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Advance America, Cash Advance Centers, Inc. (AEA) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Advance America, Cash Advance Centers, I

CIK: 1299704 Ticker: AEA

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

 

Contacts:                                             Jamie Fulmer- (864) 342-5633

                                                                                                jfulmer@advanceamerica.net

 

 

Advance America Announces Record Annual Revenue of $709.6 Million

 

 

SPARTANBURG, S.C., February 13, 2008

— Advance America, Cash Advance Centers, Inc. (NYSE: AEA) today reported the results of its operations for the year and fourth quarter ended December 31, 2007.

 

For the year ended December 31, 2007, total revenues increased 5.5% to $709.6 million, compared to $672.3 million for the same period in 2006. Total revenues for the quarter ended December 31, 2007 decreased 1.1% to $183.6 million compared to $185.7 million for the same period in 2006. For the quarter ended December 31, 2007, total revenues for the centers opened prior to October 1, 2006 and still open as of December 31, 2007 increased 2.8% compared to the same period in 2006.

 

On September 20, 2007, the Company announced the closing of 31 centers in Pennsylvania, 45 centers in Oregon, and 27 underperforming centers in various other states, for a total of 103 center closings. The Company incurred charges of approximately $11.0 million for these center closings during the third quarter, including writing down the value of its receivables by $6.7 million, which includes impaired receivables for all

 

 


The following information was filed by Advance America, Cash Advance Centers, Inc. (AEA) on Thursday, February 14, 2008 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 2008 10-K Annual Report includes:

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SEC Filing Tools
Ticker: AEA
CIK: 1299704
Form Type: 10-K Annual Report
Accession Number: 0001047469-08-002021
Submitted to the SEC: Fri Feb 29 2008 1:37:15 PM EST
Accepted by the SEC: Fri Feb 29 2008
Period: Monday, December 31, 2007
Industry: Personal Credit Institutions

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