QC Holdings, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2017
April 23, 2018 at 06:30 pm EDT
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QC Holdings, Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported loss before income taxes of $468,000 and net loss of $1.11 million or $0.06 per diluted share on total revenues of $26.38 million against loss before income taxes of $4.5 million and net loss of $11.7 million or $0.68 per diluted share on total revenues of $26.8 million for the same period of last year.
The company reported a net loss of $3.5 million or $0.20 per diluted share and revenues of $98.2 million for the year ended December 31, 2017. Net loss totaled $16.8 million or $0.97 per diluted share and revenues totaled $117.2 million for the year ended December 31, 2016. The year ended December 31, 2017 includes severance and corporate relocation charges of approximately $569,000. The year ended December 31, 2016 includes charges of $1.6 million related to recording additional loan loss reserve, severance and lease liability costs as part of the closure of the company's branches in Washington, South Carolina and Virginia, a $2.7 million loan loss reserve for a business-to-business receivable and approximately $800,000 in severance and other costs. The decline in revenues during 2017 compared to 2016 was primarily attributable to the third quarter 2016 store swap transaction, whereby the company acquired 33 branches operated in Illinois, Kansas, Missouri and Utah and sold its 98 branches operated in Alabama, Arizona, California, Mississippi and Ohio. Loss before income taxes was $2.6 million against $12.3 million for the same period of last year. Net cash flows from operating activities was $2.45 million against $5.17 million for the same period of last year. Capital expenditures were $3.3 million against $3.8 million for the same period of last year.
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.