EXHIBIT 99.1
(CASH AMERICA LOGO)
ADDITIONAL INFORMATION: FOR IMMEDIATE RELEASE
Thomas A. Bessant, Jr.
(817) 335-1100
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CASH AMERICA ANNOUNCES THIRD QUARTER RESULTS EXCEED GUIDANCE
AND DECLARES DIVIDEND
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Fort Worth, Texas (October 23, 2003) - - Cash America International, Inc. (NYSE:
PWN) reported today that earnings per share related to third quarter 2003 net
income is up 69% compared to the same period in 2002. Net income for the third
quarter ended September 30, 2003, was $6,042,000 (22 cents per share) compared
to the third quarter 2002 net income of $3,182,000 (13 cents per share). The
earnings in the third quarter of 2003 included two months of operating results
from the recently completed acquisition of Cashland. The third quarter 2003
earnings per share of 22 cents exceeded the Company's publicly announced
guidance, issued upon completion of the Cashland transaction, of between 19
cents and 20 cents per share due to higher than projected levels of revenue
during the quarter.
Total revenue in the third quarter increased 19% to $107,148,000 in the 2003
period from $89,956,000 in 2002 on the strength of a 33% increase in combined
service charges and fees on pawn loans and cash advances. The Company's
consolidated pawn loan balance finished the quarter 11% above the same date last
year. In addition, the Company's profit on the disposition of merchandise in the
quarter increased 13% from the prior year as a result of both higher sales and
increased gross profit margin on goods sold. The aggregate effect of the
increase in service charges and fees combined with the higher profit on the
disposition of merchandise produced a $15.2 million, or 27%, increase in net
revenue for the three-month period.
Commenting on the results for the third quarter, Daniel R. Feehan, President and
Chief Executive Officer said, "Continued execution of our operating strategy in
the third quarter of 2003 led to a significant increase in revenue for our
business as we experienced increases in service charges on pawn loans and fees
from cash advances on higher earning asset balances. In addition, we generated a
higher contribution from the disposition of goods due to both higher sales
levels and gross profit margins. Adding further to the strong quarter was the
addition of Cashland which contributed to both net income and earnings per share
at a level consistent with our expectations."
Excluding Cashland's financial contribution for the two months during third the
quarter, Cash America would have posted a 44% increase in operating income to
$10.5 million on an 11% increase in total revenue which would have been $99.6
million for the period. Excluding the contribution of Cashland net earnings and
the effect of shares issued in conjunction with the acquisition, approximate
earnings per share for Cash America would have been 21 cents for the third
quarter of 2003, up 62%, compared to the same quarter in 2002.
For the nine-month period ended September 30, 2003, Cash America reported that
net income, excluding the gain on sale of assets, increased 56% to $17.3 million
(67 cents per share) from the 2002 income from continuing operations of $11.1
million (45 cents per share) for the same period. Total revenue for the first
nine months of 2003 was $307.1 million compared to $281.7 million in the prior
year, up 9%.
Cash America will conduct a conference call to discuss its third quarter
earnings on Thursday, October 23, 2003, at 3:45 PM CST. A live web cast of the
call will be available on the home page of the Company's corporate web site
(www.cashamerica.com). To listen to the live call, please go to the web site at
least fifteen minutes early to register, download, and install any necessary
audio software.
Additionally, the Company announced that the Board of Directors, at its
regularly scheduled quarterly meeting, declared a $0.0175 (1.75 cents) per share
cash dividend on common stock outstanding. The dividend will be paid to
shareholders of record on November 5, 2003, and will be paid at the close of
business on November 19, 2003.
