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Advance America, Cash Advance Centers, Inc. (AEA) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2004

Advance America, Cash Advance Centers, I

CIK: 1299704 Ticker: AEA

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Contact:

 

Jamie Fulmer- (864) 342-5633

 

 

Director of Investor Relations

 

 

jfulmer@advanceamerica.net

 

Advance America Releases Year End and Fourth Quarter 2004 Results

 

SPARTANBURG, S.C., February 15, 2005 –

Advance America, Cash Advance Centers, Inc. (NYSE: AEA) today reported the results of its operations for the fourth quarter and year ended December 31, 2004.

 

During 2004 total revenues increased 16.5% to $570.2 million, compared to $489.5 million in 2003, and for the fourth quarter total revenues increased 16.2% to $159.7 million, compared to $137.4 million for the quarter ended December 31, 2003. The increase in total revenues during the year was primarily due to the opening of new centers and growth in existing centers.  The year-over-year growth rate in total revenues for cash advance centers at least two years old as of December 31, 2004 was 10.5% (excluding centers in Georgia).  The total number of cash advances made or processed throughout 2004 increased by approximately 1.4 million, from approximately 10.2 million during 2003 to approximately 11.6 million during 2004.

 

Net income for the year 2004 and quarter ended December 31, 2004 was $83.1 million and $14.3 million, respectively, compared to $96.2 million and $22.6 million for the same periods in 2003.  Net income for the year and quarter ended December 31, 2004, included a non-cash charge to income tax expense of $8.4 million related to our conversion to a C corporation for income tax purposes in December.  Diluted income per share was $1.20 and $1.40 for the years ended December 31, 2004 and 2003, respectively, and $0.20 and $0.33 for the quarters ended December 31, 2004 and 2003, respectively.

 

Prior to our initial public offering (IPO) in December 2004, we were taxed as an S corporation for income tax purposes.  Accordingly, we had minimal income tax expense for most of 2004 and all of 2003.  We have reported net income on a pro forma basis, which assumes we were taxed as a C corporation at a rate of 40.3% for all of 2004 and 2003. Pro forma net income was $58.0 million and $58.6 million for the years 2004 and 2003, respectively, and $15.5 million and $14.3 million for the quarters ended December 31, 2004 and 2003, respectively.  Pro forma diluted net income per share, assuming we

 


The following information was filed by Advance America, Cash Advance Centers, Inc. (AEA) on Wednesday, February 16, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Advance America, Cash Advance Centers, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2005 10-K Annual Report includes:

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SEC Filing Tools
Ticker: AEA
CIK: 1299704
Form Type: 10-K Annual Report
Accession Number: 0001047469-05-008577
Submitted to the SEC: Thu Mar 31 2005 4:14:10 PM EST
Accepted by the SEC: Thu Mar 31 2005
Period: Friday, December 31, 2004
Industry: Personal Credit Institutions

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