2008.
Board Declares $0.10 Dividend
OVERLAND PARK, Kan.--(BUSINESS WIRE)--QC Holdings, Inc. (NASDAQ: QCCO) today announced results for the three and six months ended June 30, 2008.
“We are pleased with our branch performance given the current economic and market environment,” said QC Chairman and Chief Executive Officer Don Early. “Importantly, our core business operations increased revenue and gross profit quarter-to-quarter.
“Our initial third quarter results reaffirm that the second half of 2008 should be very good,” Early said. “With the impact from the tax stimulus check refunds and branch closings behind us, and our loss rates within typical ranges, we are positioned to grow earnings and build value. Our Board of Directors, given this positive outlook, increased this quarter’s dividend to $0.10 per common share.”
Highlights for the second quarter included:
“Similar to what we experienced during last year’s second quarter in Oregon, the Ohio legislature passed an inappropriate, politically-motivated piece of legislation that ignored customer needs and forced job reductions,” Early noted. “As a result, we closed 13 branches in Ohio, but will continue to operate some branches in the state in the hope that we can find a product or service that will help our customers, while providing the company with a reasonable profit. If we are unable to find such a product or service, we will be forced to close our remaining branches in Ohio.”
Highlights for the six months ended June 30, 2008 included:
The three and six months ending June 30, 2008 include discontinued operations relating to 13 Ohio branches that are closing due to changes in the payday loan laws that effectively preclude the product as it is currently offered.
For the three and six months ended June 30, 2008 and 2007, schedules reconciling adjustments to net income pursuant to generally accepted accounting principles (GAAP), and adjusted EBITDA to net income, are provided below. The results for the three and six months ended June 30, 2007 include approximately $517,000 ($311,000, or $0.02 per diluted share, after-tax) in costs and charges associated with the company’s activities to close its eight Oregon branches due to changes in the payday loan laws that effectively preclude the product (“the 2007 Oregon branch closings”). The results for the six months ended June 30, 2007 also include approximately $3.0 million ($1.8 million, or $0.09 per diluted share, after-tax) in costs and charges associated with the company’s activities to close 31 branches in various states (the majority of which were consolidated into nearby branches) and to terminate the de novo process on eight branches that never opened (“the Second Quarter 2007 closing charges”), including $1.5 million for termination of operating leases and related occupancy costs, $1.5 million for the disposition of property and $40,000 for write-offs of deposits. QC believes that it is useful to management and investors to analyze results after adjusting for these items to provide a more comparable basis for evaluating QC’s operating results and financial performance over time. See the reconciliation tables for additional information.