Forward-Looking Information
As the Company enters the final quarter of fiscal 2003 it has higher levels of
both pawn loans and short-term cash advances than the same period of 2002. These
higher asset levels provide earnings momentum that management believes will
continue as long as this trend is sustained. At this time management believes
that the current economic environment and the higher prevailing market value of
gold will allow for the growth in pawn loan balances to satisfy higher customer
demand for pawn loans. Management believes these trends and increases in the
short-term cash advance balances in response to consumer demand for this
alternative product will result in sustained earnings growth for the Company for
the remainder of fiscal 2003 and for fiscal 2004. In addition, the Company will
have the results of a full three months of Cashland operations during the final
quarter of 2003 for the first time. Based on these assumptions, management has
revised and increased its forecasted earnings per share for fiscal 2003 to be
between $1.04 and $1.07 per share, excluding the impact of the sale of a
non-operating asset in the second quarter of 5 cents per share. This compares to
75 cents per share in earnings from continuing operations for fiscal 2002. The
management of the Company also establishes an initial expectation of earnings
per share for fiscal 2004 of between $1.24 and $1.34. In the near term,
management expects that earnings per share for the fourth quarter of fiscal 2003
to be between 38 cents and 40 cents per share compared to 30 cents per share in
the fourth quarter of 2002.
Cash America International, Inc. is a provider of specialty financial services
to individuals in the United States, United Kingdom and Sweden with 748 total
locations. Cash America is the largest provider of secured non-recourse loans to
individuals, commonly referred to as pawn loans, through 469 locations in 17
states and two foreign countries under the brand names Cash America Pawn in the
U.S., Harvey & Thompson in the U.K. and Svensk Pantbelaning in Sweden. The
Company also offers short-term cash advances in many of its U.S. locations
including 16 locations that offer only this service under the brand name Cash
America Payday Advance. In addition, the Company provides short-term cash
advances and check cashing through its 129 "Cashland" consumer finance centers,
and check cashing services through its 134 franchised and Company-owned "Mr.
Payroll" check cashing centers.
This release contains forward-looking statements about the business, financial
condition and prospects of Cash America International, Inc. and its subsidiaries
("the Company"). The actual results of the Company could differ materially from
those indicated by the forward-looking statements because of various risks and
uncertainties including, without limitation, changes in demand for the Company's
services, the actions of third parties who offer products and services at the
Company's locations, changes in competition, the ability of the Company to open
new operating units in accordance with its plans, economic conditions, real
estate market fluctuations, interest rate fluctuations, changes in the capital
markets, changes in tax and other laws and governmental rules and regulations
applicable to the Company's business, and other risks indicated in the Company's
filings with the Securities and Exchange Commission. These risks and
uncertainties are beyond the ability of the Company to control, and, in many
cases, the Company cannot predict all of the risks and uncertainties that could
cause its actual results to differ materially from those indicated by the
forward-looking statements. When used in this release, terms such as "believes",
"estimates", "plans", "expects", "anticipates" and similar expressions as they
relate to the Company or its management are intended to identify forward-looking
statements. The Company disclaims any intention or obligation to update or
revise any forward-looking statements to reflect events or circumstances
occurring after the date of this release.
* * *
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
<Table>
<Caption>
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- ---------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
CONSOLIDATED OPERATIONS:
Total revenue ............................................... $ 107,148 $ 89,956 $ 307,070 $ 281,663
Net revenue ................................................. 70,564 55,400 193,545 164,041
Total operating expenses .................................... 58,852 48,071 159,791 140,026
------------ ------------ ------------ ------------
INCOME FROM OPERATIONS ...................................... 11,712 7,329 33,754 24,015
------------ ------------ ------------ ------------
Income from continuing operations before income taxes ....... 9,322 4,979 28,075 17,280
------------ ------------ ------------ ------------
INCOME FROM CONTINUING OPERATIONS ........................... 6,042 3,182 18,462 11,067
