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8-K - LIVE FILING - DFC GLOBAL CORP. | htm_43748.htm |
Ex. 99.1
NEWS RELEASE
Contact: FTI Consulting
Julie Prozeller / Amy Pesante
(212) 850-5600
FOR IMMEDIATE RELEASE
DFC GLOBAL CORP. ANNOUNCES STOCK REPURCHASE PROGRAM
BERWYN, Pennsylvania, December 14, 2011 DFC Global Corp. (NASDAQ:DLLR News), a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, today announced that its Board of Directors has approved a stock repurchase program authorizing the Company to repurchase up to 5.0 million shares of its common stock. As of December 13, 2011, the Company had 43,979,365 shares of common stock outstanding.
Jeff Weiss, the Companys Chairman and Chief Executive Officer, said We are confident in our global growth and operating strategies and believe that our strong balance sheet and cash flow generation provide ample cash to finance our initiatives. This program reflects that confidence and confirms our commitment to enhance stockholder value.
Under the program, the Company may repurchase shares in open market, block or negotiated transactions. The timing and amount of such repurchases will depend on market conditions, applicable legal requirements, and other factors. The program is open-ended in duration, may be suspended or discontinued at any time, and does not obligate the Company to acquire any particular amount of common stock or to acquire shares within any particular timetable.
About DFC Global Corp.
DFC Global Corp. is a leading international diversified financial services company serving
primarily unbanked and under-banked consumers and small business owners who, for reasons of
convenience and accessibility, purchase some or all of their financial services from the Company
rather than from banks and other financial institutions. Through its approximately 1,300 retail
storefront locations, multiple Internet websites and mobile phone and other remote platforms, the
Company provides a variety of consumer financial products and services in seven countries across
North America and EuropeCanada, the United Kingdom, the United States, Sweden, Finland, Poland and
the Republic of Ireland. The Company believes that its customers, many of whom receive income on an
irregular basis or from multiple employers, are drawn to the range of financial services it offers,
the convenience of its products, the multiple ways in which they may conduct business with the
Company and its high-quality customer service.
The Companys products and services, principally its short-term single-payment consumer loans, secured pawn loans, check cashing services and gold buying services, provide customers with immediate access to cash for living expenses or other needs. The Company strives to offer its customers additional high-value ancillary services, including Western Union® money order and money transfer products, foreign currency exchange, reloadable VISA® and MasterCard® prepaid debit cards and electronic tax filing. In addition to its core retail products, the Company also provides fee-based services in the United States to enlisted military personnel applying for loans to purchase new and used vehicles that are funded and serviced under an exclusive agreement with a major third-party national bank through the Companys branded Military Installment Loan and Education Services, or MILES®, program.
The Companys networks of retail locations in Canada and the United Kingdom are the largest of their kind by revenue in each of those countries. The Company believes it is also the largest pawn lender in Europe by revenue. At September 30, 2011, the Companys global retail operations consisted of 1,285 retail storefront locations, of which 1,219 are company-owned stores, conducting business primarily under the names Money Mart®, The Money Shop®, Insta-Cheques®, mce®, Suttons and Robertson®, The Check Cashing Store®, Sefina®, Helsingin PanttiSM, Optima® and MoneyNow!®. In addition to its retail stores, the Company also offers Internet-based short-term single-payment consumer loans in the United Kingdom primarily under the brand names Payday Express® and PaydayUK®, in Canada under the Money Mart name, and Finland and Sweden primarily under the Risicum® and OK Money® brand names. For more information, please visit the Companys website at www.dfcglobalcorp.com.
Forward-Looking Statements
This news release contains forward looking statements, including, among other things, statements
regarding the following: pending or recent acquisitions and their expected benefits; the Companys
future results, growth, guidance and operating strategy; the global economy; the effects of
currency exchange rates on reported operating results; the regulatory environment in Canada, the
United Kingdom, the United States, Scandinavia and other countries; the impact of future
development strategy, new stores and acquisitions; litigation matters; stock repurchase programs;
expected financing initiatives; and the performance of new products and services. These forward
looking statements involve risks and uncertainties, including risks related to: the regulatory
environments; current and potential future litigation; the identification of acquisition targets;
the consummation of announced pending acquisitions, the integration and performance of acquired
stores and businesses; the performance of new stores; the impact of debt and equity financing
transactions; the results of certain ongoing income tax appeals; the effects of new products and
services on the Companys business, results of operations, financial condition, prospects and
guidance; and uncertainties related to the effects of changes in the value of the U.S. Dollar
compared to foreign currencies. There can be no assurance that the Company will attain its expected
results, successfully consummate announced pending acquisitions, successfully integrate and achieve
anticipated synergies from any of its acquisitions, obtain acceptable financing, implement proposed
stock repurchase programs, or attain its published guidance metrics, or that ongoing and potential
future litigation or the various FDIC, Federal, state, Canadian, U.K., Scandinavia or other foreign
legislative or regulatory activities affecting the Company or the banks with which the Company does
business will not negatively impact the Companys operations. A more complete description of these
and other risks, uncertainties and assumptions is included in the Companys filings with the
Securities and Exchange Commission, the Companys annual reports and Forms 10-Q and 10-K. You
should not place any undue reliance on any forward-looking statements. The Company disclaims any
obligation to update any such factors or to publicly announce results of any revisions to any of
the forward-looking statements contained herein to reflect future events or developments.