Last $1.68 USD
Change Today -0.0806 / -4.58%
Volume 1.8K
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As of 8:10 PM 10/22/14 All times are local (Market data is delayed by at least 15 minutes).

qc holdings inc (QCCO) Key Developments

QC Holdings, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014

QC Holdings, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $36.060 million against $35.737 million a year ago. Income from continuing operations before income taxes was $0.308 million against $1.457 million a year ago. Income from continuing operations was $0.212 million or $0.01 per diluted share against $0.876 million or $0.05 per diluted share a year ago. Net income was $0.186 million or $0.01 per diluted share against $0.341 million or $0.02 per diluted share a year ago. Adjusted EBITDA was $1.563 million against $3.231 million a year ago. For the six months, the company reported total revenues of $74.639 million against $73.313 million a year ago. Income from continuing operations before income taxes was $5.700 million against $5.917 million a year ago. Income from continuing operations was $3.402 million or $0.19 per diluted share against $3.540 million or $0.20 per diluted share a year ago. Net income was $3.639 million or $0.21 per diluted share against $2.354 million or $0.13 per diluted share a year ago. Adjusted EBITDA was $8.725 million against $10.151 million a year ago.

QC Holdings, Inc. Enters into Third Amended and Restated Credit Agreement Up to $20 Million

On July 23, 2014, QC Holdings, Inc. entered into a Third Amended and Restated Credit Agreement with U.S. Bank National Association, as Agent, Sole Bookrunner and Lead Arranger, and the lenders that are parties thereto, which provides for a revolving line of credit (including provisions permitting the issuance of letters of credit and swingline loans) in the aggregate principal amount of up to $20 million. As of the closing date, the company had approximately $8.5 million borrowed under the revolving line of credit provided by the amended credit agreement (which includes the balance of a term loan and revolving credit amount outstanding under the prior credit agreement). The amended credit agreement contains financial covenants related to a minimum fixed charge coverage ratio, a maximum senior leverage ratio, and a minimum liquidity (expressed as consolidated current assets to total consolidated debt). The obligations of the company under the amended credit agreement are guaranteed by all the operating subsidiaries of the company (other than foreign subsidiaries), and are secured by liens on substantially all of the personal property of the company and its operating subsidiaries. The company has pledged 65% of the stock of its two Canadian subsidiary holding companies to secure the obligations of the company under the amended credit agreement. The Lenders may accelerate the obligations of the company under the amended credit agreement if there is a change in control of the company, including an acquisition of 25% or more of the equity securities of the company by any person or group. The credit facility matures on July 23, 2016.

QC Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

QC Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenues of $37,370,000 against $36,670,000 a year ago. Income from continuing operations before income taxes was $5,242,000 against $4,393,000 a year ago. Income from continuing operations was $3,098,000 or $0.18 per diluted share against $2,624,000 or $0.15 per diluted share a year ago. Net income was $3,453,000 or $0.20 per diluted share against $2,013,000 or $0.11 per diluted share a year ago. Adjusted EBITDA was $6,992,000 against $6,861,000 a year ago. Revenues improved $700,000 quarter-to-quarter due to higher fees and interest from the company's longer-term, higher-dollar installment loan products, indicative of strong demand and migration of customers from single-pay loan products. This growth was substantially offset by a decline in payday loan revenues.

QC Holdings, Inc., Annual General Meeting, Jun 04, 2014

QC Holdings, Inc., Annual General Meeting, Jun 04, 2014., at 10:00 Central Daylight. Location: 9401 Indian Creek Parkway. Agenda: To elect five directors, each for a term of one year and until their successors are elected and qualified; to ratify the appointment of Grant Thornton LLP as independent registered public accounting firm for the company for the year ending December 31, 2014; and to transact any other business properly introduced at the meeting.

QC Holdings, Inc. Reports Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment on Goodwill and Intangible Assets for the Fourth Quarter of 2013

QC Holdings, Inc. reported consolidated earnings for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenues of $40.987 million against $39.604 million a year ago. Loss from continuing operations before income taxes was $17.944 million against income from continuing operations before income taxes of $1.275 million a year ago. Loss from continuing operations was $13.477 million against income from continuing operations of $0.589 million a year ago. Net loss was $15.317 million or $0.87 per diluted share against $2.941 million or $0.17 per diluted share a year ago. Adjusted EBITDA was $5.929 million against $5.600 million a year ago. Revenues increased $1.4 million, or 3.5%, quarter-to-quarter, primarily due to higher fees and interest from the company's longer-term, higher-dollar installment products, which were introduced in early 2012, partially offset by reduced payday loan fees as a result of increased competition. For the year, the company reported total revenues of $151.982 million against $148.859 million a year ago. Loss from continuing operations before income taxes was $11.093 million against income from continuing operations before income taxes of $14.629 million a year ago. Loss from continuing operations was $9.463 million against income from continuing operations of $8.677 million a year ago. Net loss was $13.993 million or $0.79 per diluted share against net income of $5.373 million or $0.30 per diluted share a year ago. Adjusted EBITDA was $18.664 million against $23.174 million a year ago. For the fourth quarter, the company reported a goodwill impairment charge of $15.7 million in the branch lending business unit and goodwill and intangible impairment charges of $5.7 million and $669,000, respectively, associated with the company's Direct Credit subsidiary.

 

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