------------ ------------ ------------ ------------
NET INCOME .................................................. $ 6,042 $ 3,182 $ 18,462 $ 11,867
============ ============ ============ ============
Net income per share:
Basic -
Income from continuing operations ......................... $ 0.23 $ 0.13 $ 0.75 $ 0.45
Net income ................................................ $ 0.23 $ 0.13 $ 0.75 $ 0.49
Diluted -
Income from continuing operations ......................... $ 0.22 $ 0.13 $ 0.72 $ 0.45
Net income ................................................ $ 0.22 $ 0.13 $ 0.72 $ 0.48
Weighted average shares - Basic ................................ 25,791 24,412 24,746 24,459
Weighted average shares - Diluted .............................. 27,197 24,773 25,806 24,849
============ ============ ============ ============
</Table>
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
HIGHLIGHTS OF CONSOLIDATED RESULTS OF OPERATIONS
(in thousands)
(Unaudited)
PAWN LENDING OPERATIONS FINANCIAL AND OPERATIONAL DATA:
<Table>
<Caption>
As of September 30,
2003 2002
-------------- --------------
PAWN LOANS -
Domestic pawn loans outstanding .............................. $ 83,617 $ 80,362
Foreign pawn loans outstanding ............................... 57,906 46,835
-------------- --------------
Total loans outstanding ...................................... $ 141,523 $ 127,197
============== ==============
Total merchandise held for disposition, net .................. $ 58,262 $ 56,348
============== ==============
Amounts per owned lending location -
Domestic only:
Loans outstanding ........................................ $ 211 $ 202
Merchandise held for disposition ......................... $ 133 130
Consolidated:
Loans outstanding ........................................ $ 308 $ 279
Merchandise held for disposition ......................... $ 127 $ 124
Number of pawnshop locations (not in thousands) -
Company owned ............................................ 460 456
Franchised ............................................... 9 13
-------------- --------------
469 469
============== ==============
</Table>
<Table>
<Caption>
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- ---------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
SMALL CONSUMER CASH ADVANCES ("CASH ADVANCES") (A) -
Total amount of cash advances written ........................ $ 48,179 $ 34,072 $ 129,942 $ 82,106
Number of cash advances written (not in thousands) ........... 162,468 120,578 440,712 291,087
Average cash advance amount written (not in thousands) ....... $ 297 $ 283 $ 295 $ 282
Average number of locations offering cash advances (not in
thousands)(A) .............................................. 396 390 392 390
</Table>
<Table>
<Caption>
As of September 30,
----------------------------
2003 2002
------------ ------------
Combined cash advances outstanding (B) ..................... $ 12,646 $ 9,455
Company-owned cash advances (C):
Cash advances and fees outstanding ......................... $ 11,174 $ 3,372
Less: Allowance for losses ................................ (2,034) (1,709)
------------ ------------
Net cash advances and fees outstanding ................... $ 9,140 $ 1,663
============ ============
</Table>
CASH ADVANCE OPERATIONS FINANCIAL AND OPERATIONAL DATA (D):
<Table>
<Caption>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------- -------------------------------
2003 2002 2003 2002
-------------- -------------- -------------- --------------
Total amount of cash advances written ...................... $ 44,235 $ -- $ 44,235 $ --
Number of cash advances written (not in thousands) ......... 133,022 -- 133,022 --
Average cash advance amount written (not in thousands) ..... $ 333 $ -- $ 333 $ --
Average number of locations offering cash advances (not in
thousands) ............................................... 125 -- 125 --
</Table>
<Table>
<Caption>
As of September 30,
----------------------------
2003 2002
------------ ------------
Cash advances outstanding before allowance for losses ................ $ 15,382 $ --
Less: Allowance for losses .......................................... (1,801) --
------------ ------------
Net cash advances and fees outstanding ............................. $ 13,581 $ --
============ ============
</Table>
<Table>
<Caption>
Number of cash advance locations (not in thousands) -
At acquisition.......................................... 121 -- 121 --
Start-ups............................................... 8 -- 8 --
------------- ------------- ------------- ------------
End of period........................................... 129 -- 129 --
============= ============= ============= ============
</Table>
- ----------
Footnotes:
(A) Includes Cash America pawnshops and Cash America cash advance centers.
(B) Includes cash advances made by the Company and cash advances made by
third-party financial institutions.
(C) Amounts recorded in the Company's consolidated financial statements.
(D) Includes Cashland only, for the two-month period August 1, 2003 to
September 30, 2003.
