Cash America To Repurchase Up To 3.0 Mln Shares; Narrows 2015 Adj. EPS View

(RTTNews) - Cash America International Inc. (CSH) announced that its board authorized the repurchase of up to 3.0 million shares of the company's outstanding common stock, par value $0.10 per share.

The company expects net income per share for the fourth quarter of 2015 to be between $0.45 and $0.51 per share compared to net income from continuing operations of $0.26 per share in the fourth quarter of 2014. Analysts polled by Thomson Reuters expect the company to report earnings of $0.47 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

At this time, the company adjusts and narrows its previously reported expectations for its fiscal year 2015 adjusted EBITDA of an anticipated range of between $113 to $120 million, which it estimates will generate between $0.99 and $1.05 in adjusted net income per share from continuing operations. Analysts expect annual earnings of $1.01 per share. The company said in July that it expected adjusted net income per share from continuing operations to be in the range of $0.95 and $1.10 for 2015.

Based on its current views of the coming year, the company establishes its initial anticipated range of adjusted EBITDA, of between $124 million to $132 million for fiscal 2016, which it estimates will generate between $1.25 and $1.45 in net income per share from continuing operations. Analysts expect annual earnings of $1.29 per share.

The company noted that the share repurchase authorization does not have an expiration date, and the amount and prices paid for any future share purchases under the new authorization will be based on market conditions and other factors at the time of the purchase. This new authorization will commence upon conclusion of the previous authorization to purchase up to 4.0 million shares of common stock, which was announced on January 29, 2015. As of September 30, 2015, the Company had purchased 81.5% of the January 2015 authorization with 741,834 shares remaining to be repurchased.

As of September 30, 2015, there were approximately 26 million shares of Cash America common stock issued and outstanding; therefore, the new authorization represents approximately 12% of the currently issued and outstanding shares of common stock.

Additionally, the Company announced that the Board of Directors declared a $0.05 per share cash dividend on common shares outstanding. The dividend will be paid at the close of business on November 25, 2015 to shareholders of record on November 11, 2015.