Advance America, Cash Advance Centers Inc. (AEA) reported fourth quarter net income of $19.84 million or $0.32 per share, compared with $5.94 million or $0.10 per share in the prior year.
Three analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share. Analysts' estimates typically exclude one-time items.
Total Revenues declined 1% to $173.24 million from $174.98 million last year. Analysts expected revenues of $170.13 million.
Net income for the year increased 40.9% to $54.2 million from $38.5 million in the prior year. Earnings per share were $0.88, compared to $0.60 a year earlier. For 2009, total revenues decreased 4.3% to $647.7 million, from $676.4 million last year. Analysts expected the company to earn $0.72 per share on revenue $642.25 million for the year.
In addition, the company currently intends to close about 100 additional centers in 2010, including 58 of its 139 centers in the Commonwealth of Virginia where the company is consolidating its operations.
The company estimates that the costs associated with these additional closings will be about $2.4 million to $5.5 million, including about $1.5 million to $3.7 million from Virginia. The company anticipates that the majority of these charges will be incurred during the first quarter of 2010.
The company's board declared regular quarterly dividend of $0.0625 per share, which is payable on March 5, to stockholders of record as of February 23, 2010.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.