<Table>
<Caption>
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30,
---------------------------- December 31,
2003 2002 2002
------------ ------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents ....................................... $ 11,768 $ 5,106 $ 3,951
Pawn loans ...................................................... 141,523 127,197 127,388
Cash advances, net .............................................. 22,721 1,663 2,210
Merchandise held for disposition, net ........................... 58,262 56,348 54,444
Finance and service charges receivable .......................... 22,341 20,087 21,096
Other receivables and prepaid expenses .......................... 8,952 6,320 8,671
Income taxes recoverable ........................................ 5,646 1,553 --
Deferred tax assets ............................................. 7,346 5,568 5,392
------------ ------------ ------------
Total current assets .......................................... 278,559 223,842 223,152
Property and equipment, net ....................................... 76,125 67,763 67,254
Goodwill .......................................................... 114,788 79,339 79,833
Other assets ...................................................... 7,798 6,039 6,239
------------ ------------ ------------
Total assets .................................................. $ 477,270 $ 376,983 $ 376,478
============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses ........................... $ 30,866 $ 19,411 $ 24,920
Customer deposits ............................................... 4,614 4,593 4,050
Income taxes currently payable .................................. 1,084 992 2,086
Current portion of long-term debt ............................... 8,286 12,571 12,571
------------ ------------ ------------
Total current liabilities ..................................... 44,850 37,567 43,627
Deferred tax liabilities .......................................... 5,949 3,028 4,385
Long-term debt .................................................... 170,727 153,455 136,131
Stockholders' equity:
Common stock, $.10 par value per share, 80,000,000 shares
authorized .................................................... 3,024 3,024 3,024
Additional paid-in capital ...................................... 140,645 127,819 127,819
Retained earnings ............................................... 130,560 106,140 113,278
Accumulated other comprehensive income (loss) ................... 1,743 (5,312) (2,718)
Notes receivable secured by common stock ........................ (3,023) (6,103) (5,864)
Treasury shares at cost ......................................... (17,205) (42,635) (43,204)
------------ ------------ ------------
Total stockholders' equity .................................... 255,744 182,933 192,335
------------ ------------ ------------
Total liabilities and stockholders' equity .................... $ 477,270 $ 376,983 $ 376,478
============ ============ ============
</Table>
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
<Table>
<Caption>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------- --------------------------------
2003 2002 2003 2002
-------------- -------------- -------------- --------------
(Unaudited)
REVENUE
Finance and service charges ............................. $ 33,014 $ 30,530 $ 95,070 $ 86,806
Proceeds from disposition of merchandise ................ 57,765 53,244 180,060 178,557
Cash advance fees ....................................... 14,513 5,088 27,373 12,834
Check cashing royalties and fees ........................ 1,856 1,094 4,567 3,466
-------------- -------------- -------------- --------------
TOTAL REVENUE .............................................. 107,148 89,956 307,070 281,663
COST OF REVENUE
Disposed merchandise .................................... 36,584 34,556 113,525 117,622
-------------- -------------- -------------- --------------
NET REVENUE ................................................ 70,564 55,400 193,545 164,041
-------------- -------------- -------------- --------------
EXPENSES
Operations .............................................. 40,812 34,586 114,023 102,343
Cash advance loss provision ............................. 4,077 2,070 7,101 4,539
Administration .......................................... 9,771 7,534 27,179 21,993
Depreciation and amortization ........................... 4,192 3,881 11,488 11,151
-------------- -------------- -------------- --------------
TOTAL EXPENSES ............................................. 58,852 48,071 159,791 140,026
-------------- -------------- -------------- --------------
INCOME FROM OPERATIONS ..................................... 11,712 7,329 33,754 24,015
Interest expense, net ................................... 2,390 2,252 6,692 6,565
Loss from derivative valuation fluctuations ............. -- 98 -- 170
Gain from disposal of asset ............................. -- -- (1,013) --
-------------- -------------- -------------- --------------
