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•	Diluted earnings per share from continuing operations for the first quarter of 2014 increased 15%, totaling $0.78 compared to earnings per share of $0.68 in the first quarter of 2013.

•	Net income from continuing operations for the first quarter of 2014 increased 14% to $23.0 million, compared to $20.2 million in the first quarter of 2013.

•	First quarter earnings included a non-recurring tax benefit of approximately $0.12 per share, offset in large part by a tax-adjusted reduction in earnings of approximately $0.08 per share from reduced non-core scrap jewelry and payday loan operations as compared to the prior year.

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Significant steps were taken in the first quarter to increase and diversify the Company's long-term capital structure. In February, the Company entered into a new five-year $160 million bank unsecured revolving credit facility, and in March it successfully completed a $200 million 6.75% senior unsecured note offering. With the new long-term capital in place, the Company now has over $70 million of excess cash and $160 million available under the bank facility to fund future growth and investment.

•	Revenue from core pawn operations (retail merchandise sales and pawn loan fees) increased 20% for the first quarter. Total revenue for the first quarter of 2014 was $170 million, an increase of 8% compared to the first quarter of 2013.

•	Retail merchandise sales increased by 24% for the first quarter of 2014 compared to the prior-year period. First quarter retail sales in the U.S. increased 35%, while in Mexico, sales increased 16%.

•	Consolidated revenue from pawn loan fees increased 13% for the first quarter of 2014. U.S. pawn loan fees increased 22% for the first quarter, while increasing 6% in Mexico.

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Same-store core revenue in the Company's pawn stores (which excludes wholesale jewelry scrapping) increased 4% in Mexico, decreased 4% in the U.S. and increased 1%, on a consolidated basis, for the first quarter as compared to the prior-year period. While same-store retail sales increased 3%, same-store pawn fees were down 3% consistent with similar declines in the average loan size due to lower gold prices.

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Gross profit from non-core wholesale scrap jewelry operations in the first quarter of 2014 decreased $2.2 million, or 46%, compared to the same period last year, reflecting a 21% quarter over quarter decrease in the average market price of gold and a 28% decline in scrap gold production. The gross margin for scrap jewelry sales was 19% in the first quarter, compared to the prior-year margin of 20%. Scrap jewelry accounted for only 3% of net revenue for the quarter, compared to 5% in the first quarter of the prior year.

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Short-term loan and credit services revenue, primarily from small format stores in Texas, decreased 17% in the first quarter of 2014 compared to the prior-year quarter. The decline represents a continuation of regulatory and competitive pressures facing store-based payday lenders, especially in Texas. This non-core business comprised only 6% of total revenue in the first quarter and is anticipated to contribute less than 5% of total revenues by year end.

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The number of outstanding pawn loans at March 31, 2014 increased 30% in the U.S. and 11% in Mexico as compared to the same date last year, driven by unit growth and same-store increases in the number of loans collateralized with general merchandise (primarily consumer electronics, power tools and appliances). Year-over-year growth of 12% in the amount of pawn loans outstanding reflected a decrease in average loan size, primarily due to lower loan-to-value ratios on loans secured by jewelry.

•	The consolidated gross margin on retail merchandise sales was 39% for the first quarter of 2014, compared to 41% for the comparable period in 2013. Retail margin trends reflect the continued shift in the Company's consolidated retail product mix toward general merchandise inventory that carries slightly lower margins than retail jewelry items.

•	Consolidated annualized inventory turns were 3.6 times per year. Aged inventories (items held for over a year) accounted for less than 3% of total inventories.

•	The Company added 12 large format pawn store locations during the first quarter of 2014, including 10 new stores, a single store acquisition and conversion of a small format store to a large format pawn store.

•	As of March 31, 2014, First Cash had 605 stores in Mexico, of which 560 are large format, full-service pawn stores and 310 stores in the U.S., of which 229 are large format, full-service pawn stores.

•	Over the past twelve months, the Company has added 98 large format pawn stores, representing an increase of 14%.

•	Return on equity for the trailing twelve months ended March 31, 2014, was 22%, while return on assets was 14%.

•	Consolidated net operating margin (pre-tax income) was 18% for the trailing twelve month period, while the store-level operating profit margin was 26% for the trailing twelve month period.

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EBITDA from continuing operations for the trailing twelve months ended March 31, 2014, was $138 million, while free cash flow was $82 million. The EBITDA margin from continuing operations was 21% for the trailing twelve months ended March 31, 2014. EBITDA from continuing operations and free cash flow are defined in the detailed reconciliation of these non-GAAP financial measures provided elsewhere in this release.

•	For the twelve months ended March 31, 2014, the Company utilized operating cash flows and availability under its credit facilities to invest $117 million in acquisitions, $39 million in stock repurchases and $28 million in capital expenditures.

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•	In March 2014, the Company completed an offering of $200 million of 6.75% senior unsecured notes due in April 2021. The Company used the net proceeds from the offering to repay all amounts outstanding under its revolving credit facility and to pay off the remaining balances on notes payable related to previous pawn store acquisitions.

