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HOME :: RESEARCH :: DEBT :: NEWS:: SEP 2008

First Cash to Discontinue Auto Master Operations

First Cash Financial Services, Inc. today announced that it will discontinue its Auto Master buy-here/pay-here automotive operations and focus on its core pawn and consumer lending operations in the U.S. and Mexico. It is anticipated that the Auto Master operation, including its customer receivables, inventories and other assets, will be sold or liquidated over the next twelve months. Associated with this decision, a non-cash charge of up to approximately $1.75 per share, net of tax, an amount which assumes liquidation of the assets, will be reported as discontinued operations in the quarter ending September 30, 2008. The Company will provide updated 2008 earnings guidance at the time of its regularly scheduled third quarter earnings release. Because of the decision to discontinue the Auto Master business unit, the Company anticipates reporting an increase in its full-year 2008 guidance for earnings from continuing operations.

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