Income from continuing operations before income taxes ...... 9,322 4,979 28,075 17,280
Provision for income taxes .............................. 3,280 1,797 9,613 6,213
-------------- -------------- -------------- --------------
INCOME FROM CONTINUING OPERATIONS .......................... 6,042 3,182 18,462 11,067
Gain from discontinued operations ....................... -- -- -- 800
-------------- -------------- -------------- --------------
NET INCOME ................................................. $ 6,042 $ 3,182 $ 18,462 $ 11,867
============== ============== ============== ==============
Net income per share:
Basic -
Income from continuing operations ..................... $ 0.23 $ 0.13 $ 0.75 $ 0.45
Gain from discontinued operations ..................... $ -- $ -- $ -- $ 0.03
Net income ............................................ $ 0.23 $ 0.13 $ 0.75 $ 0.49
Diluted -
Income from continuing operations ..................... $ 0.22 $ 0.13 $ 0.72 $ 0.45
Gain from discontinued operations ..................... $ -- $ -- $ -- $ 0.03
Net income ............................................ $ 0.22 $ 0.13 $ 0.72 $ 0.48
Weighted average common shares outstanding:
Basic ................................................... 25,791 24,412 24,746 24,459
Diluted ................................................. 27,197 24,773 25,806 24,849
Dividends declared per common share ........................ $ 0.0175 $ 0.0125 $ 0.0475 $ 0.0375
</Table>
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(in thousands)
<Table>
<Caption>
Pawn Lending
---------------------------
United Cash Check
Advances(a)
States Foreign Cashing(b) Consolidated
------------ ------------ ------------ ------------ ------------
THREE MONTHS ENDED SEPTEMBER 30, 2003:
REVENUE
Finance and service charges .................... $ 25,720 $ 7,294 $ -- $ -- $ 33,014
Proceeds from disposition of merchandise ....... 53,456 4,309 -- -- 57,765
Cash advance fees .............................. 7,454 -- 7,059 -- 14,513
Check cashing royalties and fees ............... -- 507 525 824 1,856
------------ ------------ ------------ ------------ ------------
TOTAL REVENUE .................................... 86,630 12,110 7,584 824 107,148
Cost of revenue - disposed merchandise ........... 33,599 2,985 -- -- 36,584
------------ ------------ ------------ ------------ ------------
NET REVENUE ...................................... 53,031 9,125 7,584 824 70,564
------------ ------------ ------------ ------------ ------------
EXPENSES
Operations ..................................... 32,870 4,094 3,444 404 40,812
Cash advance loss provision .................... 2,276 -- 1,801 -- 4,077
Administration ................................. 7,619 1,236 709 207 9,771
Depreciation and amortization .................. 2,879 719 459 135 4,192
------------ ------------ ------------ ------------ ------------
TOTAL EXPENSES ................................... 45,644 6,049 6,413 746 58,852
------------ ------------ ------------ ------------ ------------
INCOME FROM OPERATIONS ........................... $ 7,387 $ 3,076 $ 1,171 $ 78 $ 11,712
============ ============ ============ ============ ============
AS OF SEPTEMBER 30, 2003:
Total assets ..................................... $ 306,368 $ 105,430 $ 57,729 $ 7,743 $ 477,270
============ ============ ============ ============ ============
THREE MONTHS ENDED SEPTEMBER 30, 2002:
REVENUE
Finance and service charges .................... $ 24,167 $ 6,363 $ -- $ -- $ 30,530
Proceeds from disposition of merchandise ....... 50,447 2,797 -- -- 53,244
Cash advance fees .............................. 5,088 -- -- -- 5,088
Check cashing royalties and fees ............... -- 275 -- 819 1,094
------------ ------------ ------------ ------------ ------------
TOTAL REVENUE .................................... 79,702 9,435 -- 819 89,956
Cost of revenue - disposed merchandise ........... 32,670 1,886 -- -- 34,556
------------ ------------ ------------ ------------ ------------
NET REVENUE ...................................... 47,032 7,549 -- 819 55,400
------------ ------------ ------------ ------------ ------------
EXPENSES
Operations ..................................... 31,095 3,130 -- 361 34,586
Cash advance loss provision .................... 2,070 -- -- -- 2,070
Administration ................................. 6,314 1,076 -- 144 7,534
Depreciation and amortization .................. 3,066 659 -- 156 3,881
------------ ------------ ------------ ------------ ------------
TOTAL EXPENSES ................................... 42,545 4,865 -- 661 48,071
------------ ------------ ------------ ------------ ------------
INCOME FROM OPERATIONS ........................... $ 4,487 $ 2,684 $ -- $ 158 $ 7,329
============ ============ ============ ============ ============
AS OF SEPTEMBER 30, 2002:
Total assets ..................................... $ 283,483 $ 85,914 $ -- $ 7,586 $ 376,983
============ ============ ============ ============ ============
</Table>
- ----------
(a) Cashland only, for the two-month period August 1, 2003 to
September 30, 2003.
