QC Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 30, 2016 at 12:00 pm
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QC Holdings, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported total revenues of $29,222,000 against $31,988,000 a year ago. The revenue decline during 2016 compared to 2015 reflects lower interest and fees from the company’s consumer loan products, indicative of competitive pressures as customers explore alternative loan products and distribution channels. Loss from continuing operations before income taxes was $6,601,000 against $1,379,000 a year ago. Net loss was $4,343,000 or loss of $0.25 per basic and diluted share against net loss of $981,000 or loss of $0.06 per basic and diluted share a year ago.
For the six months, the company reported total revenues of $60,895,000 against $66,503,000 a year ago. Loss from continuing operations before income taxes was $4,686,000 against profit from continuing operations before income taxes of $384,000 a year ago. Net loss was $3,121,000 or loss of $0.18 per basic and diluted share against net income of $106,000 or net earnings of $0.01 per basic and diluted share a year ago. Net operating activities was $3,160,000 against $9,245,000 a year ago. Capital expenditures were $1,581,000 against $570,000 a year ago.
QC Holdings, Inc. and its subsidiaries provide consumer loans and other various financial services through its retail branches and online lending operations. The Companyâs consumer loans include installment, single-pay, title and open-end credit loans. The Company also provides other financial products and services, such as credit services, check cashing services, prepaid debit cards, money transfers, money orders and business invoice factoring. It offers invoice factoring and other lending services to small business clients. The Company operates approximately 332 branches with locations in Alabama, Idaho, Kansas, Kentucky, Louisiana, Missouri, Nevada, New Mexico, Oklahoma, Texas, Utah and Wisconsin. It also operates through via the Internet in 10 states. In Canada, the Company, through its subsidiary Amaranth Financial Services Inc. is engaged in short-term consumer lending through approximately 20 branches in four provinces and online across the country.