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In February 2014, the Company entered into a new credit agreement with a group of commercial lenders, which provides for a five-year revolving unsecured credit facility of $160 million. The new credit facility matures in February 2019 and bears interest at the prevailing LIBOR rate plus a fixed spread of 2.5%. At March 31, 2014, the Company had no amounts outstanding and $160 million of availability under the facility.

•	The leverage ratio at March 31, 2014 (outstanding indebtedness divided by trailing twelve months EBITDA from continuing operations) was 1.4 to 1. Net debt, defined as funded debt less invested cash, was $128 million at March 31, 2014 and the ratio of net debt to equity was 0.29 to 1.

•	At March 31, 2014, the Company had 771,000 shares available for future buybacks under its current repurchase authorization.

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The Company's earnings outlook now includes the impact of the incremental borrowing costs from the March 2014 issuance of the senior unsecured notes, estimated to be $0.20 per share for the year. The incremental interest expense is partially offset by first quarter 2014 non-recurring tax benefit of approximately $0.12 per share related to the international tax restructuring implemented in fiscal 2013.

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Including the impact of the note offering and the partially offsetting tax benefit, the Company continues to expect fiscal 2014 fully diluted earnings per share to be within its previously announced range of $3.00 to $3.15 per diluted share, but likely to be at the lower end of the range. The EPS guidance range implies full year EBITDA growth in a range of 10% to 15%. The Company expects EBITDA growth of 8% to 14% in the second quarter.

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The Company expects to add approximately 75 to 85 new stores in 2014. It anticipates that most of the additions will continue to be large format pawn stores in Mexico, but also includes 10 to 15 new builds and small acquisitions in the U.S. Additionally, the Company will continue to look opportunistically for large format pawn acquisitions in strategic markets, which could further increase store additions for 2014.

•	Revenue growth in 2014 is expected to be generated exclusively from core pawn operations, partially offset by the continued de-emphasis of payday lending operations. Approximately 95% of total 2014 revenues are expected to be derived from growing pawn operations.

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The guidance assumptions continue to reflect the impact of lower gold prices and reduced scrap volumes on scrap jewelry revenues and pawn loan balances and the continued contraction of non-core payday lending revenues. Earnings guidance estimates for 2014 are based on an average Mexican pesos exchange rate of 13.0:1; gold prices in the range of $1,200 to $1,300 per ounce; and an anticipated income tax rate of 32% to 33% for the remaining three quarters of fiscal 2014.

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•	changes in regional, national or international economic conditions, including inflation rates, unemployment rates and energy prices;

•	changes in consumer demand, including purchasing, borrowing and repayment behaviors;

•	changes in pawn forfeiture rates and credit loss provisions;

•	changes in the market value of pawn collateral and merchandise inventories, including gold prices and the value of consumer electronics and other products;

•	changes or increases in competition;

•	the ability to locate, open and staff new stores and successfully integrate acquisitions;

•	the availability or access to sources of used merchandise inventory;

•	changes in credit markets, interest rates and the ability to establish, renew and/or extend the Company’s debt financing;

•	the ability to maintain banking relationships for treasury services and processing of certain consumer lending transactions;

•	the ability to hire and retain key management personnel;

•	new federal, state or local legislative initiatives or governmental regulations (or changes to existing laws and regulations) affecting pawn businesses, consumer loan businesses and credit services organizations (in both the United States and Mexico);

•	risks and uncertainties related to foreign operations in Mexico;

•	changes in import/export regulations and tariffs or duties;

•	changes in anti-money laundering and gun control regulations;

•	unforeseen litigation;

•	changes in tax rates or policies in the U.S. and Mexico;

•	changes in foreign currency exchange rates;

•	inclement weather, natural disasters and public health issues;

•	security breaches, cyber attacks or fraudulent activity;

•	a prolonged interruption in the Company’s operations of its facilities, systems, and business functions, including its information technology and other business systems;

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•	the implementation of new, or changes in, the interpretation of existing accounting principles or financial reporting requirements; and

•	future business decisions.

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(1)	The large format locations include retail showrooms and accept a broad array of pawn collateral including consumer electronics, appliances, power tools, jewelry and other consumer hard goods. At March 31, 2014, 121 of the U.S. large format pawn stores also offered consumer loans or credit services products.

(2)	The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral and also offered consumer loans or credit services products.

(3)	The Company’s U.S. free-standing, small format consumer loan locations offer a credit services product and are all located in Texas. The Mexico locations offer small, short-term consumer loans. The Company’s credit services operations also include an internet distribution channel for customers residing in the state of Texas.

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(1)	Wholesale scrap jewelry revenue during the three months ended March 31, 2014 consisted primarily of gold, of which approximately 8,900 ounces sold at an average selling price of $1,304 per ounce, compared to approximately 12,400 ounces of gold sold at $1,650 per ounce in the prior-year period.

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(1)	CSO amounts outstanding are composed of the principal portion of active CSO extensions of credit by an independent third-party lender, which are not included on the Company's balance sheet, net of the Company's estimated fair value of its liability under the letters of credit guaranteeing the extensions of credit.

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