(b) Mr. Payroll only.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
INCOME FROM OPERATIONS BY OPERATING SEGMENT
NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(in thousands)
<Table>
<Caption>
Pawn Lending
---------------------------
United Cash Check
Advances(a)
States Foreign Cashing(b) Consolidated
------------ ------------ ------------ ------------ ------------
NINE MONTHS ENDED SEPTEMBER 30, 2003:
REVENUE
Finance and service charges .................... $ 73,868 $ 21,202 $ -- $ -- $ 95,070
Proceeds from disposition of merchandise ....... 168,162 11,898 -- -- 180,060
Cash advance fees .............................. 20,314 -- 7,059 -- 27,373
Check cashing royalties and fees ............... -- 1,307 525 2,735 4,567
------------ ------------ ------------ ------------ ------------
TOTAL REVENUE .................................... 262,344 34,407 7,584 2,735 307,070
Cost of revenue - disposed merchandise ........... 105,086 8,439 -- -- 113,525
------------ ------------ ------------ ------------ ------------
NET REVENUE ...................................... 157,258 25,968 7,584 2,735 193,545
------------ ------------ ------------ ------------ ------------
EXPENSES
Operations ..................................... 97,691 11,677 3,444 1,211 114,023
Cash advance loss provision .................... 5,300 -- 1,801 -- 7,101
Administration ................................. 22,437 3,468 709 565 27,179
Depreciation and amortization .................. 8,598 2,052 459 379 11,488
------------ ------------ ------------ ------------ ------------
TOTAL EXPENSES ................................... 134,026 17,197 6,413 2,155 159,791
------------ ------------ ------------ ------------ ------------
INCOME FROM OPERATIONS ........................... $ 23,232 $ 8,771 $ 1,171 $ 580 $ 33,754
============ ============ ============ ============ ============
NINE MONTHS ENDED SEPTEMBER 30, 2002:
REVENUE
Finance and service charges .................... $ 69,170 $ 17,636 $ -- $ -- $ 86,806
Proceeds from disposition of merchandise ....... 170,097 8,460 -- -- 178,557
Cash advance fees .............................. 12,834 -- -- -- 12,834
Check cashing royalties and fees ............... -- 701 -- 2,765 3,466
------------ ------------ ------------ ------------ ------------
TOTAL REVENUE .................................... 252,101 26,797 -- 2,765 281,663
Cost of revenue - disposed merchandise ........... 111,474 6,148 -- -- 117,622
------------ ------------ ------------ ------------ ------------
NET REVENUE ...................................... 140,627 20,649 -- 2,765 164,041
------------ ------------ ------------ ------------ ------------
EXPENSES
Operations ..................................... 92,519 8,696 -- 1,128 102,343
Cash advance loss provision .................... 4,539 -- -- -- 4,539
Administration ................................. 18,472 3,046 -- 475 21,993
Depreciation and amortization .................. 8,859 1,828 -- 464 11,151
------------ ------------ ------------ ------------ ------------
TOTAL EXPENSES ................................... 124,389 13,570 -- 2,067 140,026
------------ ------------ ------------ ------------ ------------
INCOME FROM OPERATIONS ........................... $ 16,238 $ 7,079 $ -- $ 698 $ 24,015
============ ============ ============ ============ ============
- --------------------------------
(a) Cashland only, for the two-month period August 1, 2003 to September 30, 2003.
(b) Mr. Payroll only.
</Table>