|
|
|
June 30,
2004
|
|
December 31,
2003
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
49,556
|
|
|
|
$
|
110,605
|
|
|
|
Restricted cash
|
|
|
10,154
|
|
|
|
11,921
|
|
|
|
Retained
interests in credit card receivables securitized
|
|
|
491,528
|
|
|
|
538,961
|
|
|
|
Amounts due from
securitization
|
|
|
16,790
|
|
|
|
4,199
|
|
|
|
Loans and fees
receivable, net
|
|
|
61,341
|
|
|
|
16,271
|
|
|
|
Deferred costs,
net
|
|
|
35,971
|
|
|
|
7,750
|
|
|
|
Software,
furniture, fixtures and equipment, net
|
|
|
25,790
|
|
|
|
24,307
|
|
|
|
Investment in
equity-method investee
|
|
|
6,140
|
|
|
|
6,577
|
|
|
|
Investments in
previously charged off receivables
|
|
|
16,691
|
|
|
|
13,960
|
|
|
|
Investments in
debt securities
|
|
|
19,694
|
|
|
|
15,007
|
|
|
|
Intangibles
|
|
|
6,437
|
|
|
|
—
|
|
|
|
Goodwill
|
|
|
83,133
|
|
|
|
—
|
|
|
|
Prepaid expenses
and other assets
|
|
|
18,644
|
|
|
|
11,797
|
|
|
|
Total assets
|
|
|
$
|
841,869
|
|
|
|
$
|
761,355
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
and accrued expenses
|
|
|
$
|
32,312
|
|
|
|
$
|
26,436
|
|
|
|
Notes payable
|
|
|
56,898
|
|
|
|
1,945
|
|
|
|
Deferred revenue
|
|
|
7,674
|
|
|
|
9,895
|
|
|
|
Income tax
liability
|
|
|
78,721
|
|
|
|
96,491
|
|
|
|
Total liabilities
|
|
|
175,605
|
|
|
|
134,767
|
|
|
|
Minority interest
|
|
|
58,120
|
|
|
|
52,575
|
|
|
|
Shareholders’
equity
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par
value, 10,000,000 shares authorized:
|
|
|
|
|
|
|
|
|
|
|
Series A preferred stock, 25,000 shares issued
and outstanding at June 30, 2004 and December 31, 2003,
respectively
|
|
|
31,358
|
|
|
|
29,816
|
|
|
|
Series B preferred stock, 10,000 shares issued
and outstanding at June 30, 2004 and December 31, 2003,
respectively
|
|
|
12,797
|
|
|
|
12,181
|
|
|
|
Common stock, no par
value, 150,000,000 shares authorized:
|
|
|
|
|
|
|
|
|
|
|
47,992,042 and 47,885,506 issued at June 30,
2004 and December 31, 2003, respectively
|
|
|
—
|
|
|
|
—
|
|
|
|
Additional paid-in
capital
|
|
|
252,995
|
|
|
|
250,943
|
|
|
|
Treasury stock,
at cost, 1,896,500 and 872,900 shares at June 30, 2004 and
December 31, 2003, respectively
|
|
|
(22,760
|
)
|
|
|
(4,586
|
)
|
|
|
Deferred
compensation
|
|
|
(468
|
)
|
|
|
(593
|
)
|
|
|
Warrant
|
|
|
16,498
|
|
|
|
—
|
|
|
|
Retained earnings
|
|
|
317,724
|
|
|
|
286,252
|
|
|
|
Total
shareholders’ equity
|
|
|
608,144
|
|
|
|
574,013
|
|
|
|
Total liabilities and
shareholders’ equity
|
|
|
$
|
841,869
|
|
|
|
$
|
761,355
